Anchorage Digital, the federally chartered crypto bank valued at $4.2 billion, has acquired a strategic stake in SLX, the native token of Solstice Finance, a Solana-based protocol that provides institutional-grade yield infrastructure. The purchase came shortly after Solstice completed its token generation event.
The investment puts Anchorage alongside more than 30 institutions already allocating capital through Solstice’s ecosystem, including Bullish, Bitcoin Suisse AG, Fasanara Capital, and RockawayX.
How the two firms are connected
The relationship between the two firms runs through the Global Dollar Network, a Paxos-led consortium of over 100 institutions working to build a regulated digital dollar ecosystem. Both Solstice and Anchorage participate in GDN.
The network’s stablecoin, USDG, is one of the collateral assets backing USX, the overcollateralized stablecoin used within Solstice.
“Onchain yield is only as credible as the infrastructure behind it. Solstice has spent three years building the kind of auditable, institutional-grade track record that earned our attention, not a narrative, a record,” said Nathan McCauley, co-founder and CEO of Anchorage Digital.
Solstice’s flagship product, eUSX, is a delta-neutral yield strategy that operates entirely onchain. The protocol has posted positive monthly returns in every quarter since launch, a three-year streak, the team stated. Total value locked across Solstice products surpassed $400 million as of late May.
Solstice’s total value locked exceeded $400 million as of late May. In the last 24 hours, SLX saw roughly $205 million in volume against a market cap of about $50 million, yielding a volume-to-market-cap ratio above 400%, per CoinMarketCap.
According to Ben Nadareski, CEO of Solstice Finance, Anchorage Digital’s entry is a strong validation of Solstice’s institutional-grade onchain yield model.
“Institutions don’t move capital on narrative alone. They need custody, compliance, reporting, and operational controls they can diligence,” Nadareski stated. “Anchorage Digital taking a position in Solstice is a meaningful signal for what we have been building on Solana: onchain yield infrastructure designed to meet institutional standards.”
