Hong Kong-based digital assets firm MemeStrategy has become the first publicly listed firm to announce a Solana reserve plan with the acquisition 2,440 units of Solana (SOL), for an investment value of HKD2.9 million. The development was enough to send the company’s stock price soaring over 28% on the Hong Kong Stock Exchange.
Amid the ongoing rush for crypto reserves, Hong Kong-based MemeStrategy announced its Solana reserve plans, acquiring 2,440 SOL tokens from the open market, with transactions executed through licensed crypto trading platform OSL Group.
The firm said that by investing in the SOL ecosystem and participating in its Proof-of-Stake (PoS) architecture, MemeStrategy will contribute to network security and validation while earning staking rewards in return. The announcement comes as SharpLink Gaming became the largest public holder of Ethereum last week.
The Hong Kong-listed firm also stated that this investment aligns with the firm’s goal to advance blockchain, AI, and validation technologies, as well as for next-generation technology development. The SOL acquisition also highlights the company’s expansion into cryptocurrencies and the Web3 ecosystem. Speaking on the development, Ray Chan, Chairman and CEO of MemeStrategy, said:
“Our strategic acquisition of 2,440 Solana units reflects our strong confidence in the long-term potential of this cryptocurrency. Solana is a leading blockchain project with wide-ranging applications, from decentralized platforms and real-world asset (RWA) tokenization to AI-driven Web3 solutions”.
Institutional demand for SOL has recently been on the rise as optimism for the approval of the spot Solana ETF rises. Last week, the prospective issuers submitted the S-1 form following the US SEC’s directive. MemeStrategy seems to make an early move by building its own Solana reserve, before the Wall Street institutions jump in. Additionally, the staking on ETFs is likely to attract more institutional capital, subject to the SEC’s approval.
Amid the current developments, the SOL price has surged by 8%, moving to $157 with its market cap soaring past $82.4 billion. Besides, the daily SOL trading volume has seen over 100%, highlighting strong bullish sentiment among traders. Also, the SOL futures open interest is up by 10% today, moving closer to $7 billion.
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