A recent study from Coinbase indicates that an increasing number of businesses are making significant investments in Solana, following in the footsteps of MicroStrategy and other companies that have been accumulating Bitcoin.
The report highlights two non-crypto companies and one crypto company that made substantial investments in Solana in 2025.
Despite earlier fluctuations, Solana is finishing April 2025 with a positive trend. It has outpaced Ethereum in staking market capitalization and is experiencing a surge in transaction volume on its blockchain network.
While Coinbase's latest report primarily focuses on comparing the markets of Bitcoin and Ethereum, it also shines a light on a significant trend involving Solana.
David Duong, the Global Head of Research at Coinbase, mentioned that non-crypto companies like real estate finance firm Janover and Nasdaq-listed supply-chain management company Upexi are adopting a similar approach to MicroStrategy by investing in and staking SOL.
Janover raised $42 million in convertible notes to establish a Solana reserve treasury, while Upexi secured a $100 million private placement, with over 90% of it designated for acquiring and staking SOL.
Although companies like Upexi, Janover, and SOL Strategies made significant investments into Solana, the scale of their investments is smaller compared to major players like Twenty One Capital, which manages over 42,000 BTC amounting to $3.97 billion at current prices.
While Bitcoin remains the favored cryptocurrency for these major entities, interest in Solana is on the rise. Coinbase views this trend as significant, as the platform closely monitors market movements and regularly publishes research on key crypto sectors.
The involvement of corporate entities in Solana could indicate the start of a broader trend, although it is still in its early phases. However, the current level of activity is limited, and the investments made by a real estate finance company and a supply chain management firm do not signify a substantial institutional shift.
For Solana's corporate reserves to have a meaningful impact on the wider cryptocurrency ecosystem, sustained growth and increased adoption would be required.