Solana Eyes Institutional Breakout as Mercurity and DeFi Dev Fuel Treasury Race

Mercurity’s $200 Million Solana Treasury Strategy

On July 21, 2025, Mercurity Fintech Holding Inc. (NASDAQ: MFH) announced a $200 million equity line of credit agreement with a company named Solana Ventures Ltd., aiming to establish a large-scale digital asset treasury on the Solana blockchain.

The strategy focuses on accumulating SOL tokens, generating yields through staking and DeFi protocols, and allocating capital into tokenized financial instruments and real-world asset (RWA) projects within the Solana ecosystem.

“Solana is emerging as a high-performance layer for tokenized assets, real-time payments, and institutional-grade DeFi — combining speed, cost-efficiency, and growing regulatory acceptance,” said Wilfred Daye, Chief Strategy Officer at Mercurity Fintech Holding Inc.

As part of the financing, Mercurity will issue 12.58 million ordinary shares and an equal number of warrants priced at $3.50 per share. Participating investors include LTP and Syntax Capital.

This initiative builds on Mercurity’s broader digital asset strategy, which includes an $80 million Bitcoin reserve and a $50 million “DeFi basket” consisting of Ethereum and XRP, announced on July 14, 2025.

This Solana-focused expansion follows the July 14 announcement of Mercurity’s broader treasury strategy. Since that date, MFH shares had steadily climbed from approximately $4.7 to a peak near $6.1, reflecting investor optimism around the company’s digital asset positioning.

However, MFH stock plunged by 57% following the Solana Ventures Ltd. announcement—closing at $2.17—as traders expressed skepticism over the long-term value of holding SOL in treasury reserves and concerns mounted about the unclear identity and credibility of the counterparty involved.

Controversy and DeFi Development’s Solana Accumulation

The Mercurity Fintech deal triggered controversy when Solana Ventures LLC, a recognized subsidiary of Solana Labs, publicly disavowed any involvement. The counterpart entity named “Solana Ventures Ltd.” remains unverifiable, triggering both reputational and legal scrutiny over the transparency of the partnership.

Meanwhile, DeFi Development Corp. (NASDAQ: DFDV), originally a real-estate software company pivoting to crypto, has significantly expanded its SOL treasury. According to a July 21, 2025 press release, DFDV holds 999,999 SOL, following the acquisition of 141,383 SOL between July 14 and July 20 at an average price of $133.53, funded via approximately $19.2 million raised through its equity line facility.

The newly acquired SOL are fully staked, distributed across DFDV’s own validators and third-party delegations, optimizing yield-generation.

“We remain laser-focused on increasing SOL per share through strategic accumulation and staking infrastructure,” said Joseph Onorati, CEO of DFDV.

Institutional markets initially responded with optimism: following the announcement, DFDV stock surged from $24.30 to an intraday high of $27.60, marking a 13.6% jump. However, the momentum quickly reversed, and the stock has since declined to $23.50—falling below even its July 16 closing price.

Additionally, DFDV officially introduced its Treasury Accelerator, an international franchise initiative designed to help institutions launch SOL-based treasuries. The program has garnered backing from major crypto players including Kraken and Pantera Capital.

The Next Institutional Breakout

Corporate treasury strategies are no longer confined to Bitcoin alone, as institutions begin targeting a broader set of individual crypto assets—such as Ethereum, Solana, XRP, and even DOGE.

The rise of Ethereum, XRP, and other large-cap altcoins has sparked a renewed altcoin season, with Bitcoin’s market dominance slipping to 58.5%. Within this shift, Solana is increasingly positioned as the next major institutional breakout.

SOL has posted a sustained seven-day rally, gaining over 25% and breaking above the $200 mark on July 22—its highest price in more than five months.