Solana Will Be The Next DAT Winner (Rating Upgrade)

Summary Solana is poised for significant upside as two separate Digital Asset Treasury companies prepare billion dollar bids. SOL's current low public company ownership and high staking ratio could amplify price gains, even without immediate ETF ￰0￱ lagging stablecoin transfer volume and some network utility concerns, the high staking yield remains attractive for corporate treasuries. I expect SOL could revisit or surpass all-time highs this year, driven by incoming DAT demand rather than improved network ￰1￱ the proliferation of Bitcoin ( BTC-USD ) and Ethereum ( ETH-USD ) treasury companies in recent months, one digital asset that has yet to see large capital flows from public companies is Solana ( SOL-USD ).

To be sure, there are a few; perhaps most notably Upexi Inc ( UPXI ). But where Bitcoin has Strategy ( MSTR ) and Ethereum has Bitmine Immersion ( BMNR ), so far Solana has lacked a major horse with a multi-billion dollar ￰2￱ may be ￰3￱ this article, we'll go over why Solana appears to be the next major digital asset to be scooped up by Digital Asset Treasury companies, henceforth referred to as 'DATS.' Solana's Performance vs Peers Data by YCharts Year to date, Solana's performance has been lackluster with the coin producing a modest 2.8% ￰4￱ has lagged both Bitcoin and Ethereum by a significant ￰5￱ of this is perhaps due to normalization following an absolutely stellar 2024 run for the ￰6￱ I suspect this year-to-date under-performance is also due to what is a relative lack of capital investment net flows for SOL compared with ETH or BTC: as of 8/23/25 (CoinShares/Bloomberg) At just $1.06 billion in net flow, Solana's 2025 investment demand has been less than half of Ethereum's in August ￰7￱ fact, prior to the week of August 17th, Ethereum's first-half August demand was actually higher than Solana's entire AUM through traditional financial ￰8￱ I last wrote about Solana , I downgraded the coin and cited the end of the 'memecoin' cycle as my primary ￰9￱ that article was published, SOL has actually beaten BTC by over 20%: Data by YCharts Perhaps too pessimistic back in March, buying SOL at $125 earlier this year was indeed a good buy for anyone who had a larger willingness to play the crypto ￰10￱ far as I can tell, ETH's recent out-performance versus both BTC and SOL since the April lows has been entirely driven by the explosion in corporate holdings of the asset.

I don't think it's out of the realm of possibility that we see SOL do the ￰11￱ Is About To Get the DAT Treatment SOL Holdings by DATs (The Block) As of August 27th, there are just 3.44 million SOL held by public ￰12￱ is just 0.6% of the 570.7 million circulating SOL supply. Conversely, public companies hold 4.7% of Bitcoin's circulating supply and 3.6% of Ethereum's circulating ￰13￱ appears poised to change with not one but two different groups gearing up for $1 billion bids to build SOL-based ￰14￱ to a report from Bloomberg , Galaxy Digital ( GLXY ), Jump Crypto, and Multicoin Capital are working with backers to build a $1 billion Solana ￰15￱ to be outdone, Pantera Capital is eyeing a $1.25 billion Solana DAT per reporting from The ￰16￱ Galaxy/Jump/Multicoin deal would apparently be finalized in early ￰17￱ insight into what bidders like this could do for SOL's price, we can look to the performance of ETH since the end of June to crudely model a theory: Publicly Held ETH June 30th August 27th% Change Through ETFs 4,228,695 6,705,904 58.6% Through DATs 1,200,380 4,359,435 263.2% Combined Total 5,429,075 11,065,339 103.8% ETH Price $2,486 $4,495 80.8%) While there won't be competing bids from ETFs immediately, the staking ratio difference between ETH and SOL is quite ￰18￱ has a staking ratio of 66.5% while Ethereum has a staking ratio of just 29.6%.

Furthermore, ETH's staking ratio has actually increased since the end of June as many of the ETH DATs are actively staking their ￰19￱ argument I'm making here is that any limited upside in SOL's price due to the lack of ETFs may be mitigated by the fact that most of the supply is 'locked up' in staking protocols. Thus, it seems implausible to me that two different companies could buy $2.25 billion combined worth of SOL in a short amount of time without drastically impacting the price of the ￰20￱ Metrics: Some Noticeable Risks One of the natural direct peers for Solana has been ￰21￱ are low-fee networks, both had seen explosive growth in daily active users, and both had seen large spikes in stablecoin transfer volume during ￰22￱ some of those things remain true today, Solana is now losing one of the big ones to Base - and other chains for that matter: Stablecoin Transfer Volume (Artemis) At $210 billion in July, Solana's stablecoin transfer volume has fallen well below that of Base - which did $1.3 trillion during the same ￰23￱ is in spite of Solana having nearly a 3:1 edge in stablecoin supply at roughly $12 billion: Stablecoin Supply (Artemis) But it isn't just the stable supply edge that Solana has that leads me to be disappointed by Solana's comparatively low share of stablecoin transfer volume; its that Solana is doing less stable transfers on considerably more DAAs and daily ￰24￱ July Solana had a 4.4 million average DAAs to Base's 1.4 ￰25￱ July, Solana did 3.5 billion transactions compared to 278 million on ￰26￱ me, this is indicative of Solana still being primarily utilized for bot trading rather than the RWA-type investments that can be seen on a network like ￰27￱ Takeaways Despite a few concerns that I have about Solana's usage, I still think there's a fairly significant chance that SOL revisits all-time highs this year - potentially even making a new ￰28￱ amount of SOL currently owned by DATs is quite small relative to that of BTC and ETH.

Furthermore, the staking yield from SOL is likely attractive enough to warrant corporate attention and the staking ratio is ￰29￱ view is the high staking ratio could make up for the lack of ETF buy pressure through ￰30￱ I last covered Solana in March, I wanted to see a positive story in stablecoin transfer volume before I'd get more optimistic. I still don't see that ￰31￱ this upgrade isn't based on any network utility fundamental change. Rather, we expect the coin is about to get the DAT ￰32￱ it does half the rally ETH just did since the end of June, we could see SOL flirting with $300 per coin.