The 5 Largest Publicly Traded Solana Treasury Companies – Decrypt

Michael Saylor popularized the digital asset treasury when his agency Technique started shopping for Bitcoin in 2020, racking up over $77 billion price of BTC within the years since—and provoking a wave of followers.

Now, publicly traded companies are shifting down the danger curve and including totally different crypto tokens to their stability sheets, together with Ethereum and XRP.

That features creating treasury methods centered on Solana, the sixth-largest crypto asset by market capitalization. Solana is fashionable as a vacation spot for token buying and selling and web capital markets, and the community has drawn the eye of a number of publicly traded companies.

The highest Solana treasury companies have already snatched up billions of {dollars} price of SOL. Right here’s a have a look at the highest 5 publicly traded companies which can be betting on Solana, based mostly on their present holdings.

1. Ahead Industries – 6,822,000 SOL

Publicly traded medical design agency Ahead Industries at the moment holds the biggest Solana treasury, boasting 6,822,000 SOL it acquired for simply shy of $1.6 billion in September. 

The agency—propelled by financing from main crypto gamers like Galaxy Digital, Bounce Crypto, and Multicoin Capital—raised $1.65 billion by way of a personal funding in public fairness (PIPE) to determine its treasury simply days earlier than buying its Solana stash.

Fueled by way of a mixture of on-chain and open-market transactions, Ahead goals to distinguish its treasury from others by taking part extra on-chain and offering what it says is more practical execution for its shareholders. The agency is staking all 6.8 million SOL in its treasury, producing yield for its enterprise and shareholders.

After making its splashy buy, the agency introduced intentions to elevate one other $4 billion to buy Solana for its treasury. 

2. Solana Firm – 2,200,000 SOL

Publicly traded medical gadget agency Helius Applied sciences modified its identify to Solana Firm because it embraced a digital asset treasury technique centered on SOL.

The agency first introduced plans to lift $500 million by way of a PIPE providing led by notable crypto companies Pantera Capital and Summer season Capital in mid-September.

Lower than a month later, it used the funds to build up greater than 2.2 million SOL, rapidly making it the second-largest publicly traded Solana treasury. That is about $488 million price, as of this writing.

Shares within the agency grew by 141% after its preliminary elevate announcement, however retraced after it made its first buy. Regardless of a achieve of greater than 220% within the month following its technique shift, HSDT continues to be down round 97% year-to-date.

As of October 6, the agency maintained round $525 million in money holdings that would in the end be used to bolster its treasury.

3. DeFi Improvement Corp. – 2,095,748 SOL

An actual property software program agency turned Solana treasury firm, DeFi Improvement Company is the second-largest publicly traded Solana treasury—narrowly edging out a pair of others that sit not far beneath on the checklist.

The agency holds simply shy of two.1 million SOL price round $472 million at at this time’s Solana costs, accumulating the quantity throughout varied purchases since establishing its treasury technique in April.

DeFi Improvement Corp. has been of probably the most lively of the treasury companies on the checklist, turning into more and more ingrained inside Solana’s group via its acquisition of a Solana validator firm and collaborations with main meme cash like BONK.

In June, it established a $5 billion fairness line of credit score to gas strategic Solana purchases. 

4. Upexi – 2,018,419 SOL

Client merchandise agency Upexi additionally debuted its Solana treasury technique in April, spiking shares of UPXI greater than 300% within the course of. 

What began with a $100 million elevate to gas SOL purchases has now become greater than 2 million in Solana, valued round $453 million.

After its first elevate, the agency added one other $200 million by way of an fairness providing and convertible notes, marking $300 million complete in raises that in the end was used to seize its present SOL stack at an common worth of $151.44 per token.

In August, the agency established a brand new advisory committee to be a catalyst for its subsequent leg of progress, including BitMEX co-founder and crypto billionaire Arthur Hayes as its first member.  

5. Sharps Expertise – 2,000,000 SOL

Medical gadget producer Sharps Expertise established a plan to lift $400 million for a Solana treasury in late August. 

Amid the information, shares within the agency jumped by greater than 40%. Per week later, it accomplished the acquisition of “greater than 2 million SOL” utilizing the proceeds from its elevate to take action, giving it a beginning treasury of round $400 million within the course of. A consultant for the agency didn’t instantly reply to Decrypt’s query a couple of particular SOL denomination.

In keeping with Alice Zhang, the agency’s Chief Funding Officer, it’s going to lean on a crew “with deep ties to the Solana ecosystem and confirmed founder-level expertise in scaling institutional digital asset platforms” when constructing its treasury. 

Editor’s word: This story was initially posted on September 16, 2025 and final up to date on October 7.