- Nasdaq-listed Solana Company buys $530 million in altcoin SOL.
- The company intends to add this latest purchase to its Treasury.
- Several altcoins are expected to surge in prices soon.
This bull cycle saw a lot of new changes that directly boosted the high chance of success for the crypto industry. A few of these positive changes included, pro-crypto policies in the US, the establishment of crypto treasuries, increased institutional buying of BTC and the start of institutional buying of altcoins, and the successful launch and adoption of BTC and ETH ETFs. The latest bullish move comes from Nasdaq-listed Solana Company buys $530 million in altcoin SOL to add to its treasury.
Nasdaq-Listed Solana Company Buys $530 Million in Altcoins SOL
This bull cycle was a highly interesting one for the crypto market, starting with the success of BTC and ETH ETFs. When these services and products were approved and launched, the immediate success and global interest from traditional investors sent financial institutions into a frenzy to accumulate more of the promising crypto assets. This led to a race in BTC and ETH accumulation from institutional buying, leading to dwindling exchange supplies.
Following the success of ETFs and the increased asset buying from institutions, the next major change in the crypto space came in the form of the formation of treasuries. This was a sudden emergence in the crypto space, with several new entities rising to match the accumulation speed of Michael Saylor and his BTC accumulation race. To highlight, Bitmine Immersion, under Tom Lee’s leadership became an ETH Treasury company.
Presently, Tom Lee believes the price of ETH will go on to hit new ATH targets between the $15,000 to $16,000 price range by the end of the year, and go on to hit even higher targets in the following year. At the moment, he expects to see the price of ETH between $60,000 to $62,000. So far, Bitmine Immersion has beat Strategy’s speed in their accumulation game, and are already holding about 2% of the total ETH supply, with the intention of holding 5%.
More Altcoin SOL Added to the Treasury
Since crypto treasury companies are gaining a lot of traction in the space, retail investors are yet to truly enter the market, as institutional buying seems to be the sole strong force behind the price of cryptos to hit new ATH prices so far this bull cycle. Despite the steady increase in BTC prices, ETH and altcoins have yet to truly see impressive new ATH targets. Thus, institutions have now begun to accumulate promising altcoin assets instead.
As we can see from the post above, Nasdaq-listed ‘Solana Company’ buys $530 million SOL for its treasury. This shows how other promising assets are gaining recognition as good options for long-term investments, shining a light on the high possibility of these assets setting much higher ATH prices in the months, if not years ahead. Specifically, analysts believe the coming altseason peak phase will make all the difference.
