Cantor Initiates Coverage on SOL Treasury Firms, Cites Bullish Outlook on Solana Over Ethereum

Cantor Fitzgerald has launched coverage on three major Solana-focused treasury companies—DeFi Development (DFDV), Upexi (UPXI), and Sol Strategies (HODL)—assigning an ‘Overweight’ rating to all three, according to a research note released Monday.

The firm set a price target of $45 for DFDV, $16 for UPXI, and C$54 for HODL, reflecting confidence in the firms’ strategic positioning around Solana (SOL), currently trading at $142.88.

“We believe SOL treasury companies are placing long-term bets on an on-chain future—one led by Solana,” wrote analyst Thomas Shinske and team. “Among Layer 1 blockchains, Solana offers superior technical performance across every key metric compared to Ethereum.”

The report highlights strong developer momentum on Solana, outpacing Ethereum’s growth in recent months—a trend Cantor expects to persist. As a result, using SOL as a treasury reserve asset is seen as more strategically sound than ETH, which trades at a significantly higher market cap of $2,428.99.

Cantor also notes that these treasury-heavy firms are not just diversifying with crypto—they’re making a directional bet that Solana could eventually surpass Ethereum’s dominance in the smart contract space.

The firm’s view suggests that companies accumulating SOL as a core asset should be trading at a premium, given the long-term upside embedded in their treasury strategy.