Hong Kong-listed company MemeStrategy has bought 2,440 Solana (SOL) tokens worth HKD 2.9 million. The purchase makes it the first publicly traded firm to hold SOL as part of its reserves. The news sent its stock price up 28% on the Hong Kong Stock Exchange. The tokens were bought through licensed crypto platform OSL group.
MemeStrategy said the investment supports its push into blockchain and Artificial intelligence (AI). The firm will also stake its SOL to earn rewards and help secure Solana’s network. This follows SharpLink Gaming’s recent move to become the biggest public holder of Ethereal. The company sees Solana as key to Web3 and real-world asses tokenisation.
Ray Chan, CEO of MemeStrategy said
We believe in Solana’s long-term growth. It powers DeFi, AI and the next internet revolution.
The buy comes as Solana ETFs gain traction in the U.S Asset managers recently filed key paperwork with the SEC. Approval could bring more institutional money into SOL.
Solana’s price jumped 8% to $157 after the news. Trading volume doubled, and open interest in SOL futures neared $7 billion. The market cap crossed $82 billion, showing strong demand. MemeStartegy’s early move puts it ahead of Wall Street firms eyeing Solana.
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