Cantor Initiates Coverage of Leading Solana Treasury Companies

Cantor has initiated coverage of the three largest Solana treasury companies, DeFi Development (DFDV), Upexi (UPXI), and Sol Strategies (HODL), assigning them an overweight rating in a research report released on Monday.

Price Targets

• DeFi Development: $45 price target
• Sol Strategies: C$54 target
• Upexi: $16 price target

Analysts led by Thomas Shinske highlighted that SOL treasury companies are investing in an on-chain future with Solana as the preferred blockchain choice.

Solana vs. Ethereum

Cantor noted that Solana’s main competitor is the Ethereum blockchain. However, the firm’s technology is significantly superior across various metrics. Recently, the growth of developers on Solana has outpaced that on Ethereum, a trend expected to continue.

Thus, utilizing Solana as a treasury asset is considered more sensible than Ethereum.

Market Outlook

The report suggests that companies adopting Solana as a treasury asset believe it could surpass Ethereum, which currently boasts a market cap 2.5 times larger than SOL.

Read more: DeFi Adding $5B of Solana Buying Power With New Line of Credit