Solana is seeing a sharp rise in institutional demand, with publicly traded companies now holding over $591 million worth of SOL. According to new data from CoinGecko, four firms—Upexi, DeFi Developments Corp, SOL Strategies, and Torrent Capital—have collectively acquired more than 3.5 million SOL, marking one of the strongest waves of corporate accumulation in the asset’s history.

Solana Sees Massive Institutional Buying Spree

Institutional appetite for Solana is accelerating at a pace not seen before, signaling a shift in market sentiment as major players seek exposure to SOL. A new report by CoinGecko reveals that four publicly listed companies have collectively acquired more than 3.5 million SOL, now valued at over $591 million. 

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Leading the pack is Upexi, a Solana treasury company. Since late April 2025, Upexi has acquired 1.9 million SOL at an average cost of $168.63 per token, investing approximately $320.4 million. According to CoinGecko, the company’s position is currently valued at $319.5 million, slightly down by $0.9 million. However, the entire amount is staked, earning an 8% annual yield as of June 30. 

Close behind is DeFi Developments Corp, an AI-powered online platform, with approximately 1,182,685 SOL in its treasury. The company has maintained an aggressive pace of accumulation, most recently adding 181,303 SOL on July 29 at an average price of $155.33 per token. CoinGecko reveals that DeFi Dev Corp acquired its total position at an average price of $137.07, making its holdings now worth $198.9 million, with an unrealised gain of $36.8 million.

SOL Strategies, a Toronto-based investment firm, holds 392,667 SOL, acquired steadily from mid-2024 to July 2025. Purchased at an average price of $158.12, the company’s position is now worth $66 million, reflecting a $3.9 million gain. Finally, Torrent Capital, a publicly traded investment company, has acquired 40,039 SOL. CoinGecko notes that the firm bought its Solana holdings in 2025 at an average price of $161.84. Now valued at $6.7 million, this smaller but well-timed bet is sitting on a profit of approximately $0.2 million. 

Overall, these four companies control roughly 0.65% of Solana’s circulating supply and about 0.58% of its total supply. 

How Public Companies Are Buying SOL

Moving forward, CoinGecko also reveals important details on how each company approaches its SOL allocation. While all four companies’ methods of accumulation differ, they share a growing confidence in Solana’s long-term prospects.  

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According to the report, Upexi moved quickly, building the largest SOL treasury within four months and signaling a high-conviction and long-term bet. DeFi Developments Corp has taken a more tactical approach, adding to its position during market dips while remaining committed to holding. 

On the other hand, SOL Strategies built its stake gradually over 13 months through dollar-cost averaging and staking rewards, reflecting a disciplined, long-term strategy. Lastly, Torrent Capital took on a more strategically timed move, securing gains ahead of Solana’s rally in 2025. 

Featured image from Adobe Stock, chart from Tradingview.com

Enterprise Products Partners (EPD 0.18%) continued to display its consistent nature when its reported its fourth-quarter earnings results on Tuesday. Meanwhile, the pipeline operator continues to ramp up its growth capital expenditures (capex) as it sees growing strong opportunities.

The midstream player has long been a favorite among income investors, and at its current share price has a forward yield of 6.6%.

But is now a good time to buy the stock?

A consistent performer

When it comes to its earnings reports, Enterprise Products Partners typically doesn’t have too many surprises up its sleeve, as it operates a steady, fee-based midstream business. That could be seen in Q4, when the company grew its total gross operating profit by 3% to $2.63 billion. Its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), meanwhile, increased by 4% to nearly $2.6 billion.

It generated distributable cash flow — operating cash flow minus maintenance capex — of $2.16 billion, a 5% increase. Its adjusted free cash flow was $336 million. With the company moving into growth mode, its adjusted free cash flow fell year over year.

Enterprise Products Partners had a distribution coverage ratio of 1.8 in the quarter based on its distributable cash flow. It ended 2024 with a leverage ratio of 3.1 (It defines that metric as net debt adjusted for equity credit in junior subordinated notes [hybrids] divided by adjusted EBITDA.) This is generally considered a low leverage ratio for the midstream industry, where levels between 3.5 and 4.5 are common.

It paid a quarterly distribution of $0.535 per unit, which was a 3.9% increase compared to a year earlier. Meanwhile, its distribution coverage ratio indicates that the company has room to continue to hike its payouts in the years ahead. Enterprise Products Partners has raised its distributions for 26 consecutive years. It also spent $63 million buying back 2.1 million units in the quarter.

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Growth projects and guidance

Looking ahead, management plans to spend between $4 billion to $4.5 billion on growth capital expenditures this year (excluding acquisitions). That’s up from $3.9 billion in 2024 and a big increase from the $1.6 billion it spent in 2022 after cutting back on growth capex during the first few years of the pandemic.

Enterprise Products Partners currently has $7.6 billion in major growth projects under construction. Most of these projects are scheduled to come online between the second half of 2025 and the end of 2026. About $6 billion worth of the projects are slated for this year. The company has typically gotten about a 13% annual return on its projects in recent years, so it could see about a $780 million boost to its EBITDA in 2026 as these projects ramp up.

According to comments on its latest earnings call, it currently has 20 data center projects in the queue in Texas with 2 billion cubic feet a day of natural gas demand and 15 potential power plant projects with demand for around 1.2 billion cubic feet a day. It believes that 15% of the data center projects and half of the power plant opportunities are showing good signs of progress.

However, the company is having trouble getting its long-anticipated Sea Port Oil Terminal (SPOT) project over the line, given the long delays the company experienced in getting the permits. With the environment changed, it does not know if it will reach a final investment decision this year.

Turning to guidance, Enterprise forecast mid-single-digit percentage cash flow growth for 2025. However, it’s looking like 2026 is shaping up to be a bigger growth year given expected project completion time lines.

An attractive valuation

Enterprise Products Partners trades at a forward enterprise value -to-EBITDA (EV/EBITDA) multiple of 9.8 based on analysts’ 2025 estimates. EV/EBITDA is the most common metric used to value midstream companies because they spend a lot of money on building long-lived assets such as pipelines. Enterprise value takes into consideration the debts companies accrue to build these projects, while EBITDA removes the non-cash depreciation costs that get spread across the life of these assets, since those costs have already been captured in the EV metric.

EPD EV to EBITDA data by YCharts.

Enterprise Products Partners’ current EV/EBITDA multiple is below the range where it historically traded before the pandemic, and well below the multiple of 13.7 that the average midstream master limited partnership (MLP) traded at between 2011 and 2016. Enterprise, moreover, has typically traded at a premium in the midstream space due to its consistency and strong balance sheet.

With the company gearing up to ramp up its growth and 2026 looking likely to be a big year for EBITDA growth, I’d buy the stock at its current level. Investors can get a stock at a historically attractive price and enjoy a robust yield while they wait for its growth to ramp up.