Institutional Solana Buying Ramps Up: The Nearly $600 Million Buy Shaking Up SOL

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Solana is seeing a sharp rise in institutional demand, with publicly traded companies now holding over $591 million worth of SOL. According to new data from CoinGecko, four firms—Upexi, DeFi Developments Corp, SOL Strategies, and Torrent Capital—have collectively acquired more than 3.5 million SOL, marking one of the strongest waves of corporate accumulation in the asset’s history.

Solana Sees Massive Institutional Buying Spree

Institutional appetite for Solana is accelerating at a pace not seen before, signaling a shift in market sentiment as major players seek exposure to SOL. A new report by CoinGecko reveals that four publicly listed companies have collectively acquired more than 3.5 million SOL, now valued at over $591 million.

Leading the pack is Upexi, a Solana treasury company. Since late April 2025, Upexi has acquired 1.9 million SOL at an average cost of $168.63 per token, investing approximately $320.4 million. According to CoinGecko, the company’s position is currently valued at $319.5 million, slightly down by $0.9 million. However, the entire amount is staked, earning an 8% annual yield as of June 30.

Close behind is DeFi Developments Corp, an AI-powered online platform, with approximately 1,182,685 SOL in its treasury. The company has maintained an aggressive pace of accumulation, most recently adding 181,303 SOL on July 29 at an average price of $155.33 per token. CoinGecko reveals that DeFi Dev Corp acquired its total position at an average price of $137.07, making its holdings now worth $198.9 million, with an unrealised gain of $36.8 million.

SOL Strategies, a Toronto-based investment firm, holds 392,667 SOL, acquired steadily from mid-2024 to July 2025. Purchased at an average price of $158.12, the company’s position is now worth $66 million, reflecting a $3.9 million gain. Finally, Torrent Capital, a publicly traded investment company, has acquired 40,039 SOL. CoinGecko notes that the firm bought its Solana holdings in 2025 at an average price of $161.84. Now valued at $6.7 million, this smaller but well-timed bet is sitting on a profit of approximately $0.2 million.

Overall, these four companies control roughly 0.65% of Solana’s circulating supply and about 0.58% of its total supply.

How Public Companies Are Buying SOL

Moving forward, CoinGecko also reveals important details on how each company approaches its SOL allocation. While all four companies’ methods of accumulation differ, they share a growing confidence in Solana’s long-term prospects.

According to the report, Upexi moved quickly, building the largest SOL treasury within four months and signaling a high-conviction and long-term bet. DeFi Developments Corp has taken a more tactical approach, adding to its position during market dips while remaining committed to holding.

On the other hand, SOL Strategies built its stake gradually over 13 months through dollar-cost averaging and staking rewards, reflecting a disciplined, long-term strategy. Lastly, Torrent Capital took on a more strategically timed move, securing gains ahead of Solana’s rally in 2025.

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Bitcoin miner CleanSpark’s BTC treasury surpasses $1 billion in Q3 2025 as revenue surges 91% year-over-year to $198.6 million

The Block

Las Vegas-based bitcoin miner CleanSpark (ticker CLSK) has reported notable growth in its third quarter earnings report, with revenue jumping 91% year-over-year to $198.6 million. Moreover, adjusted EBITDA increased to $377.7 million up significantly from a loss of $12.6 million from the same period a year ago.

"This was the most successful quarter in CleanSpark's history, and it reflects the strength of our strategy, the discipline of our execution, and the tireless commitment of our team," said Zach Bradford, CEO of CleanSpark, in a statement.

The firm’s net income for the three months ending June 30 reached $257.4 million. Net income can exceed revenue due to non-operating income, such as gains from asset sales, investments, or one-time events, which are included in net income but not in revenue.

CleanSpark also uses an adjusted EBITDA metric that does not follow generally accepted accounting principles (GAAP). The firm noted that it previously excluded non-cash impairment losses on bitcoin and realized gains and losses on sales of bitcoin, “but has determined such items are part of the Company's normal ongoing operations and will no longer be excluding them from its calculation of adjusted EBITDA.”

Bitcoin rose about 26% to about $109,000 in June from around $86,500 at the start of CleanSpark's third quarter in April, giving many mining firms a modest boost in quarterly revenues and earnings. Previous monthly statements noted the firm sold 578.51 BTC in June, 293.50 BTC in May, and 401.39 BTC in April.

Somewhat unusually, CleanSpark ends its third quarter on June 30, which is typically part of a public firm’s Q2 reporting period.

