Publicly Traded Firms Build Solana Treasuries Worth $2.5 Billion

Publicly traded firms have accumulated over $2.5 billion worth of Solana (SOL) as they move down the risk curve and add different crypto tokens to their balance sheets. The top 5 firms holding SOL include Forward Industries with 6,822,000 SOL, DeFi Development Corp. with 2,027,817 SOL, and others such as Galaxy Digital and Jump Crypto. These firms aim to differentiate their treasuries by participating more on-chain and providing effective execution for shareholders.

Publicly traded firms have been increasingly accumulating Solana (SOL) tokens, signaling a shift towards more diversified crypto holdings. As of September 12, 2025, these firms have amassed over $2.5 billion worth of SOL, with a focus on on-chain transactions and strategic execution for shareholders. The top five firms holding SOL include Forward Industries, DeFi Development Corp., and others such as Galaxy Digital and Jump Crypto.

Forward Industries, a New York-based medical design firm, has emerged as a significant player in the Solana ecosystem. The firm acquired nearly 7 million SOL tokens for $1.58 billion, making it the largest publicly traded Solana treasury Solana Gets First Billion-Dollar Publicly Traded Treasury as Forward Industries Buys 6.8M SOL^[1]. This acquisition was part of the firm's $1.65 billion PIPE (private investment in public equity) completed on Friday with financing from Galaxy Digital, Jump Crypto, and Multicoin Capital. The firm aims to execute a differentiated Solana treasury strategy, which includes both on-chain and open-market transactions.

DeFi Development Corp., another major Solana holder, has increased its holdings to over 2 million SOL, valued at $412 million. The company recently purchased an additional 191,141 SOL for approximately $39.76 million, further boosting its Solana treasury Solana treasuries now account for 2% of SOL supply^[2]. DeFi Development has also revealed plans to stake its full position for yield, aiming to generate an annual yield of around 8%.

Galaxy Digital, Jump Crypto, and Multicoin Capital have also shown significant interest in Solana. On August 25, the trio announced plans to raise about $1 billion for a new Solana-focused treasury vehicle, aiming to surpass the size of all existing treasuries Solana treasuries now account for 2% of SOL supply^[2]. This initiative, advised by Cantor Fitzgerald, involves acquiring a publicly traded entity to form one of the largest corporate reserves dedicated to Solana.

The growing interest in Solana from major firms is reflected in the overall market trends. Solana treasuries now account for 2% of the SOL supply, with around 16 firms holding approximately 11.7 million SOL worth around $2.84 billion Solana treasuries now account for 2% of SOL supply^[2]. This trend indicates a broader institutional acceptance of Solana as a viable investment option.

In conclusion, the accumulation of Solana tokens by publicly traded firms represents a strategic shift towards diversified crypto holdings. As these firms continue to participate more on-chain and provide effective execution for shareholders, the Solana ecosystem is likely to benefit from increased liquidity and broader adoption.