In brief
- Publicly traded firms are starting to stack up Solana in addition to Bitcoin and Ethereum.
- The top firms have collectively amassed nearly a couple billions dollars’ worth of SOL.
- The leader, Forward Industries, maintains a balance of nearly 7 million SOL on its own.
Michael Saylor popularized the digital asset treasury when his firm Strategy began buying Bitcoin in 2020, racking up over $59 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 seventh-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.
The top Solana treasury firms have already snatched up nearly a couple billion dollars’ worth of SOL. Here’s a look at the top 5 publicly traded firms that are betting on Solana, based on their current holdings.
1. Forward Industries – 6,921,432 SOL
Publicly traded medical design firm Forward Industries currently holds the largest Solana treasury, boasting 6,921,432 SOL. Despite dropping $1.6 billion to pick up the bulk of that sum in September, as of this latest update, the firm’s treasury value has plummeted to $865 million.
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 of the SOL in its treasury, generating yield for its business and shareholders. In Q4, it has so far generated around $4.6 million in staking revenue, according to a December update.
After making its splashy purchase, the firm announced intentions to raise another $4 billion to purchase Solana for its treasury. It recently tokenized shares of the company on the Solana blockchain.
2. Solana Company – 2,200,000 SOL
Publicly traded medical device firm Helius Technologies changed its name to Solana Company as it embraced a digital asset treasury strategy centered on SOL.
The firm first announced plans to raise $500 million via a PIPE offering led by notable crypto firms Pantera Capital and Summer Capital in mid-September.
Less than a month later, it used the funds to accumulate more than 2.2 million SOL, quickly making it the second-largest publicly traded Solana treasury. Once valued around $500 million, the firm’s treasury is now worth around $275 million.
Shares in the firm grew by 141% after its initial raise announcement, but retraced after it made its first purchase. Despite a gain of more than 220% in the month following its strategy shift, HSDT is still down around 99% year-to-date.
In Q3, the firm brought in its first revenue from staking rewards, netting $342,000. At the end of the quarter, it held $124 million in cash.
3. DeFi Development Corp. – 2,195,926 SOL
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 shy of 2.2 million SOL, worth almost $275 million at today’s Solana price, 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. In December, it publicly signaled support for a new Solana Improvement Proposal (SIMD) that would lower the network’s inflation rate, producing fewer SOL tokens annually.
4. Upexi – 2,106,989 SOL
Consumer products firm Upexi also debuted its Solana treasury strategy in April, spiking shares of UPXI more than 300% in the process. Those shares have since fallen massively, sliding from a 52-week high of $22.57 to recently change hands at $2.08.
What started with a $100 million raise to fuel SOL purchases has now turned into more than 2.1 million Solana, valued around $263 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. The treasury in total is down around 9% based on data from the firm’s dashboard.
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.
To show his commitment to the firm’s mission, the firm’s CEO Allan Marshall publicly disclosed the purchase of 150,000 shares of UPXI in December—valued around $285,000.
5. Sharps Technology – 2,000,000 SOL
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.
Today those 2 million SOL are worth around $250 million.
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.
The medical device firm now refers to itself as a “Solana accelerator company,” but still maintains product information for its drug delivery products on its website homepage.
Editor’s note: This story was originally posted on September 16, 2025 and last updated on December 21.
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