MemeStrategy has increased its corporate strategies by acquiring 2,440 Solana, currently valued at $369,442.
By Godfrey Benjamin
Editor Hamza Tariq
Updated
3 mins read
Hong Kong-listed digital asset company MemeStrategy made a massive Solana SOL $157.4 24h volatility: 4.5% Market cap: $82.97 B Vol. 24h: $4.75 B buy in the open market. This firm acquired 2,440 units of SOL valued at about HKD 2.9 million, a fund equivalent to $369,442.
MemeStrategy’s acquisition of SOL is making waves within the crypto ecosystem because it marks the first case of Solana investment by a Hong Kong-listed company.
The move reflects the company’s confidence in the coin’s long-term prospects. The firm also noted that the move aligns with this vision.
Ray Chan, CEO of MemeStrategy, said the purchase shows strong confidence in Solana’s long-term potential and aligns with the company’s focus on AI, blockchain, and Web3 development.
It is worth noting that the company completed this acquisition through OSL Group, a licensed digital asset platform.
The Asian company has now joined the likes of DeFi Development Corporation, Upexi Inc., and Classover, which have specifically adopted Solana as a reserve asset. As of June 12, DeFi Development Corp had already amassed over 609,000 SOL.
This holding is worth nearly $97 million. Its last reported purchase occurred at an average price of $139.66. The cryptocurrency choices for corporate treasuries are clearly expanding.
Following the news of MemeStrategy’s SOL acquisition, the coin has registered some price gains. It is now trading at $156.99, corresponding to an 8.19% increase within the last 24 hours.
While this is a notable boost, the price of the coin remains lower than its all-time high of over $260.
The coin has strong potential to hit a new high in the near future, as the US Securities and Exchange Commission (SEC) is pushing to approve the SOL-linked Exchange Traded Fund (ETF) on its desk.
Among other altcoins, Solana has been projected as the top candidate for ETF approval by the US SEC, while new meme coins are also gaining strong interest in the market.
Several companies, including Canary Capital, Grayscale Investments, and Bitwise, have submitted applications and are now awaiting the regulator’s decision.
The acquisition also highlights growing engagement with the Solana blockchain. Its Layer-1 Proof-of-Stake (PoS) consensus makes it a top choice for traders and investors, who can earn staking rewards while helping secure the network.
Solana is getting attention not only for its native coin but also for its meme coin launchpad. On June 10, Societe Generale-FORGE, the crypto arm of France’s financial titan Societe Generale, launched a USD-pegged stablecoin dubbed USD CoinVertible (USDCV). Meanwhile, SFORGE selected Solana as the underlying blockchain infrastructure, alongside Ethereum.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
