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Canadian investment firm SOL Strategies is channeling Michael Saylor’s Bitcoin buying strategy—only with Solana.
Funds from the firm’s $500 million convertible note offering will be used to buy and stake SOL and expand its validator business. It marks one of the largest institutional bets yet on Solana, signaling growing mainstream adoption for crypto’s sixth-largest blockchain by market cap.
It’s not the only sign that institutions are warming to Solana. On April 21, crypto trading firm GSR announced a $100 million private placement into consumer goods firm Upexi (UPXI) to support its SOL-based treasury strategy.
Just days before that, asset manager ARK Invest also shared its plans to incorporate Canada’s 3iQ Solana Staking ETF (exchange-traded fund) into its crypto-focused funds. And Galaxy Digital started selling Ethereum (ETH) and buying substantial amounts of SOL.
It seems that Galaxy Digital is selling $ETH and buying $SOL!
In the past 2 weeks, Galaxy Digital deposited 65,600 $ETH($105.48M) to #Binance and withdrew 752,240 $SOL($98.37M) from #Binance.https://t.co/lD8tgkC4Py pic.twitter.com/olcPWNnGq2
— Lookonchain (@lookonchain) April 22, 2025
Solana is also seeing a wave of institutional interest in ETFs, with Canada launching the world’s first spot Solana ETFs in April.
In the U.S., futures-based Solana ETFs are already trading, while major players like 21Shares and Fidelity have filed for spot ETF approval, signaling mounting demand for regulated SOL exposure.
Increased Solana Adoption Might Ignite This Lesser-Known Project
While SOL Strategies’ $500 million bet is the latest institutional move to make headlines, investors looking for ways to play Solana with more upside potential might want to consider a lesser-known Layer 2 project called Solaxy (SOLX) that’s still in presale.
It aims to supercharge Solana’s transaction-handling capacity and speed and slash its costs, positioning itself as an efficiency engine to help Solana move to the next level.
With demand for SOL heating up among institutional investors, Solaxy could emerge as the next breakout star—offering early investors an explosive way to ride the wave of institutional capital that’s flooding into the Solana ecosystem.
Speed. Scale. Solaxy. 🔥https://t.co/mdaTX9aVVx pic.twitter.com/4KEUSVif0n
— SOLAXY (@SOLAXYTOKEN) April 20, 2025
Similar to the layer-2 solutions in the Ethereum ecosystem, Solaxy will bundle transactions off of the main network before submitting them to Solana, which will boost overall efficiency.
While Solaxy aims to elevate Solana’s transactional capabilities to the next level, the team does not intend to leave Ethereum completely in the dust. Instead, the project will bridge Ethereum and Solana to create the Web3 infrastructure decentralized app and meme coin developers have been calling for.
The next Web3 innovation might very well be powered by Solaxy, and the project’s SOLX token could become one of the primary transaction layers between two of the most prominent blockchains in the crypto space.
YouTube channel 99Bitcoins, with over 725K subscribers, says SOLX has the potential to soar 100X post-launch.
Investors are backing Solaxy with cold, hard cash. They’ve already pumped more than $31.4 million into the project, making it one of the most successful presales of the year.
Learn more about Solaxy on the official website.
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