Solana Treasury Stocks: Why Are These Companies Buying Up SOL?

In 2020, everyone watched Strategy (called Microstrategy back then) scoop up Bitcoin and turn corporate crypto treasuries into a mainstream story. Now, a new wave is forming. And it’s centered on Solana.

Dozens of companies are holding SOL as a bet on price. Except they’re not just holding. They’re building what’s being called Solana treasuries or Digital Asset Treasuries (DATs). These aren’t passive vaults. They’re active strategies that stake, earn yield, and tie into the fast-growing Solana ecosystem.

Forward Industries, a Nasdaq-listed firm, recently bought more than 6.8 million SOL, making it the world’s largest Solana treasury company. Others like Helius Medical, Upexi, and DeFi Development are following a similar playbook, turning SOL into a centerpiece of their balance sheets.

The trend is clear: Solana treasury stocks are emerging as a new class of crypto-exposed equities. And for investors, the question isn’t just who’s buying but why this strategy is spreading so fast.

What is a Solana treasury (DAT)?

A Solana treasury, sometimes called a Digital Asset Treasury (DAT), is when a company holds SOL as part of its balance sheet. But unlike Bitcoin treasuries, these usually aren’t just static reserves sitting in cold storage. 

The key difference is productivity. SOL can be staked directly on the network or deployed into DeFi protocols. That means companies can earn yield on top of any price appreciation. Right now, staking rewards average about 7–8% annually, which turns a treasury into a cash-flowing asset rather than a dead weight.

Think of it as corporate treasury management 2.0:

• Bitcoin treasuries: simple exposure, but no yield.
• Ethereum treasuries: exposure plus some yield, but gas costs and scaling issues make it clunky.
• Solana treasuries (DATs): high throughput, low fees, yield, and integration with real on-chain activity.

This is why you’re starting to hear about SOL treasury companies building out strategies that look more like active funds than passive vaults. They’re turning that treasury into a growth engine.

Why are companies choosing Solana?

So why Solana? And why now? A few key factors keep coming up:

Yield that pays the bills

Bitcoin treasuries like Strategy rely on price going up. Solana treasuries earn cash flow, in addition to price action. 

By staking, companies can collect 7–8% annual rewards and sometimes more if they deploy SOL in DeFi. That yield can cover expenses, pay down debt, or fund new buys.

A network built for scale

Solana is fast in practice too, not just on paper. In Q2 2025, it handled 8.9 billion transactions and nearly $3 billion in daily DEX trading volume. That kind of throughput gives companies confidence they’re backing infrastructure with real usage, not empty hype.

Diversification beyond BTC and ETH

Some firms say they don’t want all their eggs in the same basket. Adding SOL alongside Bitcoin or Ethereum spreads exposure and taps into a network that’s seen explosive developer growth.

Big names are backing it

Galaxy Digital, Jump Crypto, and Pantera are funding Solana treasuries and helping companies structure their strategies. When heavyweight venture capital institutions line up behind an asset, others tend to follow.

For these reasons, more Solana treasury companies are leaning into the idea that SOL isn’t just another coin. It’s a productive, scalable asset that can sit on the balance sheet and actually work for them.

Spotlight: the biggest Solana treasury companies

A handful of firms are leading the charge and turning SOL into a central piece of their balance sheets.

Forward Industries (FORD)

This Nasdaq-listed company has gone all in. Backed by Galaxy Digital, Jump Crypto, and Multicoin Capital, Forward Industries bought more than 6.8 million SOL (worth about $1.58 billion at the time). 

That single move made it the world’s largest Solana treasury stock and made FORD the face of the Solana treasury strategy.

Helius Medical Technologies (HSDT)

Helius, also Nasdaq-listed, announced plans for a $500 million Solana DAT with support from Pantera Capital. The company aims to keep expanding its holdings, signaling that SOL will become a core treasury asset moving forward.

Upexi (UPXI)

Once an e-commerce player, Upexi pivoted into crypto with a Solana-first strategy. It currently holds about 2 million SOL, worth over $200 million. Management has openly said it wants to mirror MicroStrategy’s approach to Bitcoin, but with Solana as the growth bet.

DeFi Development Corp (DFDV)

Another Nasdaq-listed name, DFDV has accumulated 1.98 million SOL. The company wants and plans to use its treasury to build out Solana-based real estate DeFi products.

It’s a cool concept, if they manage to make it work.

Sol Strategies Inc. (CSE: HODL)

A Canadian-listed firm, Sol Strategies runs validator nodes and manages Solana infrastructure. It has over 3.6 million SOL delegated or staked, earning roughly 8% in annual returns from network rewards.

Takeaways

Together, these solana treasury companies control tens of millions of SOL, worth billions of dollars. And the list is growing, with new public filings and announcements appearing almost every month.

How much SOL do treasury companies hold?

The numbers are moving fast. Just a few months ago, public filings showed about 8.9 million SOL on company balance sheets. By September 2025, that figure had nearly doubled to 17.1 million SOL, worth more than $4 billion at current prices.

