Create a list of US companies that have created Solana treasuries organized starting with the company that has the most SOL.

The deep research logic is organized as follows: 

Okay, let's tackle this question. The user wants a list of US companies that have created Solana treasuries, starting with the one holding the most SOL. First, I need to check the provided references to find relevant data.

Looking through the references, there are several mentions of companies like Upexi Inc., DeFi Development Corp, BIT Mining, and others. Each has specific numbers of SOL they've acquired. For example, Upexi has over 2 million SOL, DeFi Dev has around 1.29 million, and BIT Mining has 27,191 SOL. There's also mention of Mercurity Fintech securing a $200M credit line but no exact SOL numbers yet. Artelo Biosciences is another one with a recent private placement for a Solana treasury.

I need to compile these into a ranked list. The user's profile shows interest in crypto and fintech, so highlighting the strategic reasons each company is holding SOL would add value. Also, since the user likes technical analysis, maybe include some context on how these holdings might impact stock performance or future strategies.

Wait, the user's query is straightforward—just a list. But the instructions say to provide a deep analysis. So, I should structure it with a conclusion first, then the detailed list, and maybe some analysis on why these companies are choosing Solana. Also, check if there are any other companies mentioned in the references that I might have missed. Let me go through each reference again to ensure all relevant companies are included.

References 2, 3, 4, 5, 6, 7, 8, 9, 10, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46. Hmm, some of these are about other cryptocurrencies or unrelated topics, but the key ones are the ones with Solana holdings.

I should make sure to include all companies mentioned with specific SOL numbers. Also, note that some companies like Mercurity Fintech have secured credit lines but haven't disclosed exact holdings yet. The user might be interested in knowing that as well, but since the question is about existing treasuries, maybe exclude them unless they have actual holdings.

Wait, in reference 26, there's a query about Mercurity Fintech's Solana holdings, but the result shows no data. So, they haven't disclosed yet. Similarly, reference 22 mentions a $200M credit line but no exact SOL numbers. So, they shouldn't be included in the list unless they have actual holdings.

So, compiling the list:

1. Upexi Inc. - 2,000,518 SOL
2. DeFi Development Corp - 1,293,562 SOL
3. BIT Mining - 27,191 SOL
4. Artelo Biosciences - undisclosed but mentioned as the first pharma company to adopt Solana
5. Soluna Holdings - $13.8M in treasury stock but no SOL numbers
6. Others like Torrent Capital, SOL Strategies, etc., but their SOL numbers aren't clear in the references.

Wait, reference 32 mentions four companies: Upexi, DeFi Dev, SOL Strategies, and Torrent Capital. But the exact SOL numbers for the latter two aren't provided in the references. So, maybe only include Upexi, DeFi Dev, and BIT Mining with known numbers. Artelo is mentioned as the first pharma company but without specific SOL numbers.

Also, the user's profile mentions interest in bio-pharmaceuticals, so highlighting Artelo's entry into Solana treasuries could be relevant. But since the question is about the list, perhaps just note their entry without specific numbers.

So, the final list should include companies with known SOL holdings, ranked by the amount. Upexi leads with over 2 million, followed by DeFi Dev with ~1.29 million, then BIT Mining with ~27k. Others like Artelo and Soluna Holdings are mentioned but without specific numbers, so maybe mention them as emerging players.

I need to structure this into a clear table, starting with the company name, SOL holdings, and a brief note on their strategy or significance. Also, include a conclusion that ties into the broader trend of institutional adoption of Solana, which aligns with the user's interest in fintech and blockchain economy.

### 🌟 **Conclusion**
**The United States leads the charge in institutional adoption of Solana (SOL) treasuries**, with several publicly traded companies aggressively accumulating the cryptocurrency to diversify their balance sheets, generate staking yields, and align with blockchain-native infrastructure. Below is a ranked list of U.S. companies holding the most SOL, based on the latest data from Q3 2025.

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### 📊 **Top U.S. Companies with Solana Treasuries (Ranked by SOL Holdings)**

| **Rank** | **Company Name** | **SOL Holdings** | **Key Details** |
|----------|---------------------------------|-------------------------|---------------------------------------------------------------------------------|
| **1** | **Upexi Inc. (UPXI)** | **2,000,518 SOL** | - Largest institutional holder of SOL
| - Acquired 172% more SOL in July 2025, funded by a $200M capital raise
| - Staking yield: ~8% annualized
| - Shares surged 56% in July 2025
| **2** | **DeFi Development Corp (DFDV)**| **1,293,562 SOL** | - Aggressively expanded SOL holdings in Q3 2025
| - Aims to reach 1 SOL per share by 2028
| - Funded via a $5B equity line of credit
| **3** | **BIT Mining (BTCM)** | **27,191 SOL** | - Launched first Solana validator in August 2025
| - Part of a $300M expansion plan into the Solana ecosystem
| - Transitioning from Bitcoin mining to Solana-focused staking
| **4** | **Artelo Biosciences (ARTL)** | **Undisclosed** | - First publicly traded pharma company to adopt SOL
| - Raised $9.5M via private placement for Solana treasury
| - Collaborating with Cube Group for Solana ecosystem integration
| **5** | **Soluna Holdings (SLNH)** | **$13.8M (Treasury Stock)** | - Long-standing crypto treasury strategy
| - No explicit SOL holdings disclosed

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### 📊 **Key Observations**
1. **Upexi Inc.** dominates the list with over **2 million SOL**, signaling a high-conviction bet on Solana’s ecosystem and staking yields.
2. **DeFi Development Corp** follows closely, leveraging its $5B credit line to aggressively accumulate SOL and aim for 1 SOL per share by 2028.
3. **BIT Mining** marks a strategic pivot from Bitcoin mining to Solana staking, aligning with broader institutional interest in blockchain-native assets.
4. **Artelo Biosciences** breaks new ground as the first pharma company to adopt Solana, reflecting Solana’s growing appeal across industries.

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### 🌟 **Why This Matters**
The surge in Solana treasuries highlights a **paradigm shift** in corporate finance, where blockchain-native assets like SOL are no longer just speculative bets but strategic tools for yield generation, diversification, and alignment with decentralized infrastructure. For investors, this trend presents opportunities to ride the wave of institutional adoption while monitoring risks like regulatory uncertainty and market volatility.