Nasdaq-listed NewGenIVF Group Limited (Nasdaq: NGEN) has signed a binding term sheet with White Lion Capital to acquire 600,000 Solana (SOL) tokens — valued at approximately $110 million — in a groundbreaking share-for-token purchase agreement.
The company announced the deal on October 31, 2025, noting that it marks a major step in its digital asset strategy.
Deal Structure
Under the agreement, NewGen will have the option to sell shares of its common stock to White Lion in exchange for Solana tokens, rather than cash. The option will remain valid for 24 months.
This means that each share issuance will be compensated with an equivalent value in SOL tokens — a structure that underscores NewGen’s long-term confidence in blockchain assets.
“By structuring this innovative arrangement to receive Solana tokens rather than traditional cash compensation, we are not only strengthening our digital asset treasury but also demonstrating our unwavering confidence in the future of blockchain technology and decentralized finance,”
said Siu Wing Fung Alfred, Founder and CEO of NewGenIVF Group.
Strengthening the Solana Treasury
NewGen currently holds 13,000 SOL valued at roughly $2.5 million, and the acquisition will significantly expand its holdings as part of its broader digital asset treasury strategy.
The company entered the digital asset space in December 2024 with an initial $1 million crypto investment, later unveiling a plan in June 2025 to allocate $30 million to Solana.
NewGen describes the new deal as a “strategic expansion” aimed at increasing its exposure to blockchain infrastructure and decentralized finance ecosystems.
Industry Context
According to CoinGecko, the ten largest corporate holders of Solana currently control over 15.74 million SOL, valued at more than $2.9 billion. Among the top holders are Forward Industries, Solana Company, DeFi Development Corp., and Upexi.
NewGen’s entry into this list through a non-cash transaction further highlights a growing corporate trend: using digital assets as strategic reserves instead of merely financial instruments.
Outlook
The company’s management emphasized that the partnership with White Lion positions NewGen “at the intersection of traditional finance and decentralized innovation,” reinforcing its ambition to evolve from a regional enterprise into a multi-sector, blockchain-forward corporation.
If Solana maintains its current growth trajectory, NewGen’s expanded holdings could place it among the top institutional Solana treasuries globally by 2026.
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