MemeStrategy stock soars 28% after SOL treasury adoption – Are more gains likely? 

• MemeStrategy became the first Hong Kong firm to adopt SOL treasury
• Its stock soared by 28% after the update

MemeStrategy is the first Hong Kong company to launch a Solana [SOL] corporate treasury. The firm announced it bought 2,440 SOL at around $372k or (HKD 2.9M). 

Reacting to the historic SOL move, Ray Chan, MemeStrategy’s chairman, stated, 

“Solana is a leading blockchain project with wide-ranging applications, from decentralized platforms and real-world asset (RWA) tokenization to AI-driven Web3 solutions.”

In fact, the firm also highlighted that SOL’s utility value, especially its capacity to earn staking rewards, makes it a crucial choice for its treasury diversification strategy. 

Solana treasury frenzy

Source: MemeStrategy stock performance, TradingView

MemeStrategy’s stock jumped by 28% after the update and closed Monday’s trading session at $0.33, up from $0.25. It remains to be seen whether more gains will follow like other SOL treasury stocks. 

Unlike the memecoin supercycle in 2024, treasury companies have become the strongest narrative in 2025. 

Public companies have jumped on the Bitcoin [BTC], Ethereum [ETH], Solana and even Hyperliquid [HYPE] bandwagon to boost their shareholders’ value. Strategy (formerly MicroStrategy) and Metaplanet have dominated the BTC treasury sector, offering nearly 100x shareholder returns since adoption. 

On the ETH side, Sharplink Gaming (SBET) has led the strategic ETH reserve with over 176k ETH. Overall, $3. illion ETH have been acquired by public companies. 

For SOL, DeFi Development Corp (DFDV) accumulated a total of 609,092 SOL, as of 15 June. DFDV stock rallied by over 4000% in the past three months after adopting the SOL treasury. Another media firm, Upexi, stacked 679,677 SOL. 

However, the pioneer in the segment, Canadian-based SOL Strategies, has 420.7k SOL alongside a total delegated of 3.3 million SOL. 

Apart from potential returns on price appreciation, these firms can also get extra rewards (about 7% per year) by staking their holdings. 

The staking revenue capacity and other opportunities in its DeFi ecosystem make SOL treasuries relatively more attractive than BTC, according to investment banking firm Cantor Fitzgerald. 

The firm added that SOL-focused firms should have a higher valuation than BTC in terms of mNAV (net asset value).  

“We believe SOL treasury companies are betting the future of finance will be on-chain and that the chain of choice will be Solana.”

Source: Glassnode

Despite the bullish treasury frenzy, however, SOL has seen more capital outflows (declining Realized Cap), compared to BTC and ETH in June.

In fact, Glassnode revealed that the Realized Cap dropped from 4% to -0.4% for SOL while ETH and BTC remained positive at 4% and 1.6%. This suggested that SOL may face short-term bearish pressure. At press time, SOL was valued at $156.