Michael Saylor made digital asset treasuries mainstream when his firm Strategy started buying Bitcoin back in 2020, racking up over $53 billion worth of BTC since then — and inspiring a wave of imitators.
Now publicly traded companies are moving down the risk curve, adding different crypto tokens to their balance sheets. Ethereum, XRP, and increasingly Solana.
Solana’s the seventh-largest crypto by market cap, and it’s become a popular destination for token trading and internet capital markets. Several publicly traded firms have taken notice.
Here are the five biggest Solana treasury plays, ranked by holdings.
1. Forward Industries — 7,044,079 SOL
The medical design firm holds the largest Solana treasury by a wide margin. They dropped around $1.6 billion to buy most of it in September, but at Solana’s current price near $69, that stack is now worth just $486 million. Ouch.
Backed by Galaxy Digital, Jump Crypto, and Multicoin Capital, Forward raised $1.65 billion via a PIPE to establish its treasury. The firm stakes all its SOL for yield — bringing in around $4.6 million in staking revenue in Q4 alone. In June, Forward started making unsolicited offers to acquire other Solana treasury firms, including the Solana Company and SkyAI. Neither accepted.
2. Upexi — 2,361,931 SOL
Consumer products company Upexi debuted its Solana treasury in April 2025, spiking shares over 300% in the process. Those shares have since cratered — from a 52-week high of $22.57 down to $0.91. That’s a 96% decline.
What started as a $100 million raise turned into more than 2.36 million SOL, worth around $163 million today. The firm added another $200 million through convertible notes, bringing total raises to $300 million. BitMEX co-founder Arthur Hayes joined as an advisory committee member in August.
3. DeFi Development Corp. — 2,294,576 SOL
A real estate software firm turned Solana treasury company, DeFi Development Corp. holds nearly 2.3 million SOL worth about $158 million. The firm acquired a Solana validator company and has collaborated with meme coin projects like BONK.
In June 2026, it secured a $5 billion equity line of credit to fuel more Solana purchases. It also launched an “experimental meme coin” called DONT — which immediately drew insider trading allegations after an early buyer made huge sums. The firm retrieved the tokens and burned them.
4. Solana Company — 2,071,127 SOL
Helius Technologies renamed itself to Solana Company as it pivoted to a digital asset treasury strategy. The firm holds just over 2 million SOL and has been accumulating since early 2025.
5. SkyAI — 1,900,000 SOL
SkyAI rounds out the top five with approximately 1.9 million SOL on its balance sheet, making it another significant player in the Solana treasury space.
Collectively, these firms hold over $1 billion worth of SOL. Whether that’s a smart hedge or a risky bet depends on how Solana’s price moves from here.
