9GAG founder’s MemeStrategy gains 29% after first Solana buy
Shares in tech investment firm MemeStrategy soared 28.5% after becoming the first publicly listed company in Hong Kong to invest in Solana, snapping up 2,440 coins and committing to support the broader Solana ecosystem.
MemeStrategy said in a statement on Monday that it purchased 2,440 Solana (SOL) for around 2.9 million Hong Kong dollars ($368,820) through OSL Group, a crypto asset platform licensed by the Hong Kong Securities and Futures Commission.
MemeStrategy commits to Solana long term
The transaction, executed at an average SOL price of about $151.70, is part of MemeStrategy’s plan to expand its presence in the Solana ecosystem, including by participating in Solana’s proof-of-stake architecture to contribute to network security while earning staking rewards.
MemeStrategy, Asia’s first publicly-listed digital asset venture, said its board recognized Solana’s potential in real-world asset tokenization and AI-driven Web3 solutions.
“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.”
MemeStrategy shares rise on the Solana purchase
MemeStrategy (2440.HK) shares rose 28.5% on the Hong Kong Stock Exchange on Monday to $2.57 and have increased to $2.70 in early trading hours on Tuesday, Google Finance data shows.
The increases take MemeStrategy’s market cap to $652.55 million Hong Kong dollars ($83.1 million).
MemeStrategy is managed by 9GAG, a meme platform that has over 200 million users, and is leveraging its social media and Web3 expertise to strategically invest in AI, blockchain and culture.
Cantor Fitzgerald praises Solana
Companies looking to invest in Solana may benefit from increased use of the coin in the financial industry, a Cantor Fitzgerald analyst wrote in a recent note seen by Bloomberg.
Cantor’s Thomas Shinske said Solana’s high-speed, low-cost network could be well-suited for tokenized securities and that firms could support network security while earning rewards.
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“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 said.
“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.”
A chart from Bloomberg shows that Solana treasury firms Upexi and DeFi Development Corp have massively outpaced SOL since April 16, increasing 306% and 207% while SOL has increased 19% over that same time frame.
Sol Strategies, another Solana treasury firm, is also up 33%.
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