The 5 Largest Publicly Traded Solana Treasury Firms in 2025

Institutions are increasingly stacking Solana (SOL) alongside Bitcoin and Ethereum on their balance sheets. These publicly traded firms have collectively amassed nearly $2B worth of SOL, signaling growing institutional confidence in the Solana ecosystem.

◼️ 1. Forward Industries – 6,921,432 SOL

• Largest publicly traded Solana treasury

• Purchased $1.6B worth of SOL in September 2025

• Staking all SOL to generate yield; Q4 staking revenue ~$4.6M

• Plans to raise an additional $4B for Solana acquisitions

◼️ 2. Solana Company (formerly Helius Technologies) – 2,200,000 SOL

• Raised $500M via PIPE funding led by Pantera Capital & Summer Capital

• Treasury currently valued around $275M

• Generated first staking revenue of $342K in Q3

◼️ 3. DeFi Development Corp. – 2,195,926 SOL

• Active Solana treasury strategy since April 2025

• Integrated into Solana ecosystem via validator acquisition & partnerships

• Established $5B equity line of credit for strategic SOL purchases

◼️ 4. Upexi – 2,106,989 SOL

• Began SOL treasury in April 2025, initially raising $100M

• Current SOL holdings valued ~$263M

• Advisory committee includes BitMEX co-founder Arthur Hayes

◼️ 5. Sharps Technology – 2,000,000 SOL

• Raised $400M via private placement to build Solana treasury

• Treasury now worth ~$250M

• Focused on Solana ecosystem expansion while maintaining core medical device products

Takeaway: Publicly traded firms are diversifying into Solana, using treasury strategies, staking, and ecosystem participation to build long-term institutional exposure.

💡 The Solana treasury trend shows that SOL is increasingly viewed as a strategic asset, not just a trading token.

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