Investment Bank Highlights Solana’s Potential as a Treasury Asset, Sets Bullish Price Targets.
On June 16, investment bank Cantor Fitzgerald announced it has initiated coverage on three publicly traded companies heavily invested in Solana (SOL), signaling growing institutional interest in the high-performance blockchain. The firms — DeFi Development Corp., Upexi, and SOL Strategies — have integrated Solana (SOL) into their treasury strategies, aiming to replicate the success of Bitcoin-focused treasury models, such as that of Strategy, but with SOL as the core asset. They have been identified as key players in leveraging Solana’s ecosystem for financial and technological innovation. In its report, Cantor Fitzgerald positioned Solana as a compelling treasury asset, arguing that its technological advantages make it a stronger candidate than Ethereum (ETH) for certain use cases, despite Ethereum’s broader adoption and higher total value locked (TVL).
Cantor’s Bullish Outlook on Solana
Cantor Fitzgerald’s analysts emphasized Solana’s potential to serve as a backbone for digital economy transactions. The report stated, “If BTC has solidified itself as the foundational reserve currency, or asset, for the digital economy, Solana aims to be the technology that powers transactions and marketplaces in the digital economy.” This perspective underscores Solana’s high throughput, low transaction costs, and ability to support scalable decentralized applications (dApps), which have driven its adoption in areas like decentralized finance (DeFi) and non-fungible tokens (NFTs).
The bank highlighted Solana’s technical edge over Ethereum, noting its faster transaction speeds and lower costs, which make it attractive for developers and businesses. However, Cantor acknowledged Ethereum’s established position, with its TVL currently at $64.74 billion compared to Solana’s $8.62 billion as of June 17.
Coverage of Solana-Focused Companies
Cantor Fitzgerald set optimistic price targets for the three companies it analyzed, reflecting confidence in their Solana-centric strategies:
-
DeFi Development Corp.: The U.S.-based firm, which operates validator nodes and invests heavily in Solana’s infrastructure, received a target price of $45, a 45% upside from its current price of approximately $31. Cantor cited the company’s deep integration with Solana’s ecosystem as a key strength.
-
Upexi: This company, focused on leveraging Solana for DeFi and e-commerce applications, was given a target price of $16, representing a 60% increase from its current $10 share price.
-
SOL Strategies: The Canadian firm, which manages Solana-based staking and investment portfolios, received a target price of C$4, a 61% upside from its current C$2.48. Cantor noted its potential to benefit from Solana’s staking rewards and growing developer activity.
These price targets suggest potential gains of up to 75% for investors, with DeFi Development Corp. highlighted as the strongest candidate due to its validator node operations and infrastructure focus.
Why Solana Stands Out
Cantor’s report emphasizes Solana’s ability to generate “native revenue opportunities” through staking and transaction fees, which provide a unique value proposition for treasury assets. Unlike Bitcoin-focused companies, which primarily hold BTC as a store of value, Solana-oriented firms can benefit from staking yields, estimated at 6-8% annually. This feature, combined with Solana’s low-cost transactions, makes it appealing for companies building scalable financial products.
The bank also pointed to Solana’s growing developer community, which has expanded significantly in 2025. “Developer growth on SOL has far exceeded that on ETH recently, and we expect this to continue,” the analysts said in their note. However, Cantor cautioned that volatility remains a risk, given Solana’s sensitivity to market cycles and competition from other layer-1 blockchains like Ethereum and Avalanche.
Implications for Investors
Cantor Fitzgerald’s coverage marks a significant moment for Solana, as traditional financial institutions begin to recognize its potential beyond speculative trading. The “overweight” ratings assigned to DeFi Development Corp., Upexi, and SOL Strategies suggest that Wall Street sees value in companies with direct exposure to Solana’s ecosystem. For investors, this could signal an opportunity to gain exposure to Solana’s growth without directly holding cryptocurrency, as these firms offer diversified access through staking income and infrastructure investments.
However, investors should remain cautious. Solana’s rapid growth comes with risks, including regulatory uncertainties and competition from Ethereum’s ongoing upgrades, such as sharding, which could narrow the performance gap.