Institutional investors' interest in Solana is growing: DeFi Dev Corp replenished its reserves by 110,466 SOL | Bitcoinist.com

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure As the price of Solana (SOL) continues to rise, many treasury companies are beginning to actively accumulate altcoins to increase their cryptocurrency reserves. One of these companies, which has shown high confidence in SOL and has started large-scale purchases, is Defi Dev Corp.

Defi Dev Corp bets on Solana

Treasury reserves in Solana are actively being built up by large institutional players alongside other key cryptocurrencies such as Bitcoin and Ethereum. In a bold move demonstrating growing trust from institutions, Defi Development Corp, a public company, has acquired a significant amount of SOL for its treasury.

According to SolanaFloor data, Defi Dev Corp recently acquired an additional 110,466 SOL for approximately $18.4 million at an average price of $166. After this transaction, the company's total reserve reached 1.29 million SOL, which is estimated at about $209 million. The new purchase followed just a week after the previous acquisition of SOL for $20 million.

The growing interest in Solana from public companies continues. SolanaFloor reports that Artelo Biosciences Inc., a pharmaceutical company listed on Nasdaq, is in the final stages of launching a treasury strategy in SOL.

The company recently raised $9.47 million through a private placement to implement this strategy, becoming the first publicly traded pharmaceutical firm to use Solana as a reserve asset.

The publication notes that Bartos Lipiński, a leading investor and former employee of Solana Labs, will provide consulting support through the CUBE platform, which will take over the management of DeFi operations, staking, and asset custody.

"Artelo has joined the growing list of public companies implementing SOL for treasury management," emphasized SolanaFloor.

The Solana network leads in blockchain revenue

These large purchases of SOL coincide with the growing interest in Layer 1 solutions for scaling and the revival of developer activity. According to SolanaFloor, Solana has maintained its leadership in revenue among all Layer 1 and Layer 2 networks for 20 consecutive weeks, reflecting its strengthening dominance in the blockchain industry.

SOL earned $16.6 million in revenue for the week from July 28 to August 3. Tron took second place with $14.05 million, while Ethereum came in third with $11.4 million in weekly revenue. At the time of publication, SOL is trading at $166.

SOL is trading at $166 on the daily chart | Source: SOLUSDT on Tradingview.com

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