In a recent development, Solana Ventures went public, dismissing reports published by Nasdaq-listed Mercurity Fintech regarding a $200 million equity line of credit.
The funding deal was reportedly signed with Solana Ventures to finance a general Solana-based treasury strategy, according to Mercurity.
The scheme aimed to fund SOL token ownership, staking, validator node operations, and investments in tokenized finance and real-world asset projects on the Solana blockchain.
However, within hours of Mercurity’s press release, Solana Ventures countered on X, stating unequivocally that it has “no affiliation or involvement” with Mercurity or any such equity transaction.
A Cloud Surrounds the Identity of “Solana Ventures”
To add further confusion to the matter, Mercurity Fintech has not retracted or revised its original press release, causing many investors and observers to question whether its allegations are true.
Clarification was offered by WuBlockchain, which pointed out that the “Solana Ventures” referred to in Mercurity’s press release might not be the much-renowned venture arm of the Solana ecosystem.
Instead, it might be some lesser-known entity leveraging a similarly named entity, generating fears of brand misrepresentation or investor fraud.
Despite this clarification, Mercurity’s inability to formally follow up merely served to fuel speculation over their motivation and deal legitimacy.
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Skeptical Timing As Interest In Solana Treasury Strategies Picks Up
The timing of the announcement adds a layer of suspicion. The cryptocurrency community has seen a recent surge of institutional investor interest in Solana-based treasury tactics.
Specifically, DeFi Development Corp. now holds nearly 1 million SOL worth around $181 million as part of its investment strategy.
BIT Mining has also shown that it would raise between $200 million and $300 million to build up SOL treasury.
With this type of momentum surrounding Solana’s growing ecosystem, industry participants are questioning whether Mercurity’s action was a strategic attempt to capitalize on investor mania or even manipulate investors’ sentiment.
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Bigger Industry Concerns Over Crypto Treasury Announcements to Increase Share Price
This incident is indicative of a broader trend identified by VanEck’s digital assets business. They recently issued a warning regarding low-cap stocks making unsubstantiated and potentially deceptive SOL treasury disclosures.
Publicly listed micro-cap firms have launched substantial plans to acquire crypto, often involving Solana or XRP, without disclosing key details such as anchor investors or sustainable partnerships, according to VanEck’s Matthew Sigel.
Such tactics, Matthew Sigel, warns, could be intended to propel share prices through misleading narratives rather than substantial business plans.
Mercurity’s unsubstantiated news joins the trend, drawing the alarm of regulatory watchdogs and crypto analysts with it.
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