Crypto Journalist
Anas Hassan
Crypto Journalist
Anas Hassan
Share
Nasdaq-listed Mercurity Fintech announced a $200 million Equity Line of Credit Agreement with Solana Ventures to launch a Solana-based treasury strategy, but Solana Ventures immediately denied any involvement.
In an X post, Solana Venture stated it is “not affiliated or involved with any equity line of credit agreements with any publicly listed companies.“
Mercurity claimed the funding would support SOL accumulation, staking operations, validator nodes, and investments in Solana-based projects, including real-world assets and tokenized finance products.
Solana Ventures or Another Company With The Same Name?
Despite Solana Ventures’ swift denial, Mercurity Fintech hasn’t taken down their posts or provided any clarity on it.
However, according to WuBlockchain, the company stated in its press release is not the renowned Solana Ventures but another company that simply uses a similar name.
The incident comes as legitimate Solana treasury companies have driven significant market interest, with DeFi Development Corp. reaching 999,999 SOL holdings worth $181 million.
The dispute occurs amid a broader corporate rush into Solana treasuries, with BIT Mining planning to raise $200-300 million for SOL accumulation and multiple companies pivoting from Bitcoin to alternative cryptocurrencies.
Legitimate Solana Treasury Companies Drive Market Momentum
DeFi Development Corp. has emerged as the leading Solana treasury company, purchasing 141,383 SOL between July 14 and 20 at an average price of $133.53, for approximately $19 million.
The Florida-based firm now holds 999,999 SOL and SOL equivalents, just one token short of its symbolic 1 million milestone.
The company’s SOL-per-share ratio reached 0.0514, representing a 13% increase from the previous week as it targets 1 SPS by December 2028.
DeFi Development has drawn only 0.4% of its $5 billion equity line of credit, raising $19.2 million with $5 million in proceeds remaining for future purchases.
Similarly, BIT Mining announced plans to raise $200-300 million for Solana treasury conversion, marking a departure from its previous focus on mining Bitcoin, Litecoin, Dogecoin, and Ethereum Classic.
The company’s stock surged over 300% in pre-market trading following the announcement of its pivot to the Solana ecosystem.
Moreover, Canadian firm Sol Strategies holds over 420,000 SOL tokens and filed for a Nasdaq listing under ticker “STKE” as part of U.S. expansion plans.
The company secured a $500 million convertible note facility earmarked for acquiring and staking additional SOL tokens.
NextGen Digital Platforms has also purchased $1 million worth of Bitcoin as its first crypto acquisition, with board approval for up to 80% treasury allocation to digital assets, including Bitcoin, Ethereum, and Solana.
The diversified approach shows a trend where corporate acceptance of multiple cryptocurrency treasuries is increasing.
However, it is worth noting that altcoins carry heightened risks due to volatility, lower liquidity, and experimental technology compared to Bitcoin.
Altcoin Treasury Trend Expands Beyond Bitcoin Strategy
Animoca Brands’ Research reports that public companies are increasingly adding altcoins, such as Ethereum, Solana, and XRP, to their treasury strategies, following MicroStrategy’s Bitcoin model.
Companies utilize convertible debt and equity issuance to build exposure without direct spot market purchases.
For instance, SharpLink Gaming increased its Ethereum holdings by purchasing 32,892 ETH, worth approximately $115 million, bringing the total accumulation to 144,501 ETH, valued at $515 million, over nine days.
The company became the world’s largest corporate holder of Ethereum, with 353,000 ETH worth over $1.2 billion.
In the past few weeks, corporate altcoin announcements have triggered average stock price jumps of 150% in one day, 185% in a week, and 226% over a month.
Following this adoption trend, Solana’s market capitalization surged past $100 billion for the first time since January 2025, following a 6.7% jump that brought prices to $192.94.
The milestone positions Solana as the sixth-largest cryptocurrency, just $9 billion behind Binance Coin.
Adding to the growing momentum, Solana decentralized exchanges processed over $1 trillion in cumulative volume during the first half of 2025, exceeding the volume of the previous two halves combined.
Credit: Source link