In total, 17 public companies now disclose Solana holdings. That makes Solana the most widely adopted treasury strategy outside of Bitcoin. And the pace is accelerating. New Solana DATs are announced almost every quarter.

A few important details stand out:

• Forward Industries alone accounts for ~40% of all corporate SOL holdings.
• Roughly 585,000 SOL from these treasuries is actively staked, earning ~6–8% in annual rewards.
• Several firms, like Sol Strategies, run their own validators, and capture even higher returns.

For context, Bitcoin corporate treasuries are still much larger in dollar terms. But the fact that Solana has gone from zero to billions under management in less than a year shows how quickly Solana treasury stocks are becoming a serious market segment.

What this means for investors

The rise of Solana treasury companies is real. And it’s big. 

For investors, it changes how we think about both SOL and the stocks tied to these treasuries. I want to take a closer look at what this trend could mean going forward.

A new source of demand for SOL

Corporate treasuries represent steady, long-term buying pressure. When a company like Forward Industries deploys over a billion dollars into Solana, that’s capital locked with multi-year horizons. It’s not speculative day-trading. 

The same is true for smaller players like Upexi and DeFi Development Corp. Collectively, these firms now control more than 17 million SOL, a figure that keeps climbing.

For investors, this creates a structural tailwind. Similar to how Strategy became a constant buyer of Bitcoin, these Solana treasury stocks are introducing persistent demand that can help support price during downturns and amplify momentum during rallies.

Yield changes the equation

Bitcoin corporate treasuries have one weakness: they’re dead capital unless price rises. Solana flips that model. By staking or running validators, companies can earn 6–8% annual rewards on top of price appreciation. Some even deploy SOL into DeFi strategies for additional yield.

That yield acts like a dividend. It can be used to pay down corporate debt, finance operations, or reinvest into more SOL. This makes Solana treasuries more sustainable than Bitcoin treasuries and reduces the reliance on short-term price swings. For investors, it also means these companies may have more resilient financials compared to peers who hold only BTC.

The ETF connection

Institutional treasuries aren’t happening in isolation. With spot SOL ETFs gaining momentum in the U.S. and abroad, treasuries and ETFs could create a flywheel effect. 

All crypto ETFs soak up supply on behalf of retail and institutional buyers, while corporate treasuries continue accumulating for balance-sheet strategies. For SOL holders, that translates into growing scarcity.

Opportunities in Solana treasury stocks

For equity investors, companies building Solana treasuries represent a new class of crypto-exposed stocks. Just as Strategy became a leveraged bet on Bitcoin, firms like Forward Industries, Helius Medical, and Upexi are becoming leveraged bets on Solana. Their stock performance is increasingly tied to SOL’s price and staking returns.

That offers a different path for investors who want exposure to Solana without directly holding tokens. Buying shares in these firms provides indirect exposure, sometimes with added upside if the company’s core business also performs well.

Risks to watch

Of course, none of this is risk-free. Investors should keep a few things in mind:

• Volatility: If SOL drops 50%, treasury values plunge with it. That hits both the token price and the related stock price.
• Liquidity concentration: A handful of companies now control billions in SOL. If any are forced to liquidate quickly, it could put short-term pressure on the market.
• Regulation: The U.S. SEC is still defining rules around staking and corporate crypto exposure. A sudden policy shift could impact how these treasuries operate.

What’s next for SOL treasury companies?

I can’t say for sure. The story is still unfolding. Right now, Solana treasury companies are concentrated in North America, but interest is spreading globally. 

With Solana ETFs launching and more traditional funds exploring the ecosystem, the next wave of treasuries could come from larger institutions. Or even non-crypto businesses looking for yield-bearing reserves.

Analysts also point to the network’s fast adoption. Solana is processing billions of transactions each quarter, fueling DeFi, NFTs, and payments. If that trend continues, the case for corporate exposure only gets stronger. 

On top of that, companies that already hold SOL seem like they’ll keep buying. Forward Industries and Helius Medical, for example, both have programs in place to expand their treasuries over time.

The key factor to watch is whether these strategies scale beyond early adopters. If mid-cap or blue-chip firms step in, Solana treasuries could shift from a niche experiment to a mainstream corporate finance model.

That would put even more pressure on SOL supply and impact the market for years to come.

The bottom line

Solana treasury companies are rewriting the corporate playbook for crypto. Instead of passively holding an asset and hoping for price growth, they’re treating SOL as a productive reserve that generates yield and plugs into real network activity.

Forward Industries, Helius Medical, Upexi, and others have shown how fast this movement can scale, from almost nothing to billions of dollars in SOL in under a year. For investors, that means two main things: 

• Growing institutional demand for SOL itself
• A new class of Solana treasury stocks that track its success

Like Bitcoin treasuries before them, Solana treasuries carry risk. But with yield, scalability, and heavy institutional backing, they offer something new. They offer a corporate treasury strategy designed to work with the blockchain, not just sit on top of it.