A New Report From Coinbase Shows a Growing Number of Corporations Investing Heavily in Solana

This mirrors the Bitcoin accumulation program from MicroStrategy and other firms. The report identified two non-crypto firms (and one crypto one) that made substantial Solana investments in 2025.

Coinbase's latest report highlights a growing trend of corporations investing heavily in Solana, mirroring the Bitcoin accumulation program from MicroStrategy and other firms.

While Coinbase's report focuses on the market comparison between Bitcoin and Ethereum, it also identified two non-crypto firms (and one crypto one) that made substantial Solana investments in 2025.

After earlier volatility, Solana is ending April 2025 with bullish momentum. Most recently, it surpassed Ethereum's staking market cap, as transaction volume is soaring on the blockchain.

Coinbase's report identified two non-crypto firms, Janover and Upexi, that are investing in a similar fashion to MicroStrategy's Bitcoin strategy.

"The same approach as Strategy is being copied and applied to Solana by companies including real estate financing company Janover (whose shares were bought by former Kraken executives) and Nasdaq-listed supply-chain management company Upexi," said David Duong, Coinbase's Global Head of Research.

Janover has reportedly raised $42 million in convertible notes to establish a Solana reserve treasury, while Upexi secured a $100 million private placement, over 90% of which was earmarked for accumulating and staking SOL.

Coinbase compared these moves to new corporate Bitcoin holders like Twenty One Capital, though on a much smaller scale.

"The interest in Bitcoin from larger corporations like hedge funds and private equity firms continues to grow, with new, large-scale Bitcoin holders like Twenty One Capital (which is launching with over 42,000 BTC, or $3.97 billion at today’s prices) entering the scene," the report stated.

Overall, Bitcoin is definitely the preferred cryptoasset for these major players, but interest in Solana is growing.

"Upexi, Janover, and SOL Strategies (which recently disclosed a $500 million convertible notes issuance to buy Solana tokens) are quite small compared to Twenty One Capital, which is launching with $3.97 billion in assets under management."

Still, Coinbase considers this trend noteworthy. As one of the largest global exchanges, Coinbase monitors emerging market movements closely and regularly publishes research across key crypto sectors.

The entry of corporate players into Solana could signal the beginning of a broader shift, although it remains in its early stages.

To be clear, the activity so far is limited. A real estate financing firm and a supply chain management company buying Solana do not suggest a major institutional migration.

Sustained growth and broader adoption would be needed before Solana's corporate reserves could meaningfully impact the larger cryptoasset landscape.