Solana treasury firms accumulate as new member enters the space

Solana has yet to recover from its 10.6% drop-off in the last seven days. Despite the recent price flop, a number of players in the solana ecosystem have been making moves:

• Upexi announced Tuesday morning that it holds over 2 million solana tokens valued at $334 million, representing a 172% increase since the end of June. The solana-focused treasury company said it was earning an 8% yield from staking a substantial amount of its tokens, generating $65,000 a day in revenue. 

• DeFi Development Corp. announced growing its treasury holdings by 110,466 solana tokens or $18.4 million, bringing its total to nearly 1.3 million. The tokens will be staked to a number of validators to generate native yield, according to a Monday press release. 

• Clinical-stage pharmaceutical company Artelo Biosciences announced adopting solana as a core reserve asset in a Monday press release. The firm aims to use $10.9 million in proceeds stemming from private placements to jumpstart its solana treasury strategy, making it the first publicly traded pharmaceutical company to adopt solana. Shares of Artelo Biosciences are down on the news.

• Meme coin factory Pump.Fun continued its buyback program. Since July, the platform has purchased $23 million worth of PUMP tokens. “Pump.fun currently expects to use substantially all net revenue for strategic investments,” its revenue dashboard states. 

• The buyback and burn wallet for the LetsBonkFun token launchpad burned 300 billion bonk tokens (roughly $7.6 million) on Monday, on-chain data from blockchain explorer Solscan shows. Despite the burn, the meme coin is down 6.5% in the last 24 hours and 20.9% in the past seven days, per CoinGecko. 

• In lighter news, basketball legend turned crypto enthusiast Scottie Pippen shared this post: