NewGen Strikes $110 Million Solana Deal with White Lion Capital in Stock-for-Crypto Exchange

NewGenIVF Group Limited (Nasdaq: NIVF), a diversified company operating across real estate, digital assets, and reproductive health sectors, has announced a binding agreement with White Lion Capital LLC that could see the firm acquire up to 600,000 Solana (SOL) tokens valued at approximately $110 million through an unprecedented stock-for-cryptocurrency exchange mechanism.

The Deal Structure

The agreement, outlined in a binding term sheet announced Thursday, establishes a framework where NewGen will have the option—but not the obligation—to sell shares of its common stock to White Lion over an initial 24-month period. Unlike traditional equity financing arrangements, White Lion will compensate NewGen exclusively in Solana tokens rather than cash, with the total commitment capped at the equivalent value of 600,000 SOL.

This structure represents a novel approach to corporate capital formation, blending traditional public market equity transactions with digital asset treasury building. The arrangement allows NewGen to maintain flexibility in timing and volume of share issuances while systematically building its cryptocurrency holdings.

"This groundbreaking agreement with White Lion represents another key development in NewGen's evolution as a forward-thinking, diversified enterprise," said Siu Wing Fung Alfred, founder, chairman, and CEO of NewGen. "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."

Why Solana?

NewGen's specific focus on Solana as its primary digital asset reflects a strategic bet on the blockchain's technical capabilities and ecosystem growth. Alfred emphasized that the company views "Solana's robust ecosystem and scalable infrastructure" as making it "an ideal cornerstone" for the company's digital asset strategy.

Solana has positioned itself as a high-performance blockchain capable of processing thousands of transactions per second at relatively low costs, attracting significant activity in decentralized finance (DeFi), non-fungible tokens (NFTs), and other blockchain applications. The network has experienced substantial growth in 2024 and 2025, with increased developer activity and rising total value locked in its DeFi ecosystem.

Nathan Yee, managing partner of White Lion Capital, framed the agreement as transformative for capital markets: "We believe this is more than just an investment; it's a blueprint for the next era of capital formation. By exchanging shares for Solana tokens, we're witnessing the convergence of blockchain and public markets."

NewGen's Digital Asset Journey

The agreement represents the latest milestone in NewGen's rapid pivot toward digital assets as a core business strategy. The company launched its digital asset initiative in December 2024 with a relatively modest $1 million initial investment to establish a cryptocurrency portfolio.

By June 2025, NewGen had formalized its treasury strategy with a focus on Solana, announcing plans to allocate $30 million to SOL acquisitions. As of the October 31 announcement, the company holds 13,000 Solana tokens valued at approximately $2.5 million, based on SOL's current market price of around $192 per token.

Should NewGen exercise its full option under the White Lion agreement, the company's Solana holdings would increase more than 46-fold to 613,000 SOL, potentially making it one of the largest corporate holders of the cryptocurrency. This would position NewGen alongside other public companies that have adopted cryptocurrency treasury strategies, though most have focused primarily on Bitcoin.

Beyond simple treasury accumulation, NewGen has indicated it is pursuing "innovative real-world asset (RWA) tokenization projects involving real estate and fine art," suggesting plans to leverage blockchain technology across its diverse business operations.

The Broader Corporate Crypto Trend

NewGen's strategy reflects a growing trend of publicly traded companies incorporating cryptocurrencies into their corporate treasuries and business models. While Bitcoin has been the primary focus for most corporate treasury strategies—with companies like MicroStrategy, Tesla, and Block leading prominent Bitcoin acquisition programs—alternative cryptocurrencies like Solana are beginning to attract corporate attention.

According to data from CoinGecko, the ten largest Solana treasury companies currently hold a combined 15,741,661 SOL tokens, valued at over $2.9 billion. Leading public holders include Forward Industries, Solana Company, DeFi Development Corp., and Upexi. If NewGen fully executes its White Lion agreement, it could potentially rank among the top holders in this category.

