Key Takeaways
- Many companies are allocating Solana (SOL) to their balance sheets, seeing it as a high-growth, yield-generating asset with significant upside potential.
- Upexi, DeFi Development, Sol Strategies, Classover, and Torrent Capital have confirmed Solana positions, ranging from tens of thousands to millions of tokens.
- BIT Mining, Mercurity Fintech, and others are preparing large-scale Solana purchases, while a Solana-focused SPAC is raising $1.5 billion to build a massive treasury.
- Solana’s 7-8% staking yield provides passive income, making it an attractive choice for companies seeking both price appreciation and recurring revenue streams.
Solana (SOL) has quietly emerged as a favorite among forward-thinking companies looking to diversify their balance sheets and generate staking yield. While Bitcoin and Ethereum still dominate the narrative, several publicly traded firms are now allocating millions to Solana, seeing potential in its high-speed blockchain and growing ecosystem.
Here are five companies already holding significant Solana positions and a look at those planning to join them soon.
| Company |
Estimated SOL Holdings (as of Oct. 7) |
Approx. Value (USD) |
Treasury Strategy |
| Upexi, Inc. (UPXI) |
2,000,518 SOL |
$466 million |
Equity & convertible notes, SOL staking for yield |
| DeFi Development Corp (DFDV) |
2,027,817 SOL |
$470 million |
Validator operations, long-term accumulation |
| Sol Strategies Inc. (HODL) |
399,907 SOL |
$93 million |
Convertible note raises, validator infrastructure |
| Classover Holdings |
52,067 SOL |
$12 million |
Balance sheet diversification |
| Torrent Capital Ltd. |
40,039 SOL |
$9 million |
High-growth sector exposure, diversification |
Now let’s get into bit more details.
5 Companies Already Building Massive Solana Treasuries
1. Upexi, Inc. (UPXI)
Upexi stands out as one of the largest known corporate holders of Solana. In September 2025, the company’s treasury topped 2.0 million SOL, valued at more than $466 million. Upexi has funded its acquisitions through equity raises and convertible notes, often purchasing SOL at discounted rates.
The company also stakes its holdings, earning an estimated 7-8% annual yield while strengthening Solana’s network security. This strategy mirrors early Bitcoin treasury plays by companies like Strategy but is focused on a blockchain with faster settlement times and lower costs.
2. DeFi Development Corp (DFDV)
Formerly known as Janover, DeFi Development Corp (DFDV) has built a treasury of nearly 1 million SOL, worth approximately $470 million. The firm also runs its own Solana validators, earning staking rewards while reducing reliance on third-party infrastructure.
Its goal is to increase SOL-per-share from 0.05 to 1.0 by 2028, signaling a long-term bet on Solana’s adoption curve. This dual strategy of accumulation and infrastructure support makes DFDV one of the most aggressive Solana treasury builders in the market.
3. Sol Strategies Inc. (HODL)
Sol Strategies has accumulated 399,907 SOL, worth around $93 million. It finances its positions through convertible note offerings, similar to how many companies funded their Bitcoin purchases during earlier crypto bull runs.
In addition to holding, SOL Strategies focuses on validator operations and Solana-based infrastructure, effectively using its treasury not just for price speculation but for participation in the network’s growth.
4. Classover Holdings
Though smaller in scale, Classover has made headlines by allocating 52,067 SOL (over $12 million) to its balance sheet. This move shows how even non-crypto-native firms are diversifying into Solana as a hedge against inflation and a way to benefit from blockchain growth without directly operating a crypto business.
5. Torrent Capital Ltd.
Torrent Capital has quietly accumulated around 40,039 SOL, valued near $9 million. Known for targeting high-growth sectors, Torrent’s position in Solana reflects growing institutional confidence in the asset’s long-term potential.
Companies Planning Major Solana Allocations
While these five companies already hold significant SOL positions, several more are preparing to enter the space:
- BIT mining Ltd. (BTCM): Transitioning from Bitcoin mining, BIT Mining plans to raise $200-300 million for Solana acquisitions. Its stock price doubled following this announcement, showing investor enthusiasm for Solana’s potential.
- Mercurity fintech holding: Building out a $200 million credit line to accumulate Solana, highlighting interest from fintech firms seeking faster settlement and DeFi capabilities.
