Coinbase Report Highlights Corporate Treasuries Migrating to Solana

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 Notices New Solana TrendAfter 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 latest report primarily focuses on the market comparison between Bitcoin and Ethereum. However, it still points out a major Solana trend that could have notable implications. “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 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.Overall, Bitcoin is definitely the preferred cryptoasset for these major players, but interest in Solana is growing. Twenty One Capital is launching with over 42,000 BTC under management, which translates to $3.97 billion at today’s prices.Upexi, Janover, and SOL Strategies (which recently raised $500 million in convertible notes issuance to buy Solana tokens) are quite small compared to this.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.