In a recent interview, Leah Wald, CEO of SOL Strategies, highlighted the pivotal role that Solana-focused digital asset treasury companies can play in enhancing institutional adoption and attracting exchange-traded fund (ETF) investment flows. Wald explained that the emergence of various treasury firms dedicated to Solana is creating a “rising tide” effect similar to that observed in the Bitcoin ecosystem. She noted that just as Bitcoin miners have benefited from inflows related to both spot and futures ETFs, Solana treasury companies may experience similar boosts.
Wald pointed out that retail investors often diversify their portfolios based on trends and excitement, whereas institutional investors tend to favor ETFs due to benefits such as tax advantages and reliable custody solutions. Echoing this sentiment, there is a prevailing market expectation for the launch of a spot or staked spot Solana ETF under a 33 Act framework, signaling a broader push towards increasing product availability in the market.
Analysts from Bloomberg have speculated that this anticipated approval could occur in October, as most firms seeking to launch a spot Solana ETF will have their filings finalized by that time. While discussing digital asset treasury (DAT) company valuations, Wald acknowledged that many of these firms trading in Bitcoin are currently valued at discounts to their net asset values (NAV), a trend recently highlighted in a Grayscale report. Despite these challenges, she expressed confidence in SOL Strategies’ dual approach—operating as both a technology developer and treasury accumulator—as a strategic advantage, especially during market downturns.
Wald asserted, “It does not scare us. I think it positions us in a position of strength because we’re the only ones running a real business and it’s a business that continues to accumulate and compound.” She added that in a discount trading environment, management teams are under increased pressure to execute effective validator business models without relying solely on asset appreciation.
SOL Strategies is positioning itself as an innovative player in the space, branding itself as “DAT plus plus,” which underscores its focus on technological development alongside treasury accumulation. This approach contrasts with other firms that may solely engage in speculative treasury management.
In terms of Solana’s current position, despite being the second-largest decentralized ecosystem with over $12 billion in total value locked, it still represents a fraction of the broader tokenization market. Institutions have deployed approximately $500 million utilizing Solana’s infrastructure, which translates to only 3.1% of this market. For context, Ethereum currently holds a dominant 52% share.
Wald sees opportunities for institutional treasury companies to bridge this gap through comprehensive education and validation efforts. She remarked, “I do think that any ETF, like any well-respected issuer or company, anyone that puts boots on the ground on education is only going to help Solana, the network grow and succeed.” She emphasized the benefits of proper educational initiatives in enhancing the understanding of Solana’s technical merits.
Additionally, Wald noted the notable institutional interest in Solana, referencing BlackRock’s proposed yield fund launch on the platform, along with existing products from Apollo and Franklin Templeton. These developments, she believes, signify a growing recognition of Solana’s potential for tokenization and its capabilities within the digital asset infrastructure landscape.
As the conversation concluded, Wald reiterated the role of treasury companies as educational ambassadors in Solana’s journey toward greater institutional adoption. She encouraged all stakeholders in the sector to actively promote the advantages of Solana, framing it as a collective effort to foster growth and understanding in the evolving crypto landscape.
