Morning Minute: The Solana Treasury Gold Rush Accelerates

Morning Minute is a day-to-day newsletter written by Tyler Warner. The prognosis and opinions expressed are his possess and accomplish now not necessarily assume those of Decrypt. Subscribe to the Morning Minute on Substack

GM!

This day’s high files:

• Crypto majors red however engaging elevated after Trump moved to fire Fed Governor Lisa Cook dinner
• ETH ETFs center of attention on $444M in gain inflows, $1.06B over final 3 sessions
• 3 corporations thunder SOL DATs incoming to the tune of ~$2.5B+
• Hyperliquid will enhance percent of HYPE buybacks to Ninety 9% of revenue
• Hayden Adams reportedly made $12M off the YZY originate

💸 The Solana Treasury Gold Breeze

Bitcoin paved the means.

Then ETH used to be in the highlight.

Now it appears to be like bask in SOL is the next most basic TreasuryCo alternate.

📌 What Came about

In precisely the past 24 hours, no lower than four most basic company treasury initiatives tied to SOL beget been unveiled, to the tune of ~$2.75B.

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

• Sharps Technology, which raised $400M to originate 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 rob $1B to originate a Solana treasury by procuring a listed company, per a Bloomberg account, with Cantor Fitzgerald advising and Solana Foundation improve
• Pantera Capital is reportedly searching out $1.25B to convert a public company staunch into a Solana-centered investment car.

Oh, and one amongst the first most basic Solana DATs, DFDV, announced a $125M equity raise to amplify its Solana treasury holdings, closing later this week.

The SOL DAT race is in actuality heating up.

🗣️ What They’re Announcing

“International adoption of Solana’s ecosystem is accelerating as it continues to receive institutional improve for its imaginative and prescient of a single global market for every tradable asset, making now the staunch time to save a digital asset treasury approach with SOL”

• Alice Zhang, Sharps Technology’s chief investment officer

“The affect is presumably now not sharp about size, however more about symbolism. This could give the market an affect that Solana is engaging beyond being a retail-driven chain to one with credible institutional sponsorship at scale.”

• Shawn Young, chief analyst at MEXC Research

🧠 Why It Matters

Here’s the first wave of trustworthy company treasury adoption for Solana.

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

Now Solana is attracting billions in capital to lock up present, raise company equity, and even convert public corporations into SOL automobiles.

If these raises shut, then we’re shut to $3B in novel Solana put a question to hitting the market in weeks, on high of existing community inform.

That can now not sound bask in noteworthy, particularly since Tom Lee and BMNR beget already sold ~$8 billion price of ETH in a couple months.

Nonetheless judge 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 same of the high 15 ETH DATs combined.

So yeah, it’s miles a immense deal.

If these corporations are in a position to successfully raise this capital, and construct on their treasuries – they likely send SOL to a new ATH in 2025.

Buckle up…

🌎 Macro Crypto and Memes

About a Crypto and Web3 headlines that caught my sight:

• Crypto majors beget been red on Monday however rebounded after Trump moved to fire Fed Governor Lisa Cook dinner; 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 all the procedure thru BTC, ETH, DOGE and others on Monday, with longs hit hardest
• The ETH ETFs pulled in $444M in gain inflows to initiating up the week vs $219.1M for BTC
• Tom Lee’s quant known as the underside of ETH to come Monday night time, announcing $4,300 ought to be it with upside advance $5,400
• Chainlink announced a partnership with Japan’s SBI Team to come tokenized sources and stablecoins
• Bitwise filed for a Chainlink ETF with the SEC
• Webull reintroduced crypto trading in the U.S., now integrated straight into its basic app
• Gemini flipped Coinbase in iOS app store rankings
• Every category of investor added to their BTC holdings in Q2 in step with Bloomberg ETF analyst Eric Balchunas
• Japan’s Finance Minister acknowledged that Bitcoin and crypto would possibly well well additionally be included in “varied investments,” as Japan’s regulators announced easing of crypto taxes

In Company Treasuries

• Sharps Technology raised $400M to originate a Solana treasury
• Pantera Capital is reportedly searching out $1.25B to convert a public company staunch into a Solana-centered investment car
• B Technique will originate a Nasdaq-listed BNB TreasuryCo aiming to rob $1B with improve from Yzi Labs (CZ’s investment agency)
• 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, in step with examine from the Bubble Maps group

💰 Token, Airdrop & Protocol Tracker

Here’s a rundown of most basic token, protocol and airdrop files from the day:

• Hyperliquid announced numerous community upgrades coming, collectively with increasing the percent of revenue historical for HYPE buybacks to Ninety 9%
• Soccer dot Fun founder Adam announced 40% of costs historical for buybacks on Fomo Hour, and later teased more sports coming collectively with American Soccer
• Kaito launched an ICO for Boundless, elevating $4M at a $290M FDV; they also launched a new leaderboard for OG Labs

🤖 AI x Crypto

Share dedicated to headlines in the AI sector of crypto:

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

🚚 What’s occurring in NFTs?

Here is the record of other basic headlines from the day in NFTs:

• ETH NFT leaders beget been largely red; Punks -3% at forty eight ETH, Fleshy +1% at 10.3, BAYC -8% at 9.5 ETH
• Grifters (+19%) and Mocaverse (+16%) beget been basic high movers
• Bitcoin NFTs beget been very red with Adderrels (+9%) outperforming
• Summary NFTs beget been largely red, led by Klara (+38%)
• Fleshy Penguins announced a new soulbound token for early players of its Fleshy Celebration recreation on Polkadot
• Moonbirds announced a partnership with Soccer dot Fun, providing free packs and safe substances for NFT holders