SOL Strategies CEO Leah Wald outlined how Solana-focused digital asset treasury companies can drive institutional adoption and exchange-traded fund (ETF) flows.
In an interview with CryptoSlate, Wald noted that multiple Solana treasury companies create a “rising tide” effect similar to Bitcoin miners benefiting alongside Bitcoin ETF inflows.
She noted the parallel between Bitcoin ecosystem dynamics, where miners receive inflows alongside spot and futures ETFs, suggesting similar potential for Solana-focused companies.
Wald explained:
“You’ve always seen that in the past where miners get inflows, like Bitcoin miners. ETF gets inflows alongside Bitcoin spot and Bitcoin futures ETFs get inflows.”
She described the phenomenon as retail investors choosing different products based on enthusiasm, while institutions prefer ETFs for tax advantages and custody structures.
Wald acknowledged widespread market expectations for a spot or staked spot Solana ETF under a 33 Act wrapper, viewing this development as part of a broader rising tide of product offerings.
She emphasized that treasury companies must operate respectfully to maintain industry credibility while benefiting from expanding product availability.
Bloomberg ETF analysts expect an approval in October, when most of the spot Solana ETF filings will meet their final deadline with the SEC.
DAT dynamics
Addressing concerns about digital asset treasury (DAT) company valuations, Wald acknowledged that many firms that added Bitcoin now trade at discounts to multiple of Bitcoin NAV (mNAV), including Bitcoin miners.
A Sept. 2 report by Grayscale highlighted a decreasing mNAV for DAT companies, suggesting a cooling of interest from investors.
However, she expressed confidence that SOL Strategies’ dual approach as both a technology company and treasury accumulator provides competitive advantages during market downturns.
Wald stated:
“It does not scare us. I think it positions us in a position of strength because we’re the only ones running a real business and it’s a business that continues to accumulate and compound.”
She noted that discount trading environments place pressure on management teams to execute validator business models effectively rather than relying solely on asset appreciation.
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SOL Strategies differentiates itself by calling the company “DAT plus plus,” emphasizing technology development alongside treasury accumulation.
Wald described the firm as a technology company first, with treasury accumulation as a secondary function, contrasting with purely speculative treasury models.
SOL Strategies added SOL to its treasury and started trading on Nasdaq on Sept. 9 under the ticker STKE.
Infrastructure validation
Despite being the second-largest decentralized ecosystem, with over $12 billion in total value locked, Solana still represents a small fraction of the tokenization landscape.
Institutions deployed nearly $500 million using Solana’s infrastructure, representing 3.1% of this market. In comparison, Ethereum has a 52% dominance over tokenization efforts.
Wald sees institutional treasury companies as catalysts for closing this gap through education and validation efforts.
She explained:
“I do think that any ETF, like any well-respected issuer or well-respected company, anyone that puts boots on the ground on education is only going to help Solana, the network, grow and succeed.”
She emphasized validation and adoption benefits from proper educational initiatives about Solana’s technical advantages.
Wald stressed the significant institutional interest, including BlackRock’s plans to launch a yield fund on Solana alongside existing tokenized products from Apollo and Franklin Templeton.
She listed these developments as evidence of growing institutional recognition of Solana’s capabilities for tokenization and digital asset infrastructure.
Wald concluded by positioning treasury companies as educational ambassadors for Solana’s institutional adoption journey:
“It’s on all of us out there to educate why we think that it’s better, cheaper, faster, quicker, all those different merits to get there. Hopefully, with all the DAT leaders out there providing education, it should snowball.”
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