Top five public firms hold over $1B in Solana treasuries

Five publicly traded firms have accumulated more than $1 billion worth of Solana (SOL) together, with Forward Industries holding the largest single corporate Solana position at 7,044,079 SOL.

Forward Industries raised $1.65 billion in a private investment in public equity (PIPE) backed by Galaxy Digital, Jump Crypto and Multicoin Capital, then purchased the bulk of its SOL in September 2025. The company reported the 7,044,079 SOL balance in a March 2026 update. At Solana prices near $69 in June 2026, that holding is worth about $486 million. Forward has staked its entire SOL balance and reported roughly $4.6 million in staking revenue in Q4. After the initial purchases, the company announced plans to raise an additional $4 billion, tokenized its shares on the Solana blockchain and made unsolicited acquisition offers to other public Solana treasuries in mid-2026; those proposals were not accepted.

Upexi began its Solana treasury program in April 2025 and has accumulated 2,361,931 SOL, worth about $163 million at current prices. The company funded purchases with an initial $100 million raise and a later $200 million equity and convertible-note offering. Upexi formed an advisory committee in August 2025 that included Arthur Hayes, and the CEO disclosed a personal purchase of 150,000 UPXI shares in December 2025. Upexi’s stock price has declined from a 52-week high of $22.57 to about $0.91, and the firm reports its Solana holdings are down roughly 58% since the treasury began.

DeFi Development Corp., which transitioned from real estate software to a Solana treasury strategy in April 2025, holds 2,294,576 SOL, about $158 million at current market levels. The company acquired a Solana validator, partnered with meme tokens including BONK, and in June 2026 established a $5 billion equity line of credit to fund further SOL purchases. In December 2025 it expressed public support for a proposal to reduce Solana’s inflation rate. DeFi Development launched an experimental meme token called DONT in January 2026 and later recovered and burned tokens and proceeds after allegations of insider trading involving an early buyer.

Helius Technologies, which rebranded as Solana Company, raised $500 million in a PIPE led by Pantera Capital and Summer Capital in September 2025 and used the proceeds to buy more than 2.2 million SOL. Its most recent 10-Q filed in May 2026 shows holdings of 2,071,127 SOL, worth about $143 million at current prices. The company’s shares rose after the fundraising announcement and subsequently retraced, with recent trading well below prior highs.

Sharps Technology, now operating as SkyAI, completed a $400 million raise in August 2025 to purchase more than 2 million SOL and opened its treasury with roughly 2,000,000 SOL. The firm later shifted its business strategy and changed its name to SkyAI but continued to report a roughly 2 million SOL balance as of May 2026, valued near $138 million.

Together these five companies hold more than 15.7 million SOL. The firms used a mix of PIPEs, equity offerings and credit lines to acquire tokens. Several have staked their SOL or engaged in on-chain activity related to their treasury holdings. Solana is the seventh-largest crypto asset by market capitalization and is used by these companies for token trading and other on-chain programs.