Summary
- Companies that are publicly traded are increasingly adding Solana to their crypto portfolios alongside Bitcoin and Ethereum.
- These leading firms have collectively acquired over $1 billion in SOL.
- Forward Industries is at the forefront, holding more than 7 million SOL.
The concept of digital asset treasuries gained traction when Michael Saylor's company MicroStrategy began purchasing Bitcoin in 2020, amassing over $53 billion in BTC since then and inspiring a host of similar initiatives.
Now, publicly traded companies are diversifying their holdings by including various cryptocurrencies such as Ethereum and XRP.
Among these, several are adopting treasury strategies focused on Solana, which ranks as the seventh-largest cryptocurrency by market cap. Solana has become a favored platform for token trading and internet capital markets, attracting the interest of numerous publicly traded firms.
Here’s a breakdown of the five largest publicly traded companies investing in Solana, ranked by their current holdings.
1. Forward Industries - 7,044,079 SOL
Forward Industries, a publicly traded medical design company, leads the pack with a Solana treasury of 7,044,079 SOL, as of its last report in March 2026. The firm invested around $1.6 billion to acquire most of this amount in September, but the value has since dropped to approximately $486 million, with Solana trading around $69 in June.
Supported by funding from significant crypto investors like Galaxy Digital, Jump Crypto, and Multicoin Capital, Forward raised $1.65 billion through a private investment in public equity (PIPE) just before building its Solana treasury.
To set its treasury apart, the company is engaging more in on-chain activities, claiming to provide better execution for shareholders. All SOL in its treasury is being staked, yielding revenue for both the firm and its investors. In the fourth quarter, it reported around $4.6 million in staking revenue, according to a December update.
Following its substantial acquisition, the company announced plans to raise an additional $4 billion to purchase more Solana and subsequently tokenize its shares on the Solana blockchain.
In June 2026, the firm began making unsolicited offers to acquire other Solana treasury firms, including the Solana Company and SkyAI, both of which also hold substantial SOL reserves. However, neither firm accepted the all-stock proposals.
2. Upexi - 2,361,931 SOL
Upexi, a consumer products company, initiated its Solana treasury strategy in April 2025, which caused its stock, UPXI, to surge over 300%. However, since then, shares have plummeted, dropping from a peak of $22.57 to around $0.91, a decline of more than 96%.
The company began with a $100 million raise to fund SOL acquisitions, resulting in over 2.36 million Solana, valued at approximately $163 million. Following its initial raise, Upexi secured an additional $200 million through equity offerings and convertible notes, totaling $300 million, which was used to expand its SOL holdings. However, as the price of Solana fell, its treasury value dropped by about 58% since its inception, according to data from the firm’s dashboard.
Last August, Upexi formed a new advisory committee to drive its growth, appointing BitMEX co-founder and crypto billionaire Arthur Hayes as its first member.
To demonstrate his commitment to the company's mission, CEO Allan Marshall publicly revealed his purchase of 150,000 shares of UPXI in December, valued at around $285,000 at the time.
3. DeFi Development Corp. - 2,294,576 SOL
Once a real estate software firm, DeFi Development Corporation has pivoted to become a significant player in the Solana treasury space, now ranking third among publicly traded firms.
Holding almost 2.3 million SOL, valued at about $158 million at current prices, the company has built its treasury through various acquisitions since launching its strategy in April 2025.
DeFi Development Corp. has been very active, integrating into Solana’s community by acquiring a Solana validator company and collaborating with popular meme coins like BONK.
In June 2026, it secured a $5 billion equity line of credit to facilitate strategic Solana purchases. Later in December, it expressed support for a new Solana Improvement Proposal (SIMD) aimed at reducing the network's inflation rate, resulting in fewer SOL tokens issued annually.
In January 2026, the firm launched an experimental meme coin called DONT on Solana, which led to insider trading accusations after an early buyer profited significantly. The company later retrieved the seller's tokens and burned their share of the meme coin to eliminate it from circulation.
4. Solana Company - 2,071,127 SOL
Helius Technologies, a publicly traded medical device firm, rebranded as Solana Company to pursue a treasury strategy focused on SOL.
The firm announced a plan to raise $500 million through a PIPE offering led by notable crypto investors Pantera Capital and Summer Capital in mid-September 2025.
Within a month, it utilized these funds to acquire over 2.2 million SOL, quickly becoming one of the largest publicly traded Solana treasuries. However, according to its latest 10-Q filed in May 2026, its holdings have since decreased to 2,071,127 SOL. Once valued at around $500 million, this treasury is now worth about $143 million.
After the initial announcement, the company’s shares rose by 141%, but they fell back after the first purchase. Despite gaining over 220% in the month following its strategic shift, HSDT is still down more than 93% from its 52-week high of $25.50, trading recently at approximately $1.62.
5. SkyAI - 2,000,000 SOL
Sharps Technology, a medical device manufacturer, formulated a plan in August 2025 to raise $400 million for a Solana treasury.
Following the announcement, the firm's shares surged over 40%. A week later, it used the proceeds to acquire "more than 2 million SOL," establishing a treasury worth around $400 million initially.
Since then, the company has shifted its focus, rebranding to SkyAI as it aims to create a global agentic finance platform. Nevertheless, it reported holding around 2 million SOL as of May 2026, valued at about $138 million at present.
A representative from the firm did not respond immediately to Decrypt's inquiry regarding a specific SOL denomination.
Note: This article was first published on September 16, 2025, and last updated on June 19, 2026.