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- Publicly listed firms are steadily adding Solana to their balance sheets, pushing combined holdings close to $1.8 billion.
- The number keeps increasing, with 13 holding SOL, with the largest holder being Upexi with 2,000,518 SOL.
Bitcoin (BTC) still reigns supreme as the largest digital asset, with a market capitalization sitting at a massive $2.23 trillion. It was the first cryptocurrency ever created, and today more than 115 entities across 29 countries collectively hold over $167 billion worth of BTC in their treasuries.
But Bitcoin isn’t the only one attracting attention. Solana (SOL), founded in late 2017, has built a loyal following of its own. So far, 13 publicly listed companies have added Solana to their balance sheets as part of their treasury strategies. Together, these firms hold about 8.9 million SOL, representing 1.55% of the circulating supply, worth roughly $1.8 billion at today’s prices.
Leading the pack is Upexi Inc., a Tampa-based consumer brand company with over 2 million SOL, while DeFi Development Corp. sits close behind at 1.98 million SOL after recently topping up its reserves by another 196,000 SOL. The company has even pledged to scale its holdings toward a $1 billion target, underscoring just how bullish it is on Solana’s future.
There are other Heavyweights like Galaxy Digital, Jump Crypto, and Multicoin Capital that are working with Cantor Fitzgerald on a plan to raise up to $1 billion for a joint Solana treasury. The effort is also receiving backing from the Solana Foundation in Zug, Switzerland.
As mentioned in a previous article, Real estate tech firm Janover Inc. recently jumped in too, announcing the purchase of 80,567 SOL, valued at roughly $10.5 million.
Why is there a Solana Treasury Race?
Back in 2022, Solana hit some tough times. The network suffered repeated outages from spam attacks and bugs, raising doubts about its reliability. Then came the collapse of FTX, a major backer tied closely to Sam Bankman-Fried. When FTX imploded, so did investor confidence, sending SOL’s price crashing from near $200 to under $10.
Fast forward to today, and it’s evident that the blockchain is becoming a favorite among institutions building treasuries worth billions in SOL. Why? Speed and cost. Solana can process 65,000+ transactions per second, dwarfing Bitcoin’s 7 TPS and Ethereum’s (ETH) 15–30 TPS.
Even better, transaction fees on Solana are typically fractions of a cent, compared to Ethereum’s unpredictable and often sky-high gas fees. For companies planning high-volume activity, whether in DeFi, on-chain finance, or consumer apps, this kind of efficiency is a game-changer.
Recently, we reported that the community has approved the Alpenglow upgrade, its most ambitious overhaul yet, set for rollout in 2026. Alpenglow introduces a new consensus design, Votor, an off-chain voting system that will slash finality times from about 12 seconds to as little as 100–150 milliseconds. That puts Solana on track to compete with Visa-level speed while keeping costs low.
On the regulatory front, its momentum is still building. Franklin Templeton, VanEck, and Canary Capital have all refiled amended S-1s with the SEC to launch Solana Exchange Traded Funds (ETFs). Data from the prediction platform Polymarket shows that confidence is running high, and the odds of approval before the end of 2025 have jumped to 99%, up from just 72% in May.
SOL is trading at $212 after a 4.39% daily gain, with whales steadily accumulating. If the trend holds, charts point to a possible push toward the $400 mark.
