Solana Crypto Treasury Firm Joins Russell MicroCap Index

Key Insights

• Upexi, the second largest Solana crypto treasury company is now part of the Russell Microcap index.
• Solana total transactions cross 100 billion TXs.
• Ark Invest-backed Solmate is down by 98%.
• Grayscale announces lower fees for Solana staking ETF, SOL pulls off 5% bounce.

The Solana crypto has recovered above $70 after previously falling as low as $64. However, this recovery was not the only interesting piece of Solana news making headlines over the last few days.

Upexi, the second largest Solana crypto treasury company, announced on Friday that it is now part of the Russell Microcap Index. It will be officially recognized as part of the index on 29 June.

The Solana crypto addition to the latest reconstitution of the Russell Microcap index could potentially attract more institutional investors. Upexi CEO Allan Marshall believes that joining the index is a noteworthy milestone that underscores transformation and growth.

Upexi has so far built up a solid Solana crypto treasury, which currently holds over 2 million SOL. The company noted that its strategy is centered on holding SOL for the long term while generating passive income through staking.

Solana Network Crosses Another Major Transaction Milestone

The Solana network has so far earned a spot as one of the top blockchains by key metrics such as address activity, market cap and transactions.

Recent reports revealed that the Solana network has so far achieved over 100 billion transactions. It came in second place with 114 billion transactions, after the ICP network, which was close to 300 billion transactions.

Earlier in the week, Solana Hub reported that the network’s DeFi segment remained quite active despite the bearish market conditions. Solana perp DEXes still managed to process over $2 billion in trading volumes on Thursday, backed by over 1 million trades.

While the numbers remained impressive, it is worth noting that they cooled substantially compared to their past highs.

For example, active addresses peaked above 136 million addresses in November 2024, but they have since cooled to about 26 million addresses as per the latest data. Meanwhile, active addresses peaked above $94 billion to just above $30 billion.

The declining address activity and staking reflect common trends during bearish market phases. Speaking of staking, Grayscale recently announced that it has lowered its fees for its staking ETFs.

The Grayscale Solana staking ETF now has a 7% staking fee and a 0.19% management fee. This puts it within the same ranks as the other Solana funds with the lowest fees.

Solana Crypto Treasury Company Takes A Hit

SOL price action has recently handled the bearish market conditions a bit better than some of the other top coins. Although it had a bearish week, it recovered and managed to push back above $70.

However, SOL price this past week bottomed out significantly higher than its lowest level in June. Nevertheless, it was on track to conclude June in the red, for the 9th consecutive month.

Solana’s bearish performance has taken its toll, especially on treasury companies. For example, Solmate, a Solana crypto treasury company backed by Ark Invest, is down by 98% ever since its $300 million financing.

Solmate reportedly holds over 2 million SOL, which it acquired through the funding. The latter was backed by Ark Invest, the Solana Foundation, RockawayX and Pulsar.

Solmate is still holding on to the SOL that it acquired and is reportedly still adding more to its pile. This is the same case with Upexi, indicating that institutional buyers still maintain long-term conviction.

Meanwhile, Solana crypto price in June so far indicates elevated accumulation at sub $70 levels. However, sustained sell pressure could potentially trigger another selloff, in which case price could easily fall towards $50.

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