Hong Kong’s MemeStrategy Becomes First Listed Firm to Invest in Solana

MemeStrategy, a Hong Kong-based digital asset firm, has introduced the open market buy of two,440 items of Solana’s native SOL token.

This makes it the primary publicly listed firm in Asia to spend money on the sixth-largest cryptocurrency by market cap.

An Funding in SOL’s Lengthy-Time period Worth

In line with an organization press release, the acquisition was value roughly $377,000 and was made at a mean worth of $155 per token. Chairman and CEO Chen Zhancheng described the acquisition as a strategic funding in SOL’s future progress. He mentioned:

“The corporate’s strategic buy of two,440 items of Solana displays our excessive recognition of the long-term potential of this cryptocurrency. As a number one mission within the blockchain discipline, Solana is extensively utilized in many cutting-edge situations resembling decentralized platforms, actual belongings (RWA) tokenization, and AI-driven Web3 functions.”

The transaction was made by means of OSL Group, a Hong Kong-listed digital asset platform and the primary to be licensed by the Securities and Futures Fee. The platform presents buying and selling, custody, and brokerage providers underneath a whole compliance framework.

“We’re delighted that MemeStrategy has chosen the OSL platform as its buying and selling and custody associate for digital belongings,” mentioned Ryan Miller, Managing Director and Head of Gross sales on the agency. He defined that the transfer marks a brand new chapter for the corporate because it broadens its focus past Bitcoin and Ethereum to different high-potential belongings.

Funding Goals

The corporate outlined a number of objectives for the acquisition, together with permitting it to take part in Solana’s rising ecosystem of builders, customers, and establishments. SOL will even generate returns for the enterprise because it participates within the chain’s proof-of-stake community.

Additional, the transfer is anticipated to strengthen the corporate’s asset allocation by including a utility-focused, high-quality token to its reserves. The press launch emphasizes that this can improve MemeStrategy’s flexibility and long-term progress potential.

Based by the creators of 9GAG, the agency is Asia’s first listed crypto firm. It focuses on constructing a bridge between conventional finance and the digital financial system. That is facilitated by means of investments throughout AI, blockchain, and cultural innovation.

The announcement comes as extra listed corporations start together with SOL of their treasury methods. Corporations resembling DeFi Improvement Company, Upexi Inc., Sol Methods, and Classover have adopted the token as a main reserve asset.

In the meantime, main U.S. entities like Grayscale, VanEck, and Franklin Templeton are actively in search of regulatory approval to launch Solana Trade Traded Funds (ETFs). Bloomberg ETF analyst James Seyffart additionally lately raised the approval odds for such funding automobiles to 90%.

On the time of writing, SOL was up 6.6% within the final 24 hours, having briefly shot as much as $157.35 earlier than settling at just below $156 per information from CoinGecko.

Nonetheless, the uptick hasn’t actually pushed the needle throughout longer time frames, with SOL registering an nearly negligible 0.3% rise over the past seven days, and a modest 1.1% improve prior to now two weeks. The present worth additionally means the cryptocurrency misplaced greater than 7% of its worth over the earlier month, whereas nonetheless remaining 6.9% larger than it had been a yr in the past.