While Solana (SOL) continues to nudge, wink, and strut its way up the price charts with a hubris not seen since the brighter moments of the Jazz Age, the great and good of the treasury world find themselves gripped by a feverish urge-no, not for gin or polo ponies, but for altcoins. Defi Dev Corp, apparently undeterred by the risks of modern finance, has thrown its lot in with Solana, and is waving its checkbook with the abandon of a debutante at her first ball.
Defi Dev Corp Flirts Shamelessly with Solana
The swelling crypto coffers of these upstanding institutions now cheerfully hoard Solana alongside the more mature and battle-scarred duo, Bitcoin and Ethereum. Defi Development Corp-a public company, mind you, with the sort of tie-wearing seriousness one expects at funerals and board meetings-has, in a dazzling demonstration of confidence (or perhaps just boredom), procured a lump sum of SOL for its treasury.
According to the fastidious record-keepers at SolanaFloor, Defi Dev Corp recently purchased an additional 110,466 SOL-roughly $18.4 million, or the price of a modest London flat. The average price? $166 per Solana, presumably served in a crystal tumbler with a twist of lemon. With this purchase, Defi Dev Corp now sits upon a dragon’s hoard of 1.29 million SOL, worth some $209 million (subject, of course, to the weather and the whims of the market). This delightful splurge occurred barely a week after their previous $20 million shopping spree-a pace that would make even the most bullish hedge fund a little lightheaded.
The enthusiasm for Solana among public companies spreads like the contagious laughter of a particularly raucous dinner party. SolanaFloor, displaying admirable attention to gossip, reports that Artelo Biosciences Inc.-a pharmaceuticals firm brave enough to list on Nasdaq, and evidently to dabble in digital gold-stands on the brink of a Solana treasury strategy so daring, one imagines, as to make their auditors weep.
Artelo recently tickled its piggy bank with $9.47 million in private placement, expressly to realise this splendid scheme. Thus, it earns the singular distinction of being the first public pharma outfit to designate Solana as a reserve asset-someone fetch the smelling salts!
There’s more intrigue: Bartos Lipinski, chief investor and a Solana Labs alumnus (surely deserving of a character in a satirical novel), will serve as adviser through the enigmatic CUBE platform, overseeing DeFi operations, staking, and-as one must in polite company-the safekeeping of assets.
“Artelo has joined the swelling ranks of public companies utilising SOL for treasury management,” SolanaFloor declared, presumably over martinis.
Solana Leads the Blockchain Parade (and Collects the Pocket Money)
The recent Solana shopping binge coincides neatly with a renewed fascination for Layer 1 technologies-everyone’s favourite cocktail party topic after “the metaverse”-and the return of developers, who, like migratory birds, have flocked back just as the season turns bullish. Solana has led the parade for 20 consecutive weeks in revenue amongst Layer 1 and Layer 2 blockchains, making its dominance as glaring as a neon sign in Mayfair at midnight.
SOL pocketed $16.6 million for the week of July 28 to August 3-enough to make most rivals weep gently into their DeFi dashboards. Tron followed with $14.05 million, while Ethereum, nursing old wounds, managed $11.4 million. At the time of this particular missive, SOL rests at $166, stubbornly refusing to come down.
Solana poses elegantly at $166 on the daily chart | Source: SOLUSDT on Tradingview.com
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2025-08-06 12:51