Cantor Fitzgerald Sees Strong Upside in Solana Treasury Companies

Cantor Fitzgerald has launched coverage on three prominent Solana treasury companies, predicting significant upside as Solana’s blockchain technology gains momentum across digital finance sectors.

Investment thesis centers on Solana’s blockchain performance

The investment bank assigned “Overweight” ratings to DeFi Development Corp. (DFDV), Upexi (UPXI), and SOL Strategies (HODL.CN), with bullish price targets of $45, $16, and C$4 respectively. These targets imply substantial upside potential of 74.9% for DFDV, 59.8% for UPXI, and 65.3% for HODL, underpinned by Solana’s technological advantages and the firms’ strategic treasury and capital-raising efforts.

Cantor’s report points to Solana’s ability to process 65,000 transactions per second at sub-penny fees as a key differentiator that could enable it to rival or even surpass Ethereum, which still commands a market capitalization nearly 2.6 times larger than Solana’s $86.3 billion.

“Developer growth on SOL has far exceeded that on ETH recently, and we expect this to continue,” Cantor analysts noted, emphasizing the rising preference for Solana as a transactional backbone for on-chain finance.

Company breakdown: DFDV leads with validator strategy

Among the covered companies, DeFi Development Corp. stands out with a crypto-native management team and a significant validator footprint. The firm holds the second-largest SOL treasury and has been actively building out its ecosystem presence through validator acquisitions and partnerships. Cantor expects DFDV to raise $250 million annually through capital markets at a premium of 250%, leveraging its U.S. and European market access to grow its SOL-per-share ratio.

Upexi, listed on NASDAQ, holds the largest SOL position at 679,677 tokens, all accumulated in 2025. Despite lacking validator operations and having a less crypto-native leadership team, UPXI benefits from high liquidity. Cantor projects it can also raise $250 million annually, albeit at a slightly lower average premium of 200%.

SOL Strategies, trading on Canada’s CSE, is closing in on a U.S. listing, a potential catalyst for increased liquidity and investor interest. The company currently trades with a trailing twelve-month daily volume of C$387 million and is anticipated to benefit significantly from its validator infrastructure and potential cross-border exposure.

Staking and real-world use cases strengthen bullish case

Cantor highlights staking yield as a key source of value accrual. With approximately 66% of SOL staked at yields exceeding the coin's 4.5% inflation rate, companies with validator exposure (particularly DFDV and HODL) are expected to compound returns more effectively than Bitcoin-focused treasury firms.

Real-world adoption trends also reinforce the bull case. Recent initiatives like Robinhood’s blockchain-based securities trading, Apollo’s $82 million tokenized credit fund, and Kraken’s tokenized stock offerings all reflect growing usage of Solana’s infrastructure, driven by its low-cost, high-throughput capabilities.

Regulatory risks linger

Despite the optimistic outlook, Cantor’s analysts caution that regulatory developments could impact treasury companies. Notably, if the SEC classifies SOL as a security, firms may face heightened compliance burdens. Additionally, while a Solana ETF could divert interest away from treasury stocks, Cantor estimates staking incentives will continue to provide a compelling value proposition.