The 5 Largest Publicly Traded Solana Treasury Firms

In brief Publicly traded firms are starting to stack up Solana in addition to Bitcoin and Ethereum. The top firms have collectively amassed nearly a couple billions dollars' worth of SOL. The leader, Forward Industries, maintains a balance of nearly 7 million SOL on its own. Michael Saylor popularized the digital asset treasury when his firm Strategy began buying Bitcoin in 2020, racking up over $59 billion worth of BTC in the years since-and inspiring a wave of followers . Now, publicly traded firms are moving down the risk curve and adding different crypto tokens to their balance sheets, including Ethereum and XRP . That includes creating treasury strategies centered on Solana , the seventh-largest crypto asset by market capitalization. Solana is popular as a destination for token trading and internet capital markets , and the network has drawn the attention of several publicly traded firms. The top Solana treasury firms have already snatched up nearly a couple billion dollars' worth of SOL. Here’s a look at the top 5 publicly traded firms that are betting on Solana, based on their current holdings. 1. Forward Industries - 6,921,432 SOL Publicly traded medical design firm Forward Industries currently holds the largest Solana treasury, boasting 6,921,432 SOL. Despite dropping $1.6 billion to pick up the bulk of that sum in September, as of this latest update, the firm’s treasury value has plummeted to $865 million. The firm-propelled by financing from major crypto players like Galaxy Digital, Jump Crypto, and Multicoin Capital-raised $1.65 billion via a private investment in public equity (PIPE) to establish its treasury just days before acquiring its Solana stash. Fueled via a mix of on-chain and open-market transactions, Forward aims to differentiate its treasury from others by participating more on-chain and providing what it says is more effective execution for its shareholders. The firm is staking all of the SOL in its treasury, generating yield for its business and shareholders. In Q4, it has so far generated around $4.6 million in staking revenue, according to a December update. After making its splashy purchase, the firm announced intentions to raise another $4 billion to purchase Solana for its treasury. It recently tokenized shares of the company on the Solana blockchain. 2. Solana Company - 2,200,000 SOL Publicly traded medical device firm Helius Technologies changed its name to Solana Company as it embraced a digital asset treasury strategy centered on SOL. The firm first announced plans to raise $500 million via a PIPE offering led by notable crypto firms Pantera Capital and Summer Capital in mid-September. Less than a month later, it used the funds to accumulate more than 2.2 million SOL, quickly making it the second-largest publicly traded Solana treasury. Once valued around $500 million, the firm’s treasury is now worth around $275 million. Shares in the firm grew by 141% after its initial raise announcement, but retraced after it made its first purchase. Despite a gain of more than 220% in the month following its strategy shift, HSDT is...

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