Solana Power Play: Nasdaq Giant Enlists Crypto Maverick Arthur Hayes as Advisor

Wall Street meets crypto anarchy—again. A major Nasdaq-listed firm just handed the keys to Arthur Hayes, the outspoken ex-CEO of BitMEX, signaling a bullish bet on Solana's institutional future.

Hayes—who once quipped that regulators 'dream in spreadsheets'—now gets to whisper trading strategies to suits. The ultimate crypto-establishment collab.

Why Solana? Speed, low fees, and that sweet institutional sheen. The chain processed over 2,000 transactions per second last quarter—try that, Ethereum.

One hedge fund manager muttered: 'They’re paying Hayes in SOL? Hope he HODLs better than his compliance paperwork.'

Upexi Deepens Its Solana Bet

According to Upexi’s own filings and public statements, the company now holds over 2 million SOL in its treasury. That stake has been built quickly through multiple purchases and capital raises, and publications place its value in the hundreds of millions of dollars depending on the SOL price used.

Upexi says it is also using staking to earn yield from the holdings, a MOVE meant to add steady income as it holds the tokens.

upexi forms advisory committee, welcoming arthur hayes (@CryptoHayes) as first member

arthur is cio of @maelstromfund and brings DEEP digital asset and institutional finance expertise

committee will drive strategy, expand visibility, and unlock capital for our $SOL treasury… pic.twitter.com/lBtzxziL3r

— Upexi (@UpexiTreasury) August 12, 2025

Upexi’s hiring of Arthur Hayes — a high-profile figure in crypto circles — is meant to sharpen strategy and help unlock more capital for the firm’s purchase plans.

Reports say the advisory committee will guide visibility, partnerships and capital-raising for acquisitions tied to the treasury effort. The move has already helped lift investor interest in the company’s stock.

Other Public Firms Join The Push

Beyond Upexi, other public companies have made clear Solana bets. Based on reports, DeFi Development Corp. has increased its holdings to nearly a million SOL units after a fresh round of purchases and financing.

That placement puts it among the biggest corporate Solana holders and gives it meaningful exposure to the altcoin’s price moves.

Meanwhile, crypto miner BIT Mining disclosed purchases around 27,190 SOL and has said it will convert existing crypto holdings to focus on SOL while also launching a validator to stake tokens.

These corporate moves are not just headlines. They represent predictable, on-balance-sheet demand that can tighten the available supply held by retail traders and exchanges.

At the same time, concentrated positions raise questions about what WOULD happen if any of these holders decided to change strategy or sell quickly.

Market data shows SOL trading back around the $200 mark after a strong daily gain, and daily volumes have spiked as traders pile in.

Price sites report roughly a mid-$100-billion market capitalization for SOL and daily turnover in the low double-digit billions, figures that underline how big the token’s market has become.

Technical commentators have pointed to moving average crossovers and other bullish setups as reasons traders are optimistic right now.

Featured image from SolanaFloor, chart from TradingView