Will SOL become the new darling of Wall Street?

Author: SuperEx Compiler: Vernacular Blockchain

Over the past few years, crypto assets have gradually transformed from "rebellious outsiders" to the new face of Wall Street. Cryptocurrencies, once rejected by institutions, are now being actively incorporated into corporate treasury portfolios. After Bitcoin and Ethereum gained widespread acceptance, 2025 ushered in a new competitor: Solana.

Yes, Solana, which was once criticized for multiple outages, is now becoming a "strategic asset" in corporate treasuries and is positioned by some as the "third pillar" after BTC and ETH. This is not hype - this is a clear trend. More and more listed companies are making large bets on SOL and even plan to build their financial infrastructure on the Solana network.

So, the core question is: Why choose Solana? Can it really become the new darling of Wall Street? Let's deeply analyze the logic behind this emerging transformation.

A filing that ignited the craze: Solana knocks on the door of Nasdaq

It all started with a seemingly ordinary filing: On June 19, Canadian listed company SOL Strategies Inc. submitted a 40-F form to the U.S. Securities and Exchange Commission (SEC), preparing to list on Nasdaq under the code "STKE". The company is deeply bound to the Solana ecosystem-not just as a passive holder, but as an on-chain verification node operator and infrastructure provider.

On the surface, this is just another IPO company. But for industry insiders, it is a strong signal: corporate treasuries are no longer satisfied with just "holding Bitcoin". They are integrating cryptocurrencies into their core business models by operating infrastructure and participating in ecosystem development.

SOL Strategies is not an isolated case. Companies like DeFi Development Corp and Upexi have also recently announced large strategic allocations to SOL and built businesses directly on Solana. We are witnessing the third wave of corporate crypto treasury allocations.

The Evolution of Corporate Treasuries: From Holding to Deep Integration

To understand why companies choose Solana, we first need to look at the three-stage evolution of corporate crypto treasury strategies.

Phase 1: Bitcoin - The Digital Gold Narrative

The earliest corporate adopters - MicroStrategy, Tesla, Block Inc. - viewed BTC as "digital gold" as a hedge against inflation and fiat currency depreciation. Bitcoin is a safe haven asset during the loose monetary cycle of 2020-2021. The strategy is simple: buy and hold.

Phase 2: Ethereum - a productive asset that generates income

As Ethereum moves to Proof of Stake (PoS), enterprises begin to view ETH not only as an asset, but also as a source of income. For example, Nasdaq-listed SharpLink Gaming acquired more than 170,000 ETH and pledged to use 95% of it for staking, aiming to become the "MicroStrategy of Ethereum". The goal is no longer just to increase the value of the asset, but to earn income through on-chain activities. This marks a shift from passive holding to productive deployment.

Phase 3: Solana - a financial operating system

Now it's Solana's turn, representing the next stage: enterprises are no longer just holding or generating income - they are building. Companies like SOL Strategies and DeFi Development Corp are using Solana as core infrastructure, operating validator nodes, providing services, and becoming key contributors to the ecosystem.

This is no longer simple asset management, but a strategic business model. They are not investing in cryptocurrencies, but becoming operators of cryptocurrencies.

Why are companies betting big on Solana?

The shift of companies to Solana is not simply FOMO (fear of missing out). There are three major driving forces behind this trend:

1. SOL is an asset and a business engine

For companies like SOL Strategies, SOL is not just a line of data on the balance sheet - it is also the fuel that drives the operation of validator nodes. They use internal funds to run validator nodes, attract SOL delegation from others, and earn income through block rewards and commissions.

This is not speculative trading - this is operating income. It transforms corporate coffers from passive investors to active blockchain operators, similar to embedding Bitcoin mining equipment directly into the corporate structure.

2. Solana's technological advantage is undeniable

Every strategic bet requires a strong technological foundation. Investment bank Cantor Fitzgerald recently said that Solana "surpasses Ethereum on all technical indicators." It’s a bold statement, but it’s backed by facts: Solana currently supports over 2,000 TPS (transactions per second), compared to Ethereum’s 20-30 TPS. Average transaction fees are close to zero — just $0.0001 per transaction. The upcoming Firedancer validator node is expected to push throughput to millions of TPS. The protocol is mature and stable, with little need for underlying upgrades. What does this mean? Solana is able to support high-frequency trading, real-time payments, social applications, and mobile-first Web3 use cases — areas where Ethereum still struggles.

For companies looking to build on-chain finance, settlement, or consumer applications, Solana is arguably the blockchain closest to Web2 capabilities. Choosing Solana is not just a performance choice—it’s also a strategic bet on Web3 infrastructure for the next 10 years.

3. Tokenization megatrend: Becoming the next Nasdaq

Solana co-founder Anatoly Yakovenko once said that he wants Solana to be a “decentralized Nasdaq.” This vision is rapidly coming to fruition.

We’ve seen top projects like Worldcoin, Helium, and Jupiter choose Solana for launch. Regulated real-world asset (RWA) issuers like Superstate are considering issuing tokenized funds on Solana. Even SOL Strategies is exploring tokenizing its own equity on the Solana blockchain.

Yes - you read that right. These companies not only hold SOL, but also plan to put their own shares on the chain and become the foundation layer of the decentralized financial ecosystem.

This is not just participation - it is a declaration: "We are not just using this chain, we are becoming this chain."

Summary

Solana should not be seen as just an "alternative to Ethereum" or a speculative asset. Enterprise adoption should not be seen as hype either.

The real trend is: corporate treasuries are evolving - from holding cryptocurrencies, to being integrated into the ecosystem, to operating critical infrastructure. With unparalleled performance, powerful developer tools, a growing ecosystem, and institutional momentum, Solana is becoming the platform of choice for this transformation.

Solana may never replace Bitcoin or Ethereum personally. But it is becoming an indispensable pillar in the coming wave of on-chain finance.

So, if you are still asking: "Is Solana worth buying?" - perhaps a better question is:

Where do you want to stand in the on-chain economy in the next decade? Holder? Participant? Or Builder?