8 Companies with SOL Treasuries

Key Takeaways

• Public companies are setting up Sol treasuries. Corporations like Upexi, DeFi Development, and SOL Strategies hold hundreds of thousands of SOL, often staking them to generate yield and long-term value.
• Firms cite Solana’s speed, lower costs, and DeFi ecosystem as key reasons to hold SOL, often alongside active validator participation and treasury structuring.
• Solana treasuries are smaller than Bitcoin’s, but adoption is growing as companies diversify from BTC and ETH into more agile Layer 1 blockchains.
• Despite regulatory uncertainty, corporate Solana holders continue to accumulate SOL, stake it directly, and explore its use in tokenized finance and infrastructure.

In mid-2025, activity surrounding Bitcoin and Ethereum treasuries experienced a notable increase. Public companies and small-cap firms began embracing digital asset treasuries. Most attention stayed on Bitcoin, the usual headline asset. But under the surface, a quieter trend emerged.

Solana (SOL), long regarded as a developer-focused chain with high throughput and low fees, began appearing in filings, investor decks, and on-chain wallet analyses tied to public firms. Some of these allocations were small and exploratory. Others demonstrated more deliberate treasury engineering, including staking strategies, validator deployments, and capital raises tied to token acquisition. While BTC and ETH remain the largest by market cap, SOL is now earning a spot on balance sheets.

This shift deserves a closer look. Below, we break down the most active public and institutional players building a Solana treasury, explain how and why they’re doing it, and examine how these strategies compare to Bitcoin treasury trends.

Top Public Companies Holding the Most SOL

Galaxy Digital — 6,500,000 SOL — $1.55 Billion

Galaxy Digital has rapidly expanded into Solana, acquiring 6.5 million tokens worth $1.55 billion in just five days. On September 7, 2025, the firm added another 1.2 million SOL, about $306 million, moving them to Fireblocks custody. The spree coincides with Galaxy’s participation in a $1.65 billion private placement for Forward Industries, a medical device company pivoting into a Solana treasury strategy.

While it’s unclear how tightly the purchases tie to Forward, Galaxy’s position now ranks among the largest institutional holdings, underscoring its commitment to altcoin-based treasury management.

Upexi — 1,818,809 SOL — $331 Million

Upexi bought SOL and built an infrastructure around it. Between April and July 2025, the consumer goods firm more than doubled its SOL holdings from 735,692 to over 1.8 million tokens. Most of the acquisition came through discounted locked token purchases and a large private placement that raised $200 million.

By July 17, 2025, they had invested approximately $273 million in total, with the SOL appreciating to $331 million. Almost all of it is staked, and based on an 8% yield, Upexi expects to generate roughly $26 million annually in staking rewards.

Their treasury team structured this position using locked token discounts, staking strategies, and an equity-plus-convertible-note raise. The CEO, Allan Marshall, has openly called their model a case study in altcoin-based corporate finance.

DeFi Development — 999,999 SOL — $189 Million

Formerly known as Janover Inc., DeFi Development has transformed into a digital asset-focused financial firm. Between July 14 and July 20, they purchased 141,383 SOL at an average price of $133.53, which brought their treasury to just under a million tokens.

Their total investment stands around $189 million at current prices. Unlike some firms, DeFi Development has not disclosed detailed staking metrics, but filings suggest a long-term treasury plan centered on scalable Layer 1 assets with strong DeFi infrastructure.

Sol Strategies Inc. (HODL) — ~260,000 SOL — ~$47 Million

Traded under the ticker HODL, Sol Strategies Inc. was one of the first public companies to declare a multi-phase SOL acquisition plan. In early 2025, they issued a $500 million convertible note to build their SOL treasury and participate in validator operations.

Most of their 260,000 SOL is staked, yielding a blended rate between 6% and 8%. Their wallet addresses exhibit regular accumulation patterns and a preference for native staking over third-party custodians.

Roughly 60% of its holdings are staked through institutional validators. The firm appears to be mirroring Bitcoin treasury strategies, but applying them to a more agile Layer 1 protocol with support for real-world assets.

Classover Holdings — 52,067 SOL — ~$10.3 Million

This online education firm has increased its SOL position by nearly 300% in 2025, now holding just over 52,000 tokens. 75% of the treasury is staked with professional validators.

Their strategy is unique for a smaller firm: modest holdings, but high exposure to validators. It’s a move that prioritizes cash flow from staking yields over speculative upside.

Torrent Capital Ltd. — 40,000 SOL — ~$7.6 Million

Torrent Capital holds a modest yet deliberate position in Solana, consistent with its focus on early-stage and small-cap opportunities. As of April 28, 2025, the firm had accumulated 40,039 SOL, including 13,657 acquired in early March 2025.

