Investment bank Cantor Fitzgerald has expressed a strong preference for Solana (SOL) as a treasury asset over Ethereum (ETH), citing Solana's superior architecture, faster development growth, and its strategic position in on-chain finance. Despite Ethereum's wider adoption and significantly higher market capitalization—approximately 259% larger—Cantor analysts highlighted Solana's advantages, including its ability to avoid fragmentation and maintain lower fees by operating entirely on its base layer, unlike Ethereum's reliance on Layer 2 scaling solutions.
Cantor Fitzgerald has initiated coverage on three public companies with notable Solana reserves: DeFi Development Corp. (DFDV), Upexi (UPXI), and SOL Strategies (HODL). These stocks received "overweight" ratings with price targets suggesting potential upside ranging from 60% to 75%. The bank values these companies not only for their Solana holdings but also for their capacity to stake tokens and earn rewards, supporting organic growth without issuing new equity.
Among the trio, DeFi Development Corp. was highlighted as the most promising due to its crypto-native leadership and ownership of Solana validator infrastructure, operating two validator nodes that process network transactions and generate fees. Upexi holds the largest SOL balance and benefits from exposure related to its U.S. listing and trading volume. SOL Strategies, a Canadian-based company operating four validators and having partnerships with entities like MoonPay and Pudgy Penguins, also stands to benefit.
The Cantor analysts stated that the future of finance is likely to be predominantly on-chain, with Solana positioned as a leading blockchain for transactions and marketplaces. They suggested that Solana treasury companies could become a new class of corporate reserve investments, akin to how some firms hold Bitcoin as a strategic asset. While they do not view SOL as a reserve asset on par with Bitcoin, their outlook anticipates Solana overtaking Ethereum in technology utility.