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Michael Saylor popularized the digital asset treasury when his firm Strategy began buying Bitcoin in 2020, racking up over $70 billion worth of BTC in the years since—and inspiring a wave of followers.
Now, publicly traded firms are moving down the risk curve and adding different crypto tokens to their balance sheets, including Ethereum and XRP.
That includes creating treasury strategies centered on Solana, the sixth-largest crypto asset by market capitalization. Solana is popular as a destination for token trading and internet capital markets, and the network has drawn the attention of several publicly traded firms.
To date, the top firms have snatched up more than $2.5 billion worth of SOL. Here’s a look at the top 5 publicly traded firms that are betting on Solana, based on their current holdings.
Publicly traded medical design firm Forward Industries currently holds the largest Solana treasury, boasting 6,822,000 SOL it acquired for just shy of $1.6 billion in September.
The firm—propelled by financing from major crypto players like Galaxy Digital, Jump Crypto, and Multicoin Capital—raised $1.65 billion via a private investment in public equity (PIPE) to establish its treasury just days before acquiring its Solana stash.
Fueled via a mix of on-chain and open-market transactions, Forward aims to differentiate its treasury from others by participating more on-chain and providing what it says is more effective execution for its shareholders. The firm is staking all 6.8 million SOL in its treasury, generating yield for its business and shareholders.
A real estate software firm turned Solana treasury company, DeFi Development Corporation is the second-largest publicly traded Solana treasury—narrowly edging out a pair of others that sit not far below on the list.
The firm holds just over 2 million SOL worth more than $472 million at today’s Solana prices, accumulating the amount across various purchases since establishing its treasury strategy in April.
DeFi Development Corp. has been of the most active of the treasury firms on the list, becoming increasingly ingrained within Solana’s community through its acquisition of a Solana validator company and collaborations with leading meme coins like BONK.
In June, it established a $5 billion equity line of credit to fuel strategic Solana purchases.
Consumer products firm Upexi also debuted its Solana treasury strategy in April, spiking shares of UPXI more than 300% in the process.
What started with a $100 million raise to fuel SOL purchases has now turned into more than 2 million in Solana, valued around $467 million.
After its first raise, the firm added another $200 million via an equity offering and convertible notes, marking $300 million total in raises that ultimately was used to grab its current SOL stack at an average price of $151.44 per token.
In August, the firm established a new advisory committee to be a catalyst for its next leg of growth, adding BitMEX co-founder and crypto billionaire Arthur Hayes as its first member.
Medical device manufacturer Sharps Technology established a plan to raise $400 million for a Solana treasury in late August.
Amid the news, shares in the firm jumped by more than 40%. A week later, it completed the acquisition of “more than 2 million SOL” using the proceeds from its raise to do so, giving it a starting treasury of around $400 million in the process. A representative for the firm did not immediately respond to Decrypt's question about a specific SOL denomination.
According to Alice Zhang, the firm’s Chief Investment Officer, it will lean on a team “with deep ties to the Solana ecosystem and proven founder-level experience in scaling institutional digital asset platforms” when building its treasury.
SOL Strategies began accumulating Solana for its balance sheet in 2024, making it the most senior of treasury firms on the list. As of its last investor update, it holds 435,064 SOL valued at just more than $100 million at today’s Solana prices.
The firm’s primary business is maintaining and operating Solana validators, embedding it deeply within the Solana ecosystem. It counts more than 3.6 million SOL in assets under delegation, including the tokens from its own Solana treasury, which allows it to create a “dual-income” stream.
Before rebranding to SOL Strategies in 2024, the firm once held Bitcoin on its balance sheet. It ultimately dumped the top crypto asset to help propel its SOL treasury.
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