Solana open interest hit a record high above $13 billion as the technical setup suggests the rally could continue for SOL price to reach $1,000. Key takeaways: Bullish technicals suggest that SOL price can reach $1,000 if the resistance between $210-$250 is broken. Solana’s open interest has rallied to a record high of $13 billion, signaling high speculative interest. Read more
Galaxy becomes the first Nasdaq-listed company to tokenize its shares on Solana, highlighting how equity markets are starting to move onchain. Galaxy Digital, the cryptocurrency investment firm founded by Mike Novogratz, has tokenized its publicly traded stock, positioning the shares for use within decentralized finance (DeFi) as institutional interest in tokenization grows. The company said Wednesday that its Class A common shares, listed on both Nasdaq and the Toronto Stock Exchange under the ticker GLXY, can now be tokenized and fractionalized on the Solana blockchain through Superstate’s Opening Bell, a platform for tokenizing public companies. Superstate, a fintech firm, will act as the SEC-registered transfer agent. Unlike synthetic products or derivatives, the initiative involves tokenizing Galaxy’s actual Class A shares. Trades executed on Opening Bell will generate an instant record of ownership onchain. Read more
The Solana overhaul is expected to decrease transaction finality to 150 milliseconds — increasing the speed by about 100-fold. After a two-week governance process in which more than half of validators cast votes, Solana is set to be upgraded using the Alpenglow consensus protocol. According to the results of the governance process released on Tuesday, more than 98% voted yes to approve the new consensus protocol for Solana, with a 52% stake participating. The Alpenglow upgrade is expected to reduce the transaction finality to 150 milliseconds from more than 12 seconds, significantly overhauling the ecosystem. Read more
Altseason signals and $3 billion in new Solana treasury demand strengthen SOL’s bullish case, with $300 emerging as the next key technical target. Key takeaways: Past SOL/BTC golden crosses preceded 1,000% rallies in the SOL/USD pair. Altseason backdrop and nearly $3 billion in new treasury buys boost Solana’s upside case. Read more
Sharps Technology announced a $400 million raise to launch a Solana treasury, sending its shares soaring Monday as more health sector firms pivot into digital assets. Shares of Sharps Technology nearly doubled Monday after the medical device maker announced a $400 million move to fund a new treasury strategy built around Solana’s native token. The stock jumped 96% from $7.40 to an intraday high of $14.53 before easing to $12.01 at this writing. Sharps signed a letter of intent with the Solana Foundation to purchase Solana (SOL) tokens via a private investment in public equity (PIPE) transaction — a type of financing deal where accredited investors buy shares of a publicly traded company at a discount to the current market price. The deal, expected to close on or around Aug. 28, would see Sharps acquire $50 million worth of SOL tokens at a 15% discount to their 30-day average price. Read more
Crypto giants Galaxy, Multicoin and Jump are seeking to raise $1 billion for a Solana treasury, with Cantor Fitzgerald as their lead banker. Update Aug. 25, 9:01 am UTC: This article has been updated to add more details about the current largest corporate SOL treasuries. Digital asset companies Galaxy Digital, Multicoin Capital and Jump Crypto are reportedly working to raise $1 billion to buy Solana. A Bloomberg report citing anonymous sources said on Monday that the three companies are looking to form the largest treasury dedicated to Solana (SOL). It added that the three companies have tapped Cantor Fitzgerald as lead banker. Read more
VanEck has filed to launch the first US ETF backed by a liquid staking token, JitoSOL, testing the SEC’s evolving stance on staking. The global asset manager VanEck has filed an S-1 registration statement with the US Securities and Exchange Commission(SEC) to launch the VanEck JitoSOL exchange-traded fund (ETF). According to the filing, this fund will hold only JitoSOL, the liquid staking token issued by Jito Network. The submission marks the first attempt to register a US exchange-traded fund backed by a liquid staking token, potentially exposing investors to Solana’s staking yields through a regulated product. JitoSOL represents Solana (SOL) locked with validators while providing a transferable token that accrues rewards, a process known as liquid staking. The product would extend VanEck’s expansion into digital asset funds, following its spot Bitcoin ETF launched in early 2024 and Ether ETF earlier that year. Unlike those vehicles, the JitoSOL ETF could test the SEC’s stance on staking. Read more