The 5 Biggest Publicly Traded Companies Holding SOL on Their Balance Sheets

Michael Saylor pioneered the digital asset treasury concept when his company Strategy started purchasing Bitcoin in 2020, accumulating over $53 billion worth of BTC over the years—and sparking a trend among other companies.

Today, publicly traded companies are venturing further along the risk spectrum and diversifying their balance sheets with various crypto tokens, including Ethereum and XRP.

This shift includes building treasury strategies focused on Solana, the seventh-largest cryptocurrency by market cap. Solana has become a hub for token trading and internet capital markets, attracting the interest of several publicly traded companies.

The top Solana treasury companies have scooped up billions of dollars’ worth of SOL at their peak. Here’s a breakdown of the top five publicly traded companies placing big bets on Solana, ranked by their current holdings.

1. Forward Industries – 7,044,079 SOL

Publicly traded medical design company Forward Industries currently holds the largest Solana treasury, with 7,044,079 SOL as of its most recent update in March 2026. The company spent roughly $1.6 billion to acquire the majority of that stash in September, but its value has dropped to just $486 million as Solana trades around $69 in June.

Backed by funding from major crypto players like Galaxy Digital, Jump Crypto, and Multicoin Capital, the company raised $1.65 billion through a private investment in public equity (PIPE) to build its treasury just days before snapping up its Solana holdings.

Driven by a combination of on-chain and open-market transactions, Forward aims to set its treasury apart by engaging more actively on-chain and delivering what it claims is more efficient execution for its shareholders. The company is staking all of the SOL in its treasury, generating returns for its business and shareholders. In Q4, it produced approximately $4.6 million in staking revenue, according to a December update.

Following its high-profile purchase, the company announced plans to raise an additional $4 billion to buy Solana for its treasury and later tokenize shares of the company on the Solana blockchain.

In June 2026, aiming to benefit shareholders and the broader Solana ecosystem, the company started making unsolicited offers to acquire other Solana treasury companies, including the Solana Company and SkyAI, both of which hold enough SOL on their balance sheets to appear further down this list.

However, neither company accepted the all-stock merger proposals.

2. Upexi – 2,361,931 SOL

Consumer products company Upexi also launched its Solana treasury strategy in April 2025, sending shares of UPXI surging more than 300% in the process. Those shares have since plummeted, falling from a 52-week high of $22.57 to recently trading at $0.91—a decline of more than 96%.

What began with a $100 million raise to fund SOL purchases has now grown to more than 2.36 million Solana, valued at approximately $163 million.

Following its initial funding round, the company secured an additional $200 million through a combination of equity issuance and convertible debt instruments. This brought its total capital raised to $300 million, funds that were primarily deployed to acquire a significant portion of its existing SOL holdings. However, as Solana’s price declined, the value of its treasury has taken a major hit—currently down approximately 58% from its launch, based on figures displayed on the company’s public dashboard.

Last August, the company formed a new advisory board aimed at accelerating its next phase of expansion, appointing Arthur Hayes—co-founder of BitMEX and prominent crypto billionaire—as its inaugural member.

Demonstrating his dedication to the company’s vision, CEO Allan Marshall revealed in December that he had personally purchased 150,000 shares of UPXI, valued at roughly $285,000 at the time of the transaction.

3. DeFi Development Corp. – 2,294,576 SOL

Originally a real estate software company, DeFi Development Corporation has transformed into a Solana-focused treasury firm and now ranks as the third-largest publicly traded entity holding SOL—just barely ahead of several competitors trailing closely behind.

The company holds close to 2.3 million SOL, valued at approximately $158 million at current market prices. It built this position through a series of purchases made after adopting its treasury strategy in April 2025.

DeFi Development Corp. has been among the most proactive treasury companies on this list, deeply embedding itself within the Solana ecosystem by acquiring a Solana validator operation and partnering with popular meme coin projects such as BONK.

In June 2026, the company set up a $5 billion equity credit facility to support further strategic Solana acquisitions. That December, it publicly endorsed a new Solana Improvement Proposal (SIMD) designed to reduce the network’s inflation rate, which would result in fewer new SOL tokens being created each year.

In January 2026, the company introduced an “experimental meme coin” called DONT on the Solana blockchain. It soon faced insider trading accusations after an early investor profited massively from the token shortly after launch. The company subsequently reclaimed the seller’s tokens and profits, then burned its own allocation of the meme coin, effectively taking it out of circulation.

4. Solana Company – 2,071,127 SOL

Helius Technologies, a publicly traded medical device company, rebranded itself as Solana Company after pivoting to a digital asset treasury strategy centered on SOL.

The company initially announced intentions to raise $500 million through a PIPE offering spearheaded by well-known crypto investment firms Pantera Capital and Summer Capital in mid-September 2025.

Within less than a month, it deployed those funds to accumulate over 2.2 million SOL, rapidly becoming the second-largest publicly traded Solana treasury. According to its latest 10-Q filing submitted in May 2026, the company’s holdings have since decreased to 2,071,127 SOL. What was once valued at around $500 million is now worth approximately $143 million.

The company’s stock surged 141% following the initial fundraising announcement but pulled back after its first SOL purchase. Despite posting gains exceeding 220% in the month after its strategic pivot, HSDT is still trading more than 93% below its 52-week peak of $25.50, with shares recently changing hands at around $1.62.

5. SkyAI – 2,000,000 SOL

Sharps Technology, a medical device manufacturer, unveiled plans in August 2025 to raise $400 million to build a Solana treasury.

On the back of the announcement, the company’s stock price jumped over 40%. A week later, it finalized the acquisition of “more than 2 million SOL” using the capital raised, giving it an initial treasury valued at roughly $400 million.

Since then, however, the company has shifted direction, rebranding as SkyAI as it pursued ambitions to create a global agentic finance platform. Despite this pivot, the company confirmed it still held approximately 2 million SOL on its balance sheet as of May 2026. That amount is currently worth around $138 million.

A company spokesperson did not promptly reply to Decrypt’s inquiry regarding the exact SOL figure held.

Editor’s note: This article was first published on September 16, 2025 and most recently updated on June 19, 2026.