In brief
- Publicly traded firms are starting to stack up Solana in addition to Bitcoin and Ethereum.
- The top firms have collectively amassed over $1 billion worth of SOL.
- The leader, Forward Industries, maintains a balance of more than 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 $53 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 snatched up billions of dollars’ worth of SOL at their peak. Here’s a look at the top five publicly traded firms that are betting on Solana, based on their current holdings.
1. Forward Industries - 7,044,079 SOL
Publicly traded medical design firm Forward Industries currently holds the largest Solana treasury, boasting 7,044,079 SOL as of its latest update in March 2026. The firm dropped around $1.6 billion to pick up the bulk of that sum in September, but its value has fallen to just $486 million as Solana trades around $69 in June.
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 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 and later tokenized shares of the company on the Solana blockchain.
In June 2026, seeking to benefit shareholders and the Solana ecosystem as a whole, the firm began making unsolicited offers to acquire other Solana treasury firms, including the Solana Company and SkyAI, both of which hold enough SOL on their balance sheets to be included further down this list.
However, neither firm accepted the all-stock business combination proposals.
2. Upexi - 2,361,931 SOL
Consumer products firm Upexi also debuted its Solana treasury strategy in April 2025, 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 $0.91—a more than 96% decline.
What started with a $100 million raise to fuel SOL purchases has now turned into more than 2.36 million Solana, valued around $163 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 a portion of its current SOL stack. But as Solana has fallen, its treasury has been weighed down significantly, now down around 58% since its inception according to data from the firm’s dashboard.
Last 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 at the time.
3. DeFi Development Corp. - 2,294,576 SOL
A real estate software firm turned Solana treasury company, DeFi Development Corporation is now the third-largest publicly traded Solana treasury—narrowly edging out a pair of others that sit not far below on the list.
The firm holds nearly 2.3 million SOL, worth about $158 million at today’s Solana price, accumulating the amount across various purchases since establishing its treasury strategy in April 2025.
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 2026, it established a $5 billion equity line of credit to fuel strategic Solana purchases. The following 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.
In January 2026, it launched an “experimental meme coin”—DONT—on the Solana blockchain, and quickly had to deal with insider trading allegations after an early buyer made huge sums on the token shortly after its launch. The firm later retrieved the seller’s tokens and net proceeds, burning their portion of the meme coin to effectively remove it from circulation.
4. Solana Company - 2,071,127 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 2025.
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. As of its most recent 10-Q filed in May 2026, the firm’s holdings have since decreased to 2,071,127 SOL. Once valued around $500 million, its treasury is now worth around $143 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 remains more than 93% off its 52-week high of $25.50, recently trading around $1.62.
5. SkyAI - 2,000,000 SOL
Medical device manufacturer Sharps Technology established a plan in August 2025 to raise $400 million for a Solana treasury.
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.
Since that time though, the firm has pursued a different avenue, changing its name to SkyAI as it sought “to build a global agentic finance platform.” Despite the shift, the firm still indicated it held around 2 million SOL on its balance sheet as of May 2026. That tally is worth about $138 million as of this writing.
A representative for the firm did not immediately respond to Decrypt's question about a specific SOL denomination.
Editor's note: This story was originally posted on September 16, 2025 and last updated on June 19, 2026.
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