MemeStrategy, the Hong Kong-based tech investment firm founded by the creators of 9GAG, has seen its shares surge following its strategic investment in Solana (SOL). The company's stock (2440.HK) experienced a significant increase of approximately 29% after it announced the purchase of 2,440 SOL tokens. This move marks MemeStrategy as the first publicly listed company in Asia to invest directly in Solana.
The firm acquired the Solana tokens for around HKD 2.9 million, which is approximately $368,820, through OSL Group, a crypto asset platform licensed by the Hong Kong Securities and Futures Commission. The average price MemeStrategy paid per SOL token was about $151.70. This investment reflects MemeStrategy's strategic focus on expanding its presence within the Solana ecosystem. A core component of their strategy includes actively participating in Solana's proof-of-stake architecture. By staking their SOL holdings, MemeStrategy aims to contribute to the network's security while simultaneously earning staking rewards.
MemeStrategy's board recognizes Solana's potential in areas such as real-world asset (RWA) tokenization and AI-driven Web3 solutions. The company views this investment as a crucial step in its broader expansion into digital assets and the Web3 ecosystem. According to MemeStrategy, this aligns with their focus on AI, blockchain, validation technologies, and next-generation tech development.
The company has outlined several goals for this acquisition including allowing it to participate in Solana's growing ecosystem of developers, users, and institutions. SOL will also generate returns for the business as it participates in the chain's proof-of-stake network. Further, the move is expected to strengthen the company's asset allocation by adding a utility-focused, high-quality token to its reserves. The press release emphasizes that this will enhance MemeStrategy's flexibility and long-term growth potential.
Chairman and CEO Chen Zhancheng described the purchase as a strategic investment in SOL's future growth, noting Solana's wide use in decentralized platforms, real assets tokenization, and AI-driven Web3 applications.
MemeStrategy, formerly known as Howkingtech International Holdings, rebranded to reflect its strategic shift towards the crypto and Web3 sectors. MemeStrategy leverages 9GAG's extensive online community, boasting over 200 million followers across various social media platforms, to foster user engagement and drive growth.
Other firms such as DeFi Development Corporation, Upexi Inc., Sol Strategies, and Classover have adopted the token as a primary reserve asset. Meanwhile, major U.S. entities like Grayscale, VanEck, and Franklin Templeton are actively seeking regulatory approval to launch Solana Exchange Traded Funds (ETFs). Bloomberg ETF analyst James Seyffart also recently raised the approval odds for such investment vehicles to 90%.
