Solana treasury race heats up as firms hunt staking rewards

Key Points

1. Three public companies—BitGo, Upexi, and DeFi Development Corp—have significantly increased their Solana holdings this week, with Upexi raising its holdings from 735,692 SOL to over 2 million SOL.

2. DeFi Development Corp announced plans to stake its 1.2 million SOL holdings with various validators to earn rewards, while Upexi reported earning an 8% yield and $65,000 daily revenue from staking.

3. CoinGecko noted that the top four Solana-holding companies control over 3.5 million SOL, worth more than $591.1 million, representing nearly 0.65% of SOL's circulating supply.

4. BitGo speculated that companies are buying Solana to stake it, positioning themselves strategically within the emerging blockchain infrastructure market.

5. Bit Mining announced a strategic shift into the Solana ecosystem, planning to raise up to $300 million to expand its presence.