- DeFi Development Corp partners with Fragmetric Labs to launch South Korea’s first Solana treasury through a publicly listed company.
- The firms aim to fuel global digital asset treasuries while boosting Solana’s presence, with a significant investment in Flora Growth.
- Helius Medical Technologies joins the trend by acquiring over 760,000 SOL, strengthening its commitment to Solana’s ecosystem.
DeFi Development Corp and Fragmetric Labs are joining forces to create South Korea’s first corporate Solana treasury. In a strategic move, the two companies plan to acquire a publicly listed South Korean firm to launch the treasury. The announcement was made during the Solana Oriental event at Korea Blockchain Week on September 22, marking a significant milestone for the Solana ecosystem in Asia.
This partnership comes as DeFi Development Corp expands its Treasury Accelerator, an initiative aimed at funding digital asset treasuries (DATs) globally. The company’s plan is to use its balance sheet to support the growth of Solana-based projects, while simultaneously increasing the value of SOL per share. Recently, DeFi Development made a $22.88 million investment in Flora Growth, a Nasdaq-listed cannabis firm, which will now rebrand as ZeroStack to focus on accumulating Solana.
DeFi Development Corp is currently one of the largest holders of Solana tokens, holding over 2 million SOL worth nearly $500 million. Recently, the company added 62,745 SOL to its holdings, underscoring its strong commitment to the Solana ecosystem. Despite a broader crypto market downturn, Solana has seen increased trading activity, with a 150% surge in trading volume as investors continue to monitor the token’s performance.
Helius Medical Strengthens Solana Strategy
In another significant development, Helius Medical Technologies has purchased 760,190 SOL at an average price of $231, marking a major step in its digital asset treasury strategy. This move, combined with its substantial cash reserves of over $335 million, highlights the company’s long-term commitment to Solana and its growing belief in the blockchain’s future.
The Solana ecosystem continues to gain traction as corporate and institutional interest in the blockchain expands. The launch of the first corporate Solana treasury in South Korea, alongside other notable investments like Helius Medical’s recent acquisition of SOL, signals that more companies are integrating Solana into their financial strategies.
While Solana’s price saw a 7% drop amidst the broader market crash, analysts remain optimistic about its future. Kaleo, a prominent crypto analyst, predicts that SOL could rise significantly, potentially hitting $1,000 as the Solana treasury surpasses $4.3 billion in value. Despite recent volatility, the overall sentiment towards Solana’s growth remains positive.
With the launch of Solana’s first treasury in South Korea, the platform’s growing influence on the global crypto stage seems poised to continue. As more companies adopt Solana as part of their treasury strategies, its position in the digital asset space strengthens, promising a new era of blockchain adoption.
