Data source: https://www.strategicsolanareserve.org/

 

Similar to BTC and ETH treasury companies, the typical fundraising paths for SOL treasury companies include private placements, convertible bonds, and equity credit lines. The raised funds are then used to buy SOL in batches. What's different is that some companies disclose that they acquire locked SOL at a discount to the spot price, thereby reducing on-book risk and minimizing the impact of secondary market volatility. For example, Sharps Technology purchases SOL from the Solana Foundation at a 15% discount to the 30-day average price, and Upexi disclosed that about 57% of its SOL was bought at around a 15% discount to the spot price and was immediately locked. In this process, the Solana Foundation acts as the counterparty—a solution the community proposed in response to the Ethereum Foundation’s regular token sales on the secondary market. Whether through discounted locked SOL purchases or active staking, SOL treasury companies can earn rewards from network inflation and on-chain activity, and may even operate their own validator nodes to profit from MEV sharing, effectively turning the treasury into another revenue stream for the company. Additionally, SOL treasury companies typically help traditional investors price shares by disclosing SOL per share (SPS) and its equivalent value in USD in company announcements.

 

The concept of crypto treasury companies continues to spread to more public chain assets and altcoin sectors, attracting more celebrity involvement. Trump family business Trump Media reached a business merger agreement with Crypto com and SPAC company Yorkville to jointly establish Trump Media Group CRO Strategy Inc, aiming to raise about $6.42 billion to build a CRO treasury company. Elon Musk’s private lawyer Alex Spiro has been appointed chairman of a proposed Dogecoin treasury company, which plans to raise $200 million and has received authorization from House of Doge, the official entity under the Dogecoin Foundation responsible for Dogecoin development and promotion.

 

Last week, a late-session sell-off in U.S. stocks erased earlier weekly gains, but from a medium-term perspective, the S&P 500 and Nasdaq Composite marked their fourth consecutive month of increases. However, recent inflation data has raised concerns for some market participants. U.S. consumer spending in July saw its largest increase in four months, while the core Personal Consumption Expenditures (PCE) price index also rose, indicating persistent inflationary pressures.

 

Fortunately, against the backdrop of strengthening inflation-related data, Christopher Waller, a Federal Reserve Governor and a popular candidate to succeed Jerome Powell, once again called for an interest rate cut. He stated he would support a rate cut at the September policy meeting. While a sharp reduction isn't necessary, he anticipates further adjustments over the next three to six months to prevent a collapse in the labor market. Although the inflation figures are not ideal, Waller believes the inflationary impact of tariffs is "transitory."

 

From a market impact perspective, a subsequent rate cut by the Fed could indeed suppress short-term interest rates, but long-term rates currently remain high. The future pace of rate cuts will continue to be influenced by economic data and changes in the international landscape; under normal circumstances, rapid and drastic cuts are unlikely.