In June and July 2025, several major developments occurred in the Solana cryptocurrency treasury sector, marked by significant institutional interest and capital inflows. Wall Street firm Cantor Fitzgerald initiated coverage on Solana treasury companies such as Sol Strategies, DeFi Development Corp (DFDV), and Upexi (UPXI), assigning outperform ratings and projecting upside potential of up to 75%. Cantor Fitzgerald highlighted Solana's technological superiority over Ethereum and Bitcoin, emphasizing native revenue opportunities and developer growth as key factors. DeFi Development Corp announced a $112.5 million private placement to acquire more Solana tokens, raising its holdings to approximately 1.18 million SOL valued at $218 million, making it the largest publicly traded Solana treasury. Upexi, the largest Solana treasury company by holdings, secured a $200 million raise and a $500 million equity credit line with Alliance Global Partners to expand its Solana treasury to around 1.9 million SOL worth $381 million. Upexi also closed a $50 million private equity offering and partnered with Solflare as its official wallet provider. Nasdaq-listed Lion Group Holding (LGHL) secured a $600 million facility from ATW Partners to launch the world's largest Hyperliquid (HYPE) treasury, which includes HYPE, Solana (SOL), and Sui (SUI) tokens. Lion Group completed initial purchases of $HYPE tokens worth $2 million. Additionally, a former Blackstone executive and Tether co-founder are raising $1 billion through SPAC M3-Brigade Acquisition V Corp to launch a public crypto reserve vehicle holding Bitcoin, Ethereum, and Solana. ReserveOne, a crypto treasury firm backed by Kraken and Blockchain.com, announced plans to go public via a $1 billion SPAC merger, managing a portfolio including BTC, ETH, SOL, XRP, and Cardano. Lastly, Mercurity Fintech secured a $200 million strategic investment from Solana Ventures to accelerate its Solana treasury strategy focused on accumulating SOL and investing in tokenized projects. These developments reflect growing institutional confidence and strategic capital deployment in Solana-focused treasury companies and crypto asset management vehicles.