The world of blockchain and digital assets is undergoing a pivotal transformation — one where institutional interest is no longer speculative, but tangible. At the heart of this shift stands Solana, a high-performance blockchain increasingly capturing the attention of serious investors and financial institutions. In a recent conversation from DAS NY 2025, Leah Wald, CEO of SOL Strategies, shared profound insights on the state of Solana’s institutional journey, the launch of Solana futures ETFs, and what it truly means to build long-term value in the crypto ecosystem.
This discussion, originally featured on the Lightspeed podcast with host Jack Kubine, offers a rare glimpse into the strategic thinking behind one of crypto’s most talked-about ventures.
Solana Futures ETF: A Milestone for Market Maturity
The debut of the first U.S.-listed Solana futures ETF marks a turning point in the asset’s legitimacy within traditional finance.
👉 Discover how early ETF movements are shaping the next wave of crypto investment.
Jack Kubine: What’s your take on the initial performance? How did trading volume look, and what should observers watch for?
Leah Wald: This was a significant moment — and faster than most expected. Coming right after the launch of CME-traded Solana futures and featuring A2X leveraged structures, the rollout was strategically sound. Monday’s trading showed strong market demand, especially for 2x leveraged products. From an institutional adoption standpoint, this proves there’s real interest and infrastructure forming around Solana.
Of course, Day One is just the beginning. Many institutional players don’t jump in immediately due to compliance or portfolio constraints. To truly assess success, we need to look at three to nine months of consistent volume, participation, and liquidity depth.
Lessons from Bitcoin: History Doesn’t Repeat, But It Rhymes
Back in October 2021, Leah played a key role in launching Valkyrie’s Bitcoin futures ETF — one of the first in the U.S. That experience offers valuable parallels.
ProShares led the charge with over $1 billion in first-day volume, while Valkyrie followed closely with $50 million — impressive for a nascent market. The process was complex: coordinating market makers, managing tracking error between futures and spot prices, and ensuring seamless operations across exchanges.
For Solana, the path is similar but distinct. Regulatory approval came swiftly — just two days after CME futures went live — suggesting growing comfort with digital asset derivatives. And while Bitcoin had years of buildup before its ETF moment, Solana’s momentum is accelerating rapidly.
Still, the lesson remains: true institutional adoption takes time. Early volume is encouraging, but sustained inflows matter more.
Are Institutions Really Buying Into Solana?
Despite the buzz at events like DAS NY — which feels increasingly like an institutional summit — real capital deployment into Solana is still in its infancy.
Historically, the largest holders of crypto assets haven’t been institutions — they’ve been individual investors. Even today, many whales holding substantial amounts of SOL are private actors, not firms. Yet their influence rivals that of traditional financial players.
So when we talk about “institutional adoption,” we must clarify: Are we talking about ownership of SOL tokens? Or are we referring to institutions building on Solana?
The latter is where the real opportunity lies.
Franklin Templeton’s blockchain-based fund experiment on Solana is a case in point. It signals that serious financial firms aren’t just investing in Solana — they’re exploring how to use it as infrastructure.
👉 See how leading institutions are integrating blockchain into core financial services.
While pension funds or sovereign wealth funds buying SOL directly may still be years away, infrastructure-level engagement is already happening. And that’s a stronger foundation for long-term growth.
Beyond the "MicroStrategy" Label: Building Real Tech Value
One common narrative frames SOL Strategies as “Solana’s MicroStrategy” — a company that simply buys and holds SOL using debt financing. But Leah rejects this comparison.
“Calling us the ‘MicroStrategy of Solana’ is an incomplete analogy.”
Unlike pure asset accumulators, SOL Strategies is building a technology business deeply embedded in Solana’s infrastructure. Their acquisition of Laine Solana — a top validator operated by Michael (also founder of stakewiz.com) — wasn’t just about increasing stake. It was about bringing in engineering excellence and community trust.
Michael now serves as COO, and under this expanded structure, SOL Strategies manages over 3.3 million SOL in stake weight — nearly doubling its footprint overnight.
But here's the key: they supported SIMD02,2,8, a network upgrade that didn’t benefit them financially as validators. Why? Because it strengthened the network. That kind of decision reflects a long-term builder mindset, not passive speculation.
Their goal isn’t just to profit from price appreciation — it’s to become a foundational infrastructure provider for Solana.
What’s Next? Expanding Beyond Validation
Validation is just the starting point.
SOL Strategies is actively exploring adjacent opportunities in Solana ecosystem tooling, including analytics, node services, and developer support platforms. These areas are critical for attracting enterprise-grade applications and improving network reliability.
As Leah puts it:
“We’re transitioning from inorganic growth — acquisitions — to organic growth — building our own capabilities.”
This mirrors successful models in traditional tech: companies that start by acquiring market share, then evolve into innovation leaders.
Finding Solana’s Identity: From Meme Coins to Mainstream Use
In 2025, Solana faces a crucial question: What is its core value proposition?
The meme coin frenzy — led by projects like Fire Dancer — has cooled. Now is the time for substance over hype.
Bitcoin took years to cement itself as “digital gold.” Similarly, Solana must define its niche. Will it be:
- A platform for on-chain asset management?
- A high-throughput settlement layer?
- The foundation for next-gen payments?
Leah believes the answer lies in diversity:
“I love that so many different types of startups are experimenting on Solana.”
From DeFi protocols to NFT marketplaces and real-world asset tokenization, the ecosystem is vibrant. The challenge now is focus — helping Solana crystallize its identity without sacrificing innovation.
FAQ: Your Questions Answered
Q: Is Solana ready for institutional investment?
A: The tools are emerging — futures ETFs, validator access, institutional custody — but full-scale allocation is still early. Infrastructure engagement is ahead of direct ownership.
Q: How does a futures ETF differ from a spot ETF?
A: Futures ETFs track futures contracts rather than the underlying asset directly. They’re easier to approve but come with roll yield and tracking error risks. Spot ETFs would offer cleaner exposure and are expected later in 2025.
Q: Why acquire a validator instead of just buying SOL?
A: Running validators allows active participation in network security, earns staking rewards, and builds technical credibility — essential for becoming a trusted infrastructure partner.
Q: Can other blockchains replicate SOL Strategies’ model?
A: Yes — similar companies may emerge around Sui, Ethereum, or other L1s. But success depends on ecosystem maturity, regulatory clarity, and long-term strategic vision beyond IPOs.
Q: What are the core risks for Solana’s growth?
A: Over-reliance on speculative activity, scalability under stress, and competition from other high-performance chains. Continued developer innovation will be key to overcoming these.
Q: How does SOL Strategies generate revenue?
A: Through staking rewards from its validator operations, potential future SaaS-like services for developers, and long-term appreciation of its equity and digital asset holdings.
Final Thoughts: A New Era for Blockchain Investing
The rise of companies like SOL Strategies signals a maturing crypto economy — one where building real businesses on blockchains matters more than short-term speculation.
As Leah emphasized:
“We’re not just accumulating assets. We’re building technology that supports the entire network.”
With futures ETFs live, institutional dialogue growing, and ecosystem development accelerating, Solana’s institutional chapter has only just begun.
And for investors watching closely — whether individuals or institutions — now is the time to understand not just what Solana is, but where it’s going.
👉 Stay ahead of the curve in blockchain innovation — explore what’s next in digital finance.