In Brief:
- Solana is showing up more often on the balance sheets of listed companies, sitting next to Bitcoin and Ethereum.
- Together, the biggest holders have built up more than $1 billion in SOL, and Forward Industries alone accounts for over 7 million tokens.
- The pattern points to a broader rethink of corporate treasury policy, with companies chasing wider crypto exposure.
Corporate crypto strategies shift to Solana
Listed firms are broadening their treasury playbooks, stacking Solana (SOL) next to their Bitcoin and Ethereum positions. It is a sign that thinking around digital asset allocation is maturing, with companies now looking past the two established crypto majors.
Out front is Forward Industries, whose Solana treasury tops 7 million SOL — worth roughly $486 million as of June. Most of that position cost the company in the region of $1.6 billion to build, helped along by backing from heavyweight crypto investors such as Galaxy Digital. Forward Industries wants to differentiate itself through active on-chain participation, and it plans to raise a further $4 billion to buy more SOL.
Next up is Upexi, holding 2.36 million SOL. The strategy sent its share price sharply higher at first, though the stock has fallen a long way since. Upexi initially raised $100 million to fund SOL buying and later tacked on another $200 million through equity offerings. The treasury is currently valued at roughly $163 million, leaving the company deep in the red on the trade.
DeFi Development Corporation is another notable name, sitting on close to 2.3 million SOL. It has leaned into the Solana ecosystem directly, buying a validator business, and has widened a $5 billion equity line of credit to bankroll further purchases.
The Solana Company — formerly known as Helius Technologies — has likewise become a serious treasury holder with more than 2 million SOL. It raised $500 million to bankroll the strategy, but the value of that treasury has slipped to around $143 million.
Rounding out the list is SkyAI, with roughly 2 million SOL on hand, worth in the region of $138 million. Its original plan called for a $400 million raise dedicated to a Solana treasury, though the company has since redirected its attention toward building out a wider finance platform.
Between them, names like Forward Industries and Upexi illustrate how seriously corporates are starting to take Solana as an investable digital asset — and suggest crypto allocations may have staying power in traditional markets.