Morning Minute: The Solana Treasury Gold Rush Accelerates

Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt. Subscribe to the Morning Minute on Substack

GM!

Today's top news:

• Crypto majors red but moving higher after Trump moved to fire Fed Governor Lisa Cook
• ETH ETFs see $444M in net inflows, $1.06B over last 3 sessions
• 3 firms announce SOL DATs incoming to the tune of ~$2.5B+
• Hyperliquid increases percent of HYPE buybacks to 99% of revenue
• Hayden Adams reportedly made $12M off the YZY launch

💸 The Solana Treasury Gold Rush

Bitcoin paved the way.

Then ETH was in the spotlight.

Now it looks like SOL is the next major TreasuryCo trade.

📌 What Happened

In just the past 24 hours, at least four major corporate treasury initiatives tied to SOL were unveiled, to the tune of ~$2.75B.

The new TreasuryCos or DATs (Digital Asset Treasuries) announced include:

• Sharps Technology, which raised $400M to launch a Solana treasury, backed by ParaFi, Pantera, FalconX, CoinFund, and Arrington (the Solana Foundation also chipped in with $50M in discounted SOL)
• Galaxy Digital, Multicoin Capital, and Jump Crypto are partnering to raise $1B to build a Solana treasury by acquiring a listed company, per a Bloomberg report, with Cantor Fitzgerald advising and Solana Foundation support
• Pantera Capital is reportedly seeking $1.25B to convert a public company into a Solana-focused investment vehicle.

Oh, and one of the first major Solana DATs, DFDV, announced a $125M equity raise to expand its Solana treasury holdings, closing later this week.

The SOL DAT race is really heating up.

🗣️ What They’re Saying

"Global adoption of Solana's ecosystem is accelerating as it continues to receive institutional support for its vision of a single global market for every tradable asset, making now the right time to establish a digital asset treasury strategy with SOL"

• Alice Zhang, Sharps Technology's chief investment officer

"The impact will not be just about size, but more about symbolism. This would give the market an impression that Solana is moving beyond being a retail-driven chain to one with credible institutional sponsorship at scale.”

• Shawn Young, chief analyst at MEXC Research

🧠 Why It Matters

This is the first wave of true corporate treasury adoption for Solana.

We’ve seen the Bitcoin treasury movement (MicroStrategy, Metaplanet, Trump Media) and the beginnings of Ethereum treasuries (BitMine, Sharplink).

Now Solana is attracting billions in capital to lock up supply, raise corporate equity, and even convert public companies into SOL vehicles.

If these raises close, then we’re looking at nearly $3B in fresh Solana demand hitting the market in weeks, on top of existing network activity.

That might not sound like much, especially since Tom Lee and BMNR have already bought ~$8 billion worth of ETH in a couple months.

But think about it on a market cap-adjusted basis.

ETH is 5.5x bigger than SOL. So ~$3 billion in SOL treasury money is equivalent to $~17 billion in ETH treasury money.

That’s the equivalent of the top 15 ETH DATs combined.

So yeah, this is a big deal.

If these firms are able to successfully raise this capital, and execute on their treasuries - they likely send SOL to a new ATH in 2025.

Buckle up…

🌎 Macro Crypto and Memes

A few Crypto and Web3 headlines that caught my eye:

• Crypto majors were red on Monday but rebounded after Trump moved to fire Fed Governor Lisa Cook; BTC -1% at $109,800, ETH -3% at $4,420, XRP -1% at $2.89, SOL -4% at $187
• Crypto markets saw $900M+ in liquidations across BTC, ETH, DOGE and others on Monday, with longs hit hardest
• The ETH ETFs pulled in $444M in net inflows to start the week vs $219.1M for BTC
• Tom Lee’s quant called the bottom of ETH to come Monday night, saying $4,300 should be it with upside near $5,400
• Chainlink announced a partnership with Japan’s SBI Group to advance tokenized assets and stablecoins
• Bitwise filed for a Chainlink ETF with the SEC
• Webull reintroduced crypto trading in the U.S., now integrated directly into its main app
• Gemini flipped Coinbase in iOS app store rankings
• Every category of investor added to their BTC holdings in Q2 according to Bloomberg ETF analyst Eric Balchunas
• Japan’s Finance Minister said that Bitcoin and crypto can be included in "diversified investments,” as Japan’s regulators announced easing of crypto taxes

In Corporate Treasuries

• Sharps Technology raised $400M to launch a Solana treasury
• Pantera Capital is reportedly seeking $1.25B to convert a public company into a Solana-focused investment vehicle
• B Strategy will launch a Nasdaq-listed BNB TreasuryCo aiming to raise $1B with support from Yzi Labs (CZ's investment firm)
• ETHZilla announced the approval of a $250M share buyback program

In Memes

• Memecoin leaders are red on the day; DOGE -3%, Shiba -1%, PEPE -2%, PENGU -3%, BONK -3%, TRUMP -1%, SPX -4%, and FARTCOIN -12%
• Hayden Davis’ wallets profited $12M from Kanye’s YZY token, based on research from the Bubble Maps team

💰 Token, Airdrop & Protocol Tracker

Here's a rundown of major token, protocol and airdrop news from the day:

• Hyperliquid announced several network upgrades coming, including increasing the percent of revenue used for HYPE buybacks to 99%
• Football dot Fun founder Adam announced 40% of fees used for buybacks on Fomo Hour, and later teased more sports coming including American Football
• Kaito launched an ICO for Boundless, raising $4M at a $290M FDV; they also launched a new leaderboard for OG Labs

🤖 AI x Crypto

Section dedicated to headlines in the AI sector of crypto:

• Overall market cap down 3% to $11.6B, leaders were mostly red
• FARTCOIN (-11%), VIRTUAL (-2%), TIBBIR (-1%), FAI (-20%) & ai16z (-7%)
• BIOS (+80%), BULLY (+75%) and VIRGEN (+12%) led top movers

🚚 What is happening in NFTs?

Here is the list of other notable headlines from the day in NFTs:

• ETH NFT leaders were mostly red; Punks -3% at 48 ETH, Pudgy +1% at 10.3, BAYC -8% at 9.5 ETH
• Grifters (+19%) and Mocaverse (+16%) were notable top movers
• Bitcoin NFTs were very red with Adderrels (+9%) outperforming
• Abstract NFTs were mostly red, led by Klara (+38%)
• Pudgy Penguins announced a new soulbound token for early players of its Pudgy Party game on Polkadot
• Moonbirds announced a partnership with Football dot Fun, providing free packs and rep points for NFT holders