Solana treasury race heats up as firms hunt staking rewards

Three public companies increased their Solana holdings this week, as BitGo speculated that firms are buying Solana to stake it and earn rewards.

Public companies are scooping up Solana to get a slice of the blockchain’s staking rewards, with three firms recently sharing they’ve purchased more of the token.

Bitcoin mining firm Bit Mining said on Tuesday that it made its first Solana (SOL) buy, purchasing 27,191 SOL for $4.5 million, and launching a validator to earn yield by staking the tokens.

On Tuesday, Upexi, a brand owner specializing in supply chain management, said it spent most of July buying Solana and increasing its holdings from 735,692 tokens at the end of June to more than 2 million SOL now.

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