Publicly traded companies are increasingly investing in Solana, with Forward Industries leading with over 7 million SOL in holdings.
Summary
- Publicly traded firms are diversifying their portfolios by investing in Solana alongside Bitcoin and Ethereum.
- These companies collectively hold over $1 billion in SOL.
- Forward Industries leads with a treasury of over 7 million SOL.
The trend of companies holding digital assets took off when MicroStrategy began its Bitcoin acquisition in 2020, which has since inspired other firms to explore similar strategies.
Now, a number of publicly traded companies are looking beyond Bitcoin and Ethereum, with several focusing on Solana, the seventh-largest cryptocurrency by market capitalization. Solana has gained popularity for its capabilities in token trading and capital markets.
Here’s a look at the five largest publicly traded entities that have invested in Solana, ranked by their holdings.
1. Forward Industries - 7,044,079 SOL
Leading the way is Forward Industries, a medical design company, which holds 7,044,079 SOL. The firm invested about $1.6 billion in September to amass this treasury, though its current value has fallen to roughly $486 million as SOL trades around $69.
With backing from major crypto investors like Galaxy Digital and Multicoin Capital, Forward raised $1.65 billion through a private investment initiative before building its Solana treasury. The firm is actively involved in staking its SOL to generate revenue, reporting around $4.6 million from staking in the fourth quarter.
Following its acquisition, Forward Industries announced plans to raise an additional $4 billion to expand its Solana holdings and tokenize its shares on the Solana blockchain.
2. Upexi - 2,361,931 SOL
Upexi, a consumer products company, began its Solana treasury strategy in April 2025, which initially drove its stock price up over 300%. However, the stock has since plummeted by more than 96% from its peak of $22.57 to around $0.91.
The firm raised $100 million to kickstart its SOL acquisitions, ultimately holding over 2.36 million SOL valued at about $163 million. Despite securing an additional $200 million for expansion, falling Solana prices have reduced the value of its treasury by around 58% since its launch.
In August, Upexi appointed crypto billionaire Arthur Hayes to its advisory committee, and CEO Allan Marshall publicly purchased 150,000 shares to demonstrate his commitment to the firm's mission.
3. DeFi Development Corp. - 2,294,576 SOL
Once a real estate software company, DeFi Development Corporation has transitioned to focus on Solana, now holding nearly 2.3 million SOL worth about $158 million. The firm has actively integrated into the Solana ecosystem, acquiring a validator company and collaborating with popular meme coins.
In June 2026, it secured a $5 billion equity line of credit to facilitate further acquisitions of Solana assets. The company has also launched a meme coin called DONT, which led to controversies over insider trading.
4. Solana Company - 2,071,127 SOL
Rebranded from Helius Technologies, Solana Company aims to build a treasury around SOL. It raised $500 million through a PIPE offering, utilizing the funds to acquire over 2.2 million SOL. While initially valued at around $500 million, the current worth of its holdings has decreased to about $143 million.
Despite a brief surge in stock price following the announcement, shares have since fallen significantly.
5. SkyAI - 2,000,000 SOL
Sharps Technology, now known as SkyAI, announced in August 2025 plans to raise $400 million to build a Solana treasury. Following this announcement, the stock rose over 40%, and the firm acquired over 2 million SOL, initially valued at $400 million.
As of May 2026, SkyAI reported holding approximately 2 million SOL, now valued at about $138 million.