The company said that its hashing power reached 50 EH/s in Q3, which accounts for 5.8% of global hashrate. Bradford noted CleanSpark is the first public company to have reached that level “exclusively with American infrastructure.”

Further, its bitcoin treasury exceeded the $1 billion mark in Q3, in part through the rising price of bitcoin as well as its increased holdings. In all, it has about $3.1 billion in total assets, including $1.08 billion worth of bitcoin, $985 million worth of mining assets, and $34.6 million in cash against total liabilities and debt of about $1 billion.

CLSK dropped about 2% to $10.74 by market close from an opening price above $11, according to The Block's data page.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

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Core Scientific's largest shareholder to vote against CoreWeave buyout offer

Cointelegraph

Two Seas Capital, the largest active shareholder of Bitcoin mining company Core Scientific, announced its intention to vote against the buyout offer proposed by AI infrastructure company CoreWeave.

The investment company holds a 6.5% stake in Core Scientific and said the $9 billion valuation deal, finalized in July, undervalues the business. The shareholders wrote on Thursday:

“The proposed sale materially undervalues the Company and unnecessarily exposes its shareholders to substantial economic risk. In our view, the transaction decidedly and unfairly favors CoreWeave at the expense of Core Scientific shareholders.

The fact that Core Scientific's stock price declined by 30% in the days following the transaction announcement strongly suggests to us that other investors agree,” the letter reads.

CoreWeave has been eyeing the acquisition of Core Scientific since 2024, as investors keep an eye on both companies for signs of a closed deal.

CoreWeave leases AI data centers from Core Scientific. By acquiring Core Scientific, CoreWeave can significantly expand its data center capacity and support the growing demand for AI infrastructure.

“As the need for AI training and inference has grown, the demand for energy and HPC infrastructure has increased dramatically,” Two Seas Capital said in a statement. “Core Scientific… is uniquely positioned to meet this growing demand and has a clear runway to compound growth for many years.”

Share prices react following the shareholder letter and prior developments

Shares of Core Scientific rose by 3% to $14.38 following the publication of the shareholder letter. CoreWeave’s stock also surged during intraday trading on Thursday, rising nearly 9% at time of writing.

CoreWeave made several offers to buy Core Scientific, including its latest $9 billion bid in July, all of which were initially rejected as too low.

The deal’s progress stalled until talks between the companies were revived in June, sending Core Scientific’s stock soaring by over 23% in a single day, before retracing in July.

CoreWeave has a market capitalization of over $58.1 billion, while Core Scientific’s market cap is over $4.3 billion at the time of this writing.

Magazine: How Ethereum treasury companies could spark ‘DeFi Summer 2.0’

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CleanSpark Has 12,703 Bitcoin Held in Treasury and More Than 1 GW of Power Under Contract >CLSK

Dow Jones Newswires

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U.S. President Donald Trump Appoints Stephen Moran as a Fed Board Member: Crypto Extends Bull Rally

Coinpedia

The United States President Donald Trump announced the nomination of Dr Stephen Moran, who has served as the Chairman of the Council of Economic Advisors, to serve as a board member for the Federal Reserve. Dr Moran will replace Adriana Kugler, who issued her resignation before the expected end of tenure in January 2026.

President Trump noted that Dr Moran will serve as a Fed board member until January 31, 2026. In the meantime, President Trump has continued to narrow down on a permanent replacement in addition to another person to replace the current Fed chair.

“In the meantime, we will continue to search for a permanent replacement. Stephen has a Ph.D. in Economics from Harvard University and served with distinction in my First Administration. He has been with me from the beginning of my Second Term, and his expertise in the World of Economics is unparalleled,” Trump noted.

Why Bitcoin and Crypto Market Rebounded on the Moran’s Fed Appointment

Bitcoin price led the wider altcoin market in bullish rebound on Thursday following a string of positive high-impact news. The crypto market followed the Gold price in bullish sentiment during the past 24 hours, signaling a potential parabolic crypto summer ahead.

The appointment of Dr Moran to the board of the Federal Reserve has coincided with a rate cut by the Bank of England to 4 percent. Notably, the Trump administration has been pressuring the Fed to cut its benchmark interest rates to spur economic growth in the country to no avail in the past six months.

As a result, President Trump highlighted that the nomination of a new Fed chair is in the pipeline. Ultimately, the ongoing Fed changes are expected to yield a rate cut possibly in September 2025.

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