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Cantor initiated coverage of SOL treasury companies DFDV, UPXI and HODL with an 'overweight' rating.
Jun 16, 2025, 6:45 p.m.
Cantor initiated coverage of the three largest solana
treasury companies DeFi Development (DFDV), Upexi (UPXI) and Sol Strategies (HODL) with an overweight rating, the Wall Street firm said in a research report Monday.
The broker has a $45 price target for DeFi Development, a C$54 objective for Sol Strategies, and a $16 price target for Upexi.
"We believe SOL treasury companies are betting the future of finance will be on-chain and that the chain of choice will be Solana," analysts led by Thomas Shinske wrote.
Solana's biggest competitor is the Ethereum blockchain, Cantor noted, but its technology is meaningfully better than its larger peer on every metric.
"Developer growth on SOL has far exceeded that on ETH recently, and we expect this to continue," the authors wrote.
Therefore, using solana as a treasury asset makes more sense than using ether
, the report said.
The report added that companies that have adopted solana as a treasury asset believe that the crypto can overtake ether, which currently has a market cap 2.5 times larger than SOL.
Read more: DeFi Adding $5B of Solana Buying Power With New Line of Credit
Will Canny
Will Canny is an experienced market reporter with a demonstrated history of working in the financial services industry. He's now covering the crypto beat as a finance reporter at CoinDesk. He owns more than $1,000 of SOL.
