Cantor Sees 75% Upside in Solana-Focused Stocks With New Analyst Coverage

Cantor Fitzgerald has launched coverage on three public companies that hold substantial reserves of Solana, suggesting the stocks could rise by as much as 75% as investors seek new ways to gain exposure to the fast-growing blockchain network.

The investment bank rated DeFi Development Corp (DFDV), Upexi (UPXI), and SOL Strategies (HODL) as “overweight,” meaning it expects the shares to outperform. It assigned price targets of $45 for DFDV, $16 for UPXI, and C$4 (US$2.95) for HODL.

DFDV is currently valued at $31.06, UPXI is priced at $9.84, while HODL sits at C$2.48 (US$1.83), Google Finance data shows.

“We believe Solana treasury companies are betting the future of finance will be on-chain and that the chain of choice will be Solana,” Cantor analysts wrote in a 72-page report on Monday.

The analysts also took aim at Ethereum, writing that its reliance on external scaling networks has rendered the system inefficient and less unified compared to Solana’s all-in-one design.

“If we are comparing Layer-1s, Solana’s technology is meaningfully better than Ethereum across every metric,” the analysts wrote.

Solana is a blockchain known for fast and cheap transactions. Unlike Ethereum, which relies on external tools, known as Layer 2s, to scale, Solana operates entirely on its base layer. That allows it to avoid fragmentation and keep fees low, the analysts noted.

Cantor said these companies deserve to trade above the value of their Solana holdings due to their ability to stake tokens and earn rewards, a process where users lock up crypto to help secure the network and receive payments in return.

“Solana treasury companies provide exposure to staking through organic accumulation and increases in SOL-per-share,” the analysts said, referring to how these firms can grow their holdings without raising new money.

Among the three, Cantor named DFDV the best positioned, citing its experienced management team and ownership of Solana infrastructure. The company runs two validator nodes, which process transactions on the network and earn additional fees.

UPXI, which holds the largest SOL balance, does not operate validators but benefits from its U.S. listing and trading volume. 

HODL, based in Canada, operates four validators and has established several ecosystem partnerships, including those with MoonPay and Pudgy Penguins.

Cantor said Solana-linked stocks could become “the next generation of Bitcoin-style corporate reserve plays,” referencing firms like Michael Saylor’s Strategy that buy Bitcoin as part of their balance sheet strategy.