enish Dumps All 8 BTC for SOL Treasury Push as Solana Institute Defends CLARITY Act

Solana News

Tokyo Stock Exchange-listed game developer enish has liquidated its entire Bitcoin position, selling 8.063 BTC for roughly 79.27 million yen and booking a loss of about 6.22 million yen against its March-end valuation. The company originally acquired the holding for 104 million yen in April 2025. According to the firm's investor-relations disclosure, the divestment was made to secure investment capital for a newly approved SOL-centered "active treasury" business. enish confirmed it now holds no Bitcoin, and the realized loss will be recorded as a non-operating expense in the second quarter of its fiscal year ending December 2026. The move marks a decisive pivot toward Solana as its core digital asset.

Alongside the sale, enish announced it has opened talks with SOL Planet, a Japanese strategy firm specializing in Solana infrastructure, to advance its treasury operations. The discussions center on SOL Planet's "Solplanet White Label Validation Program," which helps companies build and operate Solana validators under their own brand. enish intends to examine validation infrastructure, optimized staking of its SOL holdings, the potential to attract external delegation, and connectivity across staking, delegation and DeFi. The company stressed that no formal business launch, service rollout or partnership contract has yet been finalized, and any impact on its 2026 results is expected to be minor.

On the regulatory front, Solana Institute CEO Kristin Smith publicly urged the US Senate to pass the Digital Asset Market Clarity Act with developer protections intact, arguing that open-source builders and infrastructure providers should not be regulated as financial intermediaries. Smith said the market-structure bill has a "real shot" at clearing the Senate and warned that mishandling it could push developers and the technology offshore. She noted that more than 60 crypto CEOs and founders, including Solana co-founder Anatoly Yakovenko and Solana Foundation's Lily Liu, signed an open letter calling for robust safeguards for code publishers who never custody user funds.

enish frames its strategy as a shift from "DAT 1.0" to "DAT 2.0." The older model, which centers on simply holding crypto, depends heavily on unrealized gains from rising asset prices. The new approach aims to generate recurring revenue through staking and to recycle those returns into business growth, a model the firm describes as a "flywheel connecting games and Solana." enish said it selected SOL for its affinity with gaming and entertainment, citing the blockchain's fast, low-cost transaction throughput and the staking yield opportunities available on the network. Initial deployment is sized at roughly 720 million yen and will begin in phases.

The active treasury plan is backed by a dedicated funding round. enish previously resolved to issue its 22nd series of stock acquisition rights to EVO FUND, earmarking 640 million yen of the proceeds specifically for SOL purchases. The company also pointed to a separate capital raise disclosed on April 27, involving third-party allotment warrants and unsecured private-placement bonds, as an additional source for the initiative. Formal commencement of the business was conditioned on shareholder approval of articles-of-incorporation amendments at an extraordinary general meeting held June 9, a procedural gate the company flagged as a prerequisite for moving its SOL operations forward.

The legislative backdrop adds urgency to Solana's regulatory positioning. The CLARITY Act cleared the Senate Banking Committee in May and was added to the Senate Legislative Calendar, setting up a possible floor vote later this summer. Smith tied her appeal to the Blockchain Regulatory Certainty Act, a bipartisan measure that would prevent open-source developers from being classified as "money transmitters" solely for publishing code. She argued that strong developer protections do not weaken enforcement but instead let regulators focus on parties who actually control assets, a stance echoing recent remarks from SEC Commissioner Hester Peirce defending code publication as protected speech.

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