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SOL Treasury Companies: Which Public Companies Hold the Most SOL? (July 2026)
Bottom line: a wave of public companies are now holding SOL as a corporate treasury asset (as of July 2026)
Through 2026, a growing list of U.S. publicly traded companies — including Forward Industries, Upexi, DeFi Development Corp, and Sharps Technology — have been building SOL positions as a corporate treasury strategy, often staking part of their holdings. Public and government holdings combined have reportedly reached roughly 15.7 million SOL — about 3% of circulating supply, worth more than $2.5 billion as of mid-2026. Bitcoin treasury strategies came first, but SOL treasuries add a feature BTC treasuries can't: staking yield.
Key takeaways
The largest holder is Forward Industries, with roughly 7.55 million SOL as of June 30, 2026 (reports indicate it added 500,000+ SOL in a subsequent July purchase). It's followed by Upexi (~2.0M SOL), DeFi Development Corp (~1.27M SOL), and Sharps Technology (~2.0M SOL). These companies' share prices tend to track the market value of their SOL holdings (their "mNAV"), so a drop in SOL's price can hit the stock hard — treat this as a distinct, higher-risk instrument, not a SOL proxy.
Why companies are doing this
Two main motivations show up repeatedly in company statements and coverage:
- Long-term price appreciation — the same logic as Bitcoin treasury companies: put a growing asset on the balance sheet.
- Staking yield — because Solana runs on Proof of Stake, a company can stake its SOL holdings and earn an annualized staking reward on top of any price appreciation. This is a structural difference from Bitcoin (a Proof-of-Work asset), which offers no native yield.
Major SOL treasury companies (as reported, July 2026)
| Company | Listing | Reported SOL holdings | As of |
|---|---|---|---|
| Forward Industries | Nasdaq | ~7.55M SOL | June 30, 2026 |
| Upexi | Nasdaq | ~2.0M SOL (partly staked) | 2026 reporting |
| DeFi Development Corp | Nasdaq | ~1.27M SOL (partly staked) | 2026 reporting |
| Sharps Technology | — | just under 2.0M SOL | 2026 reporting |
These figures are approximations drawn from press coverage and public trackers; they change as companies file new disclosures. Always check each company's own investor-relations filings for the current, authoritative number.
How this differs from Bitcoin / Ethereum treasury strategies
Bitcoin treasury companies (pioneered by firms like MicroStrategy/Strategy) largely follow a "buy and hold" approach. SOL treasury companies add a native staking yield component that isn't available to BTC holders. On the other side of the ledger, Solana has a shorter network history than Bitcoin and has had notable past outages, plus SOL is a more volatile asset — both are relevant to weighing the strategy.
Risks (neutral view)
- Share price tends to track SOL's price and the company's mNAV (market cap relative to net asset value). A SOL downturn can hit these stocks harder than SOL itself.
- Capital raises used to buy more SOL can dilute existing shareholders — the effect differs company by company.
- This article does not recommend buying any specific stock or crypto asset.
FAQ
How is buying a SOL treasury company's stock different from buying SOL directly? The stock reflects the company's overall business, financing, and equity-market dynamics on top of SOL's price — it's a related but distinct instrument with its own risks (management decisions, dilution, delisting, etc.).
Why are companies choosing SOL over BTC for a treasury strategy? Coverage points to staking yield and confidence in Solana's ecosystem growth as commonly cited reasons — but each company's specific rationale is in its own disclosures.
Where can I track updated numbers? CoinGecko's Treasuries page and each company's investor-relations page publish updates on an ongoing basis.
Related articles
- The network these firms are betting on → What Is Proof of History (PoH)?
Sources
- The 5 Largest Publicly Traded Solana Treasury Firms — Yahoo Finance
- [Solana Treasury Companies SOL Holdings Tracker [2026] — bitcoinminingstock.io](https://bitcoinminingstock.io/sol-treasury/treasuries)
- Solana Treasuries: SOL Holdings of Public Companies & Governments — CoinGecko
Disclaimer
This article is for general information only and is not investment advice. Crypto assets (including SOL) carry risks such as price volatility, hacking, scams, and network outages. Make your own decisions, verify the latest official sources, and only use funds you can afford to lose.
Sources
FAQ
- How is buying a SOL treasury company's stock different from buying SOL directly?
- The stock reflects SOL's price plus company-specific risks like management decisions, dilution, and delisting — a related but distinct instrument.
- Why are companies choosing SOL over BTC for a treasury strategy?
- Coverage cites staking yield and confidence in Solana's ecosystem growth, but each company's rationale is detailed in its own disclosures.
- Where can I track updated numbers?
- CoinGecko's Treasuries page and each company's investor-relations page publish ongoing updates.
This article is informational only and is not financial, investment, or trading advice. Prices are reference snapshots and may be outdated. Always do your own research.
