MemeStrategy, Hong Kong’s first listed firm with a Solana reserve, buys 2,440 SOL for $372K, boosting its stock 28%.
MemeStrategy, a digital assets firm headquartered in Hong Kong, has become the first publicly listed company to announce a Solana reserve plan. The firm has acquired 2,440 units of Solana (SOL) for an investment value of HKD2.9 million. The company’s stock price on the Hong Kong Stock Exchange increased by more than 28% due to the development.
MemeStrategy is the first public company to announce the Solana Reserve
Amid the ongoing scramble for crypto reserves, Hong Kong-based MemeStrategy disclosed its Solana reserve plans. The company acquired 2,440 SOL tokens from the open market, with transactions conducted through the licensed crypto trading platform OSL Group.
MemeStrategy stated it will contribute to network security and validation by investing in the SOL ecosystem and participating in its Proof-of-Stake (PoS) architecture while gaining staking rewards. SharpLink Gaming became the greatest public holder of Ethereum last week, and the announcement coincides with this development.
The Hong Kong-listed company also stated that this investment is consistent with the company’s objective to advance blockchain, AI, and validation technologies and develop next-generation technology. The SOL acquisition also underscores the company’s expansion into the Web3 ecosystem and cryptocurrencies. Ray Chan, Chairman and CEO of MemeStrategy, commented on the development:
“Our strategic acquisition of 2,440 Solana units reflects our strong confidence in the long-term potential of this cryptocurrency. Solana is a leading blockchain project with wide-ranging applications, from decentralized platforms and real-world asset (RWA) tokenization to AI-driven Web3 solutions”.
Institutional demand is stimulated by the optimism surrounding the Solana ETF
The demand for SOL among institutions has recently increased in anticipation of the approval of the spot Solana ETF. Prospective issuers submitted the S-1 form following the directive issued by the US Securities and Exchange Commission (SEC) last week. MemeStrategy initiated the process by constructing its own Solana reserve before the involvement of Wall Street institutions. Furthermore, the staking of ETFs is expected to attract more institutional capital, provided that the SEC approves.
The SOL price has increased by 8% in response to the recent developments, reaching $157, and its market capitalization has surpassed $82.4 billion. Additionally, traders’ bullish sentiment is underscored by the daily SOL trading volume exceeding 100%. The open interest in SOL futures has increased by 10% today, bringing it closer to $7 billion.