- Solana treasury SPAC (led by Joe McCann): Raising $1.5 billion to create one of the largest Solana-specific treasury vehicles in existence.
- 21Shares: Filing for a spot Solana ETF, which, while not a treasury allocation, will lock up significant amounts of SOL for regulated investment products.
Why Companies Are Betting on Solana
Corporate treasury strategies are evolving fast, moving beyond Bitcoin and even Ethereum to include newer, high-performance blockchains like Solana. For CFOs and boards looking for both growth and yield, Solana offers a unique blend of speed, scalability, and ecosystem potential that traditional crypto assets can’t always match.
Here’s why companies are increasingly adding Solana to their balance sheets:
- Staking rewards & passive income: Solana offers 7-8% annual staking rewards, making it attractive for treasury managers seeking income alongside capital appreciation.
- Faster growth potential: Compared to Bitcoin and Ethereum, Solana has a smaller market cap, meaning institutional inflows can have an outsized price impact, creating opportunities for treasury-driven upside.
- Growing ecosystem: From DeFi protocols to NFTs and Web3 infrastructure, Solana’s ecosystem provides practical use cases that go beyond simple speculation, making it more appealing for long-term balance sheet exposure.
- Diversification benefits: In a world of inflation and fiat uncertainty, holding Solana provides corporate treasuries with exposure to high-growth blockchain assets that are uncorrelated to traditional financial markets.
Risks of Corporate Solana Treasuries
While Solana offers strong growth potential and staking rewards, there are significant risks corporate treasuries must consider before allocating capital:
1. Market Volatility
Solana’s price can fluctuate dramatically in short periods. For companies financing SOL purchases through equity raises or debt, a sharp price decline could impact balance sheets and shareholder confidence.
2. Regulatory Uncertainty
Crypto regulations are evolving rapidly, and rules governing staking rewards, token classification, and accounting treatment may change. A shift in regulatory stance could affect how companies hold or report Solana on their balance sheets.
3. Network Reliability Risks
Although Solana has made strides in stability, it has faced high-profile outages in past years. For companies staking large treasuries, network downtime could disrupt staking rewards or expose operational vulnerabilities.
4. Liquidity & Exit Challenges
While Solana is liquid relative to many altcoins, selling large positions quickly without affecting price remains challenging, particularly during market stress. Treasury managers need strategies to unwind or hedge positions.
Conclusion
Solana is emerging as the altcoin of choice for innovative companies looking to diversify, generate yield, and tap into next-generation blockchain infrastructure. With major firms like Upexi, DeFi Development, Sol Strategies, Classover, and Torrent Capital already holding millions in SOL, and others preparing large-scale acquisitions, corporate adoption of Solana is accelerating.
If this trend continues, Solana could follow the trajectory of Bitcoin’s corporate treasury adoption, potentially becoming one of the most widely held non-Bitcoin digital assets among public companies in the coming years.
FAQs
Solana offers faster transactions, lower fees, and significant staking rewards, making it appealing for companies looking beyond Bitcoin’s “digital gold” narrative and Ethereum’s higher gas fees.
Yes. When companies accumulate large amounts of SOL and stake it, they reduce circulating supply, which can increase price pressure during bull markets.
Absolutely. Solana is still more volatile than Bitcoin or Ethereum, and debt-financed SOL purchases could expose companies to losses if markets turn bearish.
It’s already starting. Firms like 21Shares have filed for spot Solana ETFs, signaling growing institutional demand and the potential for widespread regulated exposure.
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Giuseppe Ciccomascolo began his career as an investigative journalist in Italy, where he contributed to both local and national newspapers, focusing on various financial sectors.
Upon relocating to London, he worked as an analyst for Fitch's CapitalStructure and later as a Senior Reporter for Alliance News. In 2017, Giuseppe transitioned to covering cryptocurrency-related news, producing documentaries and articles on Bitcoin and other emerging digital currencies. He also played a pivotal role in establishing the academy for a cryptocurrency exchange website. Crypto remained his primary area of interest throughout his tenure as a writer for ThirdFloor.
Onkar Singh has three years of experience as a digital finance content creator. Throughout his career, he has collaborated with various DeFi projects and crypto media outlets. In his leisure time, he enjoys fitness activities at the gym and watching movies across different genres. Balancing his professional and personal interests, Onkar continues to contribute to the digital finance landscape while pursuing his hobbies.
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