Continuing our coverage of Solana, a high performance blockchain and cryptocurrency gaining significant traction on Wall Street as traditional finance markets and products move on-chain, the last few months have seen a wave of corporations incorporating Solana (SOL) into their treasuries. A recent article by Decrypt details the five largest corporations that have incorporated this strategy.
To date, the top five firms have acquired more than $2.5 billion worth of SOL:
1. Forward Industries – 6,822,000 SOL
The Nasdaq listed medical design company Forward Industries currently holds the largest Solana treasury, boasting 6,822,000 SOL it acquired for just shy of $1.6 billion in September.
The firm—propelled by financing from major crypto players like Galaxy Digital, Jump Crypto, and Multicoin Capital—raised $1.65 billion via a private investment in public equity (PIPE) to establish its treasury just days before acquiring its Solana stash. This raise is being touted as the largest PIPE deal in crypto’s history.
2. DeFi Development Corp. – 2,027,817 SOL
A real estate software firm turned Solana treasury company, DeFi Development Corporation, is the second-largest publicly traded Solana treasury—narrowly edging out a pair of others that sit not far below on the list.
The firm holds just over 2 million SOL worth more than $472 million at today’s Solana prices, accumulating the amount across various purchases since establishing its treasury strategy in April.
3. Upexi – 2,018,419 SOL
Consumer products firm Upexi also debuted its Solana treasury strategy in April, spiking shares of UPXI more than 300%in the process.
What started with a $100 million raise to fuel SOL purchases has now turned into more than 2 million in Solana, valued around $467 million.
4. Sharps Technology – 2,000,000 SOL
Medical device manufacturer Sharps Technology established a plan to raise $400 million for a Solana treasury in late August. A week later, it completed the acquisition of more than 2 million SOL using the proceeds from its raise to do so, giving it a starting treasury of around $400 million in the process.
5. SOL Strategies – 435,064 SOL
Canada-based SOL Strategies began accumulating Solana for its balance sheet in 2024, making it the most senior of treasury firms on the list. It currently holds 435,064 SOL valued at just more than $100 million at today’s Solana prices.
The firm’s primary business is maintaining and operating Solana validators, embedding it deeply within the Solana ecosystem. It counts more than 3.6 million SOL in assets under delegation, including the tokens from its own Solana treasury, which allows it to create a “dual-income” stream. The company recently debuted on Nasdaq.