The 5 largest listed Solana Treasury companies

Michael Saylor popularized the treasury of digital assets when his firm Strategy started buying Bitcoin in 2020, and amassed more than $59 billion in BTC in the years since — and inspired a wave of followers.

Now, publicly traded companies are moving down the risk curve and adding several crypto tokens to their balance sheets, including Ethereum and XRP.

That includes creating treasury strategies that target it Solanathe seventh largest crypto asset by market capitalization. Solana is popular as a destination for token trading and internet capital markets, and the network has attracted the attention of several publicly traded companies.

Solana’s major Treasury companies have already siphoned off nearly a few billion dollars of SOL. Here’s a look at the top 5 listed companies betting on Solana, based on their current assets.

1. Forward Industries – 6,921,432 SOL

Listed medical design firm Forward Industries currently owns the largest Solana treasury, worth SOL 6,921,432. Despite dropping $1.6 billion in September to raise the bulk of that amount After this latest update, the value of the company’s government bonds has fallen to $865 million.

The company – powered by funding from major crypto players like Galaxy Digital, Jump Crypto and Multicoin Capital – raised $1.65 billion through a private public equity investment (PIPE) to build its treasury just days before acquiring its Solana stock.

Fueled by a mix of on-chain and open-market transactions, Forward aims to differentiate its treasury from others by increasing on-chain participation and ensuring more effective execution for its shareholders. The company puts the entire SOL into its treasury, generating returns for its company and shareholders. This has been achieved so far in the fourth quarter approximately $4.6 million in betting revenue, according to a December update.

After its splashy purchase, the company announced its intentions raising another $4 billion to buy Solana for his treasury. It’s recently tokenized shares of the company on the Solana blockchain.

2. Solana company – 2,200,000 SOL

Publicly traded medical device company Helius Technologies changed its name to Solana Company as it embraced a digital asset treasury strategy focused on SOL.

The company first announced plans to raise $500 million through a PIPE offering led by notable crypto firms Pantera Capital and Summer Capital in mid-September.

Less than a month later, it used the money to build more than 2.2 million SOL, quickly becoming the second-largest publicly traded Solana treasury. The company’s coffers were once estimated at around $500 million, but are now worth around $275 million.

The company’s shares grew 141% after the initial hike announcement, but rebounded after it made its first purchase. Despite gaining more than 220% in the month following the strategy change, HSDT is still down about 99% this year.

In the third quarter, the company generated its first rewards wagering revenue, bringing in $342,000. It had $124 million in cash at the end of the quarter.

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

DeFi Development Corporation, a real estate software company turned Solana Treasury company, is the second-largest publicly traded Solana Treasury company, ahead of a few others not far below the list.

The company owns just under 2.2 million SOL, which at the current Solana share price is worth almost $275 million. This amount is cumulated over several purchases since the adoption of its treasury strategy in April.

DeFi Development Corp. is one of the most active treasury companies on the list and is becoming increasingly embedded in the Solana community through the acquisition of a Validator company from Solana and collaborations with leading meme coins like BONK.

It is in June established a $5 billion private line of credit to drive strategic Solana purchases. It is in December publicly expressed support for a new Solana improvement proposal (SIMD) that would lower the network’s inflation rate, resulting in fewer SOL tokens being produced annually.

4. Upexi – 2,106,989 SOL

Consumer products company Upexi also debuted its Solana Treasury strategy in April, sending shares soaring UPXI more than 300% in the process. These shares have since plummeted, from a 52-week high of $22.57 to recently changing hands to $2.08.

What started with a $100 million increase to boost SOL purchases has now grown to more than 2.1 million Solana, worth approximately $263 million.

After the first increase, the company added another $200 million via an equity offering and convertible notes, which raised a total of $300 million in raises that were ultimately used to acquire the current SOL stack at a average price of $151.44 per token. Based on data from the company’s dashboard, the treasury fell by about 9% in total.

In August the company a new advisory committee was established to be a catalyst for the next phase of growth, with the addition of BitMEX co-founder and crypto billionaire Arthur Hayes as its first member.

To show his dedication to the company’s missionIn December, the company’s CEO, Allan Marshall, publicly announced the purchase of 150,000 shares of UPXI, worth approximately $285,000.

5. Sharps Technology – 2,000,000 SOL

Medical device manufacturer Sharps Technology has drawn up a plan to recover the costs $400 million for a Solana treasury end of August.

Amid the news, the company’s shares rose more than 40%. A week later, it completed the acquisition of “over 2 million SOL” using the proceeds from the capital increase to do so, giving it seed capital of approximately $400 million. A company representative did not immediately respond Decode question about a specific SOL denomination.

Today, those 2 million SOL are worth about $250 million.

According to Alice Zhang, the company’s Chief Investment Officer, the company will rely on a team “with deep ties to the Solana ecosystem and proven founder-level experience in scaling institutional digital asset platforms” to build its treasury.

The medical device company now calls itself a “Solana accelerator company,” but still maintains product information for its drug delivery products on the homepage of its website.

Editor’s note: This story was originally posted on September 16, 2025 and last updated on December 21.