Cantor Fitzgerald analysts bets on Solana ($SOL) as a strategic treasury asset over Ethereum($ETH), even as Ethereum continues to dominate headlines with its broader adoption and larger market cap. This endorsement marks a significant shift in institutional sentiment, signalling that the future of corporate crypto holdings may be more diverse and dynamic.

Solana’s Treasury Appeal

Cantor Fitzgerald’s latest analysis doesn’t just stop at the surface-level metrics. While Bitcoin remains the undisputed king as a reserve currency for the digital economy, Solana is carving out its own niche as the backbone for on-chain transactions and digital marketplaces. The investment bank has initiated coverage on three pioneering companies: DeFi Development Corp., Upexi, and Sol Strategies, all of which are building their treasuries around Solana, aiming to replicate the explosive success seen by Bitcoin centric firms like Strategy (formerly MicroStrategy).

Why Not Ethereum?

Ethereum’s dominance is undeniable, boasting a market cap roughly 259% higher than Solana’s as of mid-2025 and maintaining its status as the largest smart contract platform by ecosystem size. However, Cantor Fitzgerald’s analysts argue that Solana’s recent surge in developer activity is a game-changer. Solana’s appeal to developers is rooted in its high throughput, low transaction costs, and user-friendly development tools. With the ability to handle tens of thousands of transactions per second and minimal fees, Solana is increasingly the platform of choice for building real-time financial tools, blockchain-based gaming, and other high-volume applications. This developer-first mentality is translating into tangible ecosystem growth and, crucially, confidence among institutional investors.

Operational Efficiency

Cantor Fitzgerald’s report underscores that Solana’s architecture is especially well-suited for companies seeking to integrate blockchain into high-frequency, transaction-heavy operations. Unlike Ethereum, which has faced persistent challenges around scalability and high gas fees, Solana’s design enables seamless micropayments and large-scale decentralized applications, making it a practical choice for firms with ambitions in digital asset trading, Web3 infrastructure, and on-chain finance. This operational efficiency is not just theoretical. In Q1 2025, Solana generated $369.5 million in revenue outpacing Ethereum’s $220.8 million over the same period and signalling a shift in momentum as more businesses and users flock to the network.

Future Outlook

Despite the positive outlook, Cantor Fitzgerald is clear-eyed about the risks. Solana’s price volatility, regulatory uncertainties, and a history of network outages are all factors that companies must weigh carefully before making the leap. Effective risk management, robust security protocols, and a clear understanding of treasury objectives are essential for any firm considering SOL as a core asset.

A Multi-Chain Future?

The endorsement of Solana as a treasury asset doesn’t spell the end for Ethereum or Bitcoin in corporate portfolios. Instead, Cantor Fitzgerald’s thesis points to a more nuanced, multi-chain approach where Solana complements existing holdings by offering unparalleled speed, scalability, and developer momentum. As on-chain finance matures, networks like Solana that can deliver cost-effective, high-throughput infrastructure are poised to become indispensable to the next generation of digital-first businesses.

Final Thoughts

Cantor Fitzgerald’s bullish stance on Solana signals a new chapter in institutional crypto strategy. As developer growth, operational efficiency, and ecosystem innovation continue to accelerate, $SOL is fast becoming more than just a speculative asset it is a strategic bet on the future of decentralized finance and digital marketplaces.