Hong Kong-based tech investment firm MemeStrategy saw its shares rise 28.5% following its first purchase of 2,440 Solana (CRYPTO:SOL) tokens, valued at approximately 2.9 million Hong Kong dollars ($368,820).
The acquisition was made through OSL Group, a crypto asset platform regulated by the Hong Kong Securities and Futures Commission.
MemeStrategy plans to participate in Solana’s proof-of-stake network by staking the tokens to support network security and earn rewards.
The company’s board highlighted Solana’s potential in real-world asset tokenisation and AI-driven Web3 applications as key reasons for the investment.
“This investment aligns closely with our focus on AI, blockchain, validation technologies, and next-generation tech development, marking a significant step forward in MemeStrategy’s expansion into digital assets and the Web3 ecosystem,” the firm stated.
Following the purchase, MemeStrategy’s shares (ticker 2440.HK) increased to HK$2.57 on June 16 and rose further to HK$2.70 in early trading on June 17, boosting the company’s market capitalisation to approximately HK$652.55 million ($83.1 million).
MemeStrategy is managed by 9GAG, a social media platform with over 200 million users, leveraging its expertise in Web3 and blockchain to guide strategic investments.
A recent analyst note from Cantor Fitzgerald’s Thomas Shinske pointed to Solana’s high-speed, low-cost blockchain as suitable for tokenised securities and treasury operations.
“With increased liquidity making it easier to raise capital, Solana treasury companies can follow the ‘Saylor playbook’ and raise capital at a premium to Net Asset Value, purchase SOL, and increase SOL-per-share,” Shinske wrote.
“Combining staking with treasury operations should result in Solana treasury companies growing SOL/share faster than BTC treasury companies growing BTC/share, all else equal,” he added.
Data from Bloomberg shows Solana treasury firms Upexi and DeFi Development Corp have outperformed SOL itself since mid-April, with gains of 306% and 207% respectively.
At the time of reporting, the Solana (SOL) price was $153.63.