SOL rides Solana treasury interest to $100B market capitalization milestone

Solana is becoming more attractive to treasury companies, as more funds are absorbing SOL. The asset also recovered above $100B valuation following the growth of the ecosystem. 

Solana (SOL) is getting a boost from whale and institutional interests as treasury companies consolidate their balances and support the token. Solana treasury companies tracked the trend of treasuries based on altcoins, following the example of Ethereum holders. 

The most recent buying rounds happened as SOL recovered to over $190.92. SOL remains the leader in altcoin treasuries, due to its use cases for additional passive income. SOL may also get a boost as another SOL ETF expects approval in July, barring unpredictable delays.

DeFi Dev Corp. aims for 1M SOL

DeFi Dev Corp., one of the first to add a SOL treasury, expanded its holdings to 999,999 SOL. The company acquired an additional 141,383 SOL, achieving an average price of $133. The treasury is also used for passive income, aiming to draw attention with just 1 SOL left to hit the 1M token mark. 

1/ 🚨 JUST 1 $SOL TO GO…

That's right, DeFi Dev Corp. now holds 999,999 $SOL on our balance sheet after raising $19M from our Equity Line.

$192M of SOL stacked. Staked. Compounding. Onchain.

Who is ready for us to accumulate the next 1,000,001 $SOL?! pic.twitter.com/K2B6ZxJIId

— DeFi Dev Corp. (@defidevcorp) July 21, 2025

The recent buying from treasury companies has effectively absorbed some of the selling from revenue-producing apps. The buying adds to the recent demand from ETFs, which are also growing their liquidity by the day. The treasuries of public companies expanded by 500% since January, with accelerated SOL buying in the past two months. 

DeFi Dev Corp. is buying SOL from both open market deals and from discounted deals of locked SOL. Some of the locked coins are still eligible to participate in on-chain and staking activities, boosting the underlying balance. 

The decision to buy locked SOL will further boost the Solana ecosystem, giving liquidity to early investors. The Solana chain still has 0.82% of its supply locked, but other holders may monetize their tokens held in DeFi protocols, simple staking, or liquid staking.

Following the latest purchase, DeFi Dev Corp. holds over 0.05 SOL per share. Despite this, the DFDV shares slid from their one-month peak, down to $24.41, following a recent hike above $30. 

Mercury Fintech to buy SOL with debt financing

Mercury Fintech announced its plans to buy SOL with debt financing. Mercurity Fintech Holding Inc. will use its exposure as a Nasdaq-listed company to accelerate its Solana strategy. 

The SOL purchases will happen through a $200M equity line of credit, secured by Solana Ventures Ltd. Following the news, MFH shares rallied to a one-month high of $5.16, though the company has traded with ups and downs for the year to date. 

“MFH is evolving beyond fintech infrastructure to engage directly in the value creation and utility of decentralized networks,” said Wilfred Daye, Chief Strategy Officer of MFH. 

“Solana is emerging as a high-performance layer for tokenized assets, real-time payments, and institutional-grade DeFi — combining speed, cost-efficiency, and growing regulatory acceptance.”

SOL is becoming more valuable as the Solana ecosystem gains liquidity. In the past few months, Solana DeFi expanded, based on lending and especially Kamino protocol. Solana also evolved beyond its main use case as a chain for memes. 

Solana liquidity locked expanded to $10.26B, with renewed inflows of stablecoins. The chain also carries over $11.23B in stablecoins, following the most recent minting from Circle. 

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