A recent report from Coinbase reveals a growing trend of corporations investing in Solana (SOL), signaling a potential shift in corporate cryptoasset strategies. All roads still lead to BTC for institutional investors and other large players. At the same time, crypto-native companies and non-crypto firms alike are expressing a growing interest in Solana.

The Coinbase report tracks emerging market trends and publishes research throughout all major crypto sectors. In its new results, it named three firms that are set to make major investments in Solana in 2025. These consist of two non-crypto companies, Upexi & Janover, and one crypto company, SOL Strategies.

In fact, SOL Strategies recently raised $500 million via a convertible notes issuance, with the sole purpose of acquiring Solana tokens. Janover, a digital real estate financing marketplace, has raised a total of $42 million in convertible notes. This funding will allow them to stand up a Solana reserve treasury. Upexi, a Nasdaq-quoted digital supply chain management company, raised $100 million in a private placement. More than 90% of Upexi’s private placement is allocated to accumulating and staking Solana.

"The same approach as Strategy is being copied and applied to Solana by companies including real estate financing company Janover (whose shares were bought by former Kraken executives) and Nasdaq-listed supply-chain management company Upexi," - David Duong, Coinbase’s Global Head of Research.

These proposed investments would be historic. As the report admits, Upexi, Janover and SOL Strategies collectively pale in comparison to larger players in the crypto sphere. Sustained growth and deeper adoption would have to come first before Solana’s corporate war chests could make a meaningful dent in the larger cryptoasset landscape.

With bullish momentum taking Solana into the final days of April 2025, SOL is certainly one to watch from all angles. Solana attracting these corporate players could mark the start of a much larger diversification trend happening in corporate treasuries.

Perhaps most interesting to us is how the incumbents continue to lean toward Bitcoin. Twenty One Capital is starting off with more than 42,000 BTC already under management. This works out to a remarkable $3.97 billion in today’s dollars.