Solana (SOL) is trading 1.03% lower on Tuesday to $142.73, slipping amid light profit-taking but maintaining strong gains from the past month. The token is up 24% in the last 30 days and has attracted growing attention from institutional players looking to secure long-term exposure.
Two companies, Upexi Inc UPXI and DeFi Development Corp JNVR, boosted their SOL treasuries.
Upexi announced that it has accumulated about 201,500 SOL tokens for $30 million at an average price of $148.47. The move comes less than two weeks after the company closed a $100 million private placement from leading crypto VCs and influencers. Upexi has more than $60 million remaining in cash, which it says it will deploy to acquire and stake additional SOL.
“Our goal is to acquire and HODL as many SOL as possible,” CEO Allan Marshall said in a statement. The company expects to generate up to $7 million annually in staking revenue once its full treasury allocation is staked.
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DeFi Development Corp announced its own SOL accumulation, purchasing another 82,400 tokens to bring its total holdings to 400,091 SOL—valued at roughly $58.5 million. A portion of the assets came through BitGo's OTC desk and are subject to time-based lockups. All tokens will be staked for yield.
With 2 million shares outstanding, the company now holds 0.199 SOL per share, or $29.24 worth at current prices, making it one of the most Solana-heavy balance sheets on the market.
Solana's DePIN (decentralized physical infrastructure) ecosystem is also gaining traction. On Tuesday, NATIX announced a partnership with Southeast Asian ride-hailing giant Grab to crowdsource map data using blockchain-backed tech.
Grab will leverage NATIX's data collection tools and contribute AI-enhanced map data to help expand into U.S. and European markets. Users will be rewarded in $NATIX tokens for contributing data, helping further embed Solana in decentralized infrastructure use cases.
The fresh wave of investment and development comes just days after the Solana Foundation confirmed it had privately patched a critical vulnerability in its confidential token system. The bug could have allowed malicious actors to mint unlimited tokens via forged zero-knowledge proofs.
While the issue was resolved quickly and no funds were lost, some community members criticized the lack of transparency around the fix. Others defended the protocol's approach as aligned with best practices in open-source software security.
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