While the position is smaller than those of larger institutional holders, Torrent’s approach appears intentional. The company has stated plans to continue growing its exposure to Solana through both accumulation and staking. Yield generation from these holdings suggests an interest in long-term participation rather than short-term price action.

Torrent’s move signals a strategy that favors gradual, yield-supported growth within high-throughput blockchain ecosystems, such as Solana’s, fitting for a firm that typically seeks asymmetric upside in emerging technologies.

Mercurity Fintech Holding — SOL Treasury Planned — $200 Million Line of Credit Secured

Mercurity hasn’t disclosed how much SOL it holds, but the company has signed a $200 million equity line agreement with Solana Ventures. That capital is earmarked for buying SOL, staking it, running validators, and investing in Solana-based finance protocols.

They’ve publicly stated their goal is to act as a long-term institutional participant within the Solana ecosystem. Their approach borrows from private equity models: raise large capital, deploy it across native token positions and underlying projects.

Bit Mining — SOL Strategy Announced — Up to $300 Million Raise Planned

Known for its Bitcoin mining operations, Bit Mining is now preparing to fund its own SOL treasury strategy. In July, the firm disclosed plans to raise up to $300 million in phases. They plan to convert parts of their crypto reserves into SOL and commit to holding them long-term.

Although specific wallet data isn’t available yet, the company has stated its intention to allocate a meaningful portion of its capital toward validator setup and token acquisition.

Why Are Companies Holding Solana?

Solana has made its case not with narrative, but with throughput. Its architecture supports thousands of transactions per second, and fees remain under a cent, even during periods of network stress. That makes it attractive not just to developers, but also to treasury teams seeking low-cost DeFi access.

The appeal is practical. Projects can be built without encountering gas fee spikes. For corporate treasuries, Solana offers another edge: staking and validator yields. At around 6% to 8% annualized, the returns are similar to those of US corporate bonds, but paired with upside from token appreciation.

The ecosystem has also matured. Real-world asset tokenization is no longer a theoretical concept. BlackRock’s BUIDL fund and Franklin Templeton’s BENJI fund are both live on Solana. That credibility has helped bring public companies to the table.

How Do Solana Treasuries Compare to Bitcoin Treasuries?

Bitcoin treasuries are older, larger, and more common, especially among North American firms. But their utility is narrow. You hold BTC for its scarcity and liquidity. You don’t earn yield on it (at least not natively), and you can’t use it for staking or validator operations.

Solana gives corporate treasuries more tools. They can stake tokens, support the network, and invest directly in Solana-based protocols or run their own validator. In this way, a SOL treasury is more active, with layers of potential return that BTC doesn’t offer.

What Are the Risks of Holding SOL on a Corporate Balance Sheet?

Solana is still volatile. Price movements of 30% within a week are not rare. That makes managing risk on a balance sheet more complicated. Treasury teams must account for daily mark-to-market swings, especially if the tokens are being used to back other financial obligations.

Network stability is also a concern. While outages are less frequent than in previous years, Solana has faced performance issues in the past. Companies that depend on staking revenue must also trust the validator infrastructure and understand the risks associated with slashing.

Finally, regulatory clarity remains thin. Unlike BTC, which has more established treatment under the SEC and CFTC frameworks, SOL exists in a more ambiguous zone. That adds legal and accounting complexity for public firms.

Could SOL See the Same Institutional Adoption Curve as BTC?

The shape could be similar, but the path will be different.

Bitcoin benefited from simplicity. One asset. One function. SOL, an altcoin, offers more levers to pull, but that also means more due diligence. For companies that already have Bitcoin treasuries, SOL may be the next logical step. For others, Solana could be the first token they engage with directly because the yield mechanics and DeFi integrations make it easier to build a business case.

The signs are already there. In less than a year, more than three public companies have raised capital specifically to acquire SOL. Others are setting up infrastructure and validator positions. Solana ETFs are in the pipeline. Solana may not mirror Bitcoin’s rise exactly, but the direction is unmistakable.

Closing Thoughts

Solana’s presence on corporate balance sheets is no longer a footnote. From consumer goods companies to fintech platforms and crypto mining firms, a growing number of institutions are treating SOL not as a trade but as an asset with strategic utility. Certain firms use it for staking income, while others use it for exposure to a fast-settling smart contract network.

What’s clear is that Solana’s treasury appeal is shifting from experimental to structured. There’s no public Solana ETF, and regulatory clarity remains uneven. Even so, the current pace of adoption suggests firms aren’t waiting for perfect conditions. They’re moving and building positions with long-term plans. For Solana, the shift from speculative asset to treasury asset is already underway, one corporate filing at a time.