Solana Treasury Strategy Better Than ETH, Firms Buying SOL Should Trade at Premium: Cantor
Cantor initiated coverage of the three largest solana SOL treasury companies DeFi Development (DFDV), Upexi (UPXI) and Sol Strategies (HODL) with an overweight rating, the Wall Street firm said in a research report Monday.
The broker has a $45 price target for DeFi Development, a C$54 objective for Sol Strategies, and a $16 price target for Upexi.
"We believe SOL treasury companies are betting the future of finance will be on-chain and that the chain of choice will be Solana," analysts led by Thomas Shinske wrote.
Solana's biggest competitor is the Ethereum blockchain, Cantor noted, but its technology is meaningfully better than its larger peer on every metric.
"Developer growth on SOL has far exceeded that on ETH recently, and we expect this to continue," the authors wrote.
Therefore, using solana as a treasury asset makes more sense than using ether ETH, the report said.
The report added that companies that have adopted solana as a treasury asset believe that the crypto can overtake ether, which currently has a market cap 2.5 times larger than SOL.
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Thomas (Tom) Lee, the Founder of Fundstrat and CIO of Fundstrat Capital, will become Chairman of the Board of Directors effective today. The transaction was led by MOZAYYX with participation from Founders Fund, Pantera, FalconX, Republic Digital, Kraken, Galaxy Digital, DCG, Diametric Capital, Occam Crest Management, and Thomas Lee. Upon the closing of the Private Placement, BitMine will advance its treasury strategy on Ethereum. BitMine Immersion continues to enhance its asset-light and mining business by increasing its existing treasury holdings by over 16x. LAS VEGAS, June 30, 2025 /PRNewswire/ -- (NYSE AMERICAN: BMNR) ('BitMine' or the 'Company') today announced the pricing and signing of a private placement for the purchase and sale of 55,555,556 shares of common stock (or common stock equivalents in lieu thereof) at a price of $4.50 per share for expected aggregate gross proceeds of approximately $250 million before deducting placement agent fees and other offering expenses (funded in a combination of cash and cryptocurrencies) to implement an Ethereum treasury strategy. The transaction was led by MOZAYYX with participation from a high quality group of investors including Founders Fund, Pantera, FalconX, Republic Digital, Kraken, Galaxy Digital, DCG, Diametric Capital, Occam Crest Management, and Thomas Lee. The closing of the offering is expected to occur on or about July 3, 2025, subject to the satisfaction of customary closing conditions, including without limitation, the authorization of the Supplemental Listing Application by the NYSE American. The Company intends to use the net proceeds of the offering to acquire the native cryptocurrency of Ethereum blockchain commonly referred to as 'ETH' and contribute the ETH to the Company's treasury operations. ETH will serve as the Company's primary treasury reserve asset. Thomas Lee, newly appointed Chairman of the Board of Directors, said, 'This transaction includes the highest quality investors across trad-fi and crypto venture capital, properly reflecting the rapid and continued convergence of traditional financial services and crypto.' Proceeds from the private placement enable the Company to adopt Ethereum (ETH) as its primary treasury reserve asset, while continuing its focus on the core business operations. 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One of the key performance metrics (KPI) for BitMine going forward is to increase the value of ETH held per share. This can be achieved by a combination of reinvestment of the Company's cash flows, capital markets activities, and by the change in value of ETH Jonathan Bates, CEO of BitMine, said, 'The private placement will accelerate BitMine's treasury holdings shortly after its first treasury purchase on June 9, 2025. FalconX, Kraken, and Galaxy Digital plan to partner with the Company to grow a world class Ethereum treasury strategy alongside existing custody partners, BitGo and Fidelity Digital.' ThinkEquity, LLC acted as the placement agent in connection with the private placement. Cantor Fitzgerald & Co. acted as advisor to the lead investor, MOZAYYX. Winston & Strawn LLP acted as counsel to the lead investor, MOZAYYX. FitzGerald Kreditor Bolduc Risbrough LLP acted as counsel to the Company. Greenberg Traurig, LLP acted as counsel to the placement agent. 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