The stock-for-cryptocurrency exchange structure employed in the NewGen-White Lion deal represents a particularly novel approach. Traditional corporate cryptocurrency acquisitions typically involve direct cash purchases or conversions of existing cash reserves. By accepting equity compensation in SOL rather than cash, White Lion is effectively betting on both NewGen's stock appreciation potential and Solana's price performance, while NewGen gains cryptocurrency exposure without depleting cash reserves that might otherwise be needed for operations.

Business Operations and Strategy

NewGenIVF Group operates through three strategic divisions that reflect its diversified approach:

• NewGenProperty focuses on real estate development projects, particularly in the United Arab Emirates' Ras Al Khaimah Emirate, targeting what the company describes as "lucrative" development opportunities.

• NewGenDigital serves as the company's digital assets and decentralized finance (DeFi) solutions arm, encompassing cryptocurrency treasury management and blockchain-based initiatives, including real-world asset tokenization.

• NewGenSup concentrates on health and longevity products and solutions, complementing the company's legacy business in providing IVF (in vitro fertilization) and assisted reproductive treatment services across Asia.

This multi-sector approach positions NewGen at what management describes as "the intersection of traditional industries and the digital economy," attempting to leverage technology and blockchain across real estate, healthcare, and financial services.

Transaction Timeline and Conditions

The transactions outlined in the term sheet remain subject to several conditions before becoming operational. The parties must enter into definitive agreements that expand upon the framework established in the binding term sheet. Additionally, NewGen will need to file a registration statement with the U.S. Securities and Exchange Commission immediately upon execution of definitive agreements, as required for the issuance of new shares to White Lion.

The 24-month initial period provides NewGen with substantial flexibility to time-share issuances based on market conditions, stock price performance, and the company's treasury strategy objectives. This structure allows management to potentially optimize the timing of transactions to maximize the number of SOL tokens acquired relative to shares issued.

Market and Regulatory Considerations

The agreement arrives at a time of evolving regulatory frameworks for cryptocurrencies globally. While the structure offers potential benefits, it also introduces complexity in accounting, valuation, and regulatory compliance. NewGen will need to account for cryptocurrency holdings on its balance sheet, with SOL tokens subject to fair value accounting that could introduce volatility into financial statements based on cryptocurrency market fluctuations.

The use of digital assets as compensation for equity issuances may also attract regulatory scrutiny as authorities worldwide work to establish clearer frameworks for cryptocurrency activities by public companies. However, as a Nasdaq-listed entity, NewGen operates under established U.S. securities regulations that govern equity issuances, regardless of the form of consideration received.

For investors in NewGen's stock, the agreement introduces both opportunities and risks. The potential accumulation of substantial Solana holdings could provide significant upside if SOL appreciates, but it also exposes the company to cryptocurrency market volatility. The issuance of shares to White Lion will dilute existing shareholders, though the company maintains that this is offset by the strategic value of building its digital asset treasury without cash expenditure.

Looking Ahead

The NewGen-White Lion agreement represents a test case for alternative corporate financing structures that bridge traditional capital markets with the cryptocurrency ecosystem. If successful, it could inspire similar arrangements by other public companies seeking to build digital asset positions while preserving cash resources.

For NewGen, the agreement significantly accelerates its digital asset strategy timeline, potentially transforming the company from a relatively minor cryptocurrency holder into one with a substantial nine-figure position in Solana. Whether this strategy delivers value for shareholders will depend on multiple factors, including Solana's long-term price performance, the company's ability to effectively leverage blockchain technology across its business operations, and the successful execution of its diversified business model spanning real estate, healthcare, and digital assets.

The convergence of public markets and blockchain technology continues to evolve, and agreements like this one push the boundaries of how companies can structure their capital formation and treasury management strategies in an increasingly digital economy.

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This article is for informational purposes only and should not be considered financial or investment advice. Cryptocurrency investments carry significant risks, including price volatility and potential loss of capital.