Methodology · Corporate SOL treasury
Which public companies hold Solana?
The Solana angle: SOL earns ~6-8% staking yield (vs. ETH at 3-5% and Bitcoin at 0%). A SOL treasury company that stakes its holdings generates real income on top of price appreciation. This is the fundamental economic advantage that makes SOL treasuries structurally different from BTC treasuries.
The Forward Industries transformation
Staking economics — why SOL is different
Compared to spot Solana ETFs
Concentration risk
The Solana treasury companies
Catapulted to #1 SOL treasury via a $1.65B PIPE (Sep 2025) backed by Galaxy Digital, Jump Crypto, and Multicoin. Now the flagship public-market Solana bet.
Announced a strategic SOL treasury pivot in 2025. Smaller position than FORD but the earliest public-company Solana treasury signal.
Purpose-built as a Solana treasury vehicle from inception. Focused solely on SOL accumulation and staking yield.
Blends corporate SOL treasury with an operational DeFi development thesis. Smaller footprint than the top three.
Frequently asked questions
Who is the largest corporate holder of Solana?▼
Forward Industries (FORD) after their September 2025 $1.65B PIPE. The deal was backed by three prominent crypto-native investors — Galaxy Digital, Jump Crypto, and Multicoin — and converted FORD from a legacy retail-focused company into the flagship public-market Solana treasury vehicle.
Do SOL treasury companies stake their holdings?▼
It varies. Some publicly disclose staking their holdings for yield; others don't disclose or don't stake. Check quarterly filings for staking disclosures. Staking yield is one of the primary structural advantages of SOL treasury companies over spot SOL ETFs.
Solana treasury company vs. spot Solana ETF?▼
ETFs: clean 1:1 SOL price tracking, no staking yield, small annual fee. Treasury companies: can stake for 6-8% yield, but trade at premium/discount to underlying SOL and add operational execution risk. If yield matters, treasury company may be better; if simplicity matters, ETF wins.
How much do these companies actually hold?▼
FORD holds the largest position by far — hundreds of thousands of SOL after the $1.65B PIPE deployed. Exact figures update quarterly in SEC filings. See our live corporate treasury page for current mark-to-market values across all SOL treasury companies.
Why did Forward Industries pivot to a SOL treasury?▼
Combination of factors: (1) opportunity to attract meaningful crypto-native capital via PIPE, (2) SOL's staking yield economics superior to BTC/ETH, (3) SOL's growing DeFi and payments ecosystem, (4) differentiation in the corporate-treasury category (MSTR had already saturated the Bitcoin narrative). Similar strategic bet Bitmine (BMNR) made for Ethereum.
What's the risk of investing in SOL treasury companies?▼
Beyond SOL's price risk: (1) execution risk on management's staking and treasury strategy, (2) premium/discount to underlying SOL (mNAV can be volatile in a small category), (3) dilution risk if they issue more shares to buy more SOL, (4) regulatory risk on staking activities, (5) concentration risk — the category is dominated by 1-2 names.
This page is educational content, not financial advice. Every data figure traces to a primary source (SEC EDGAR filings, company 10-Q / 10-K / 8-K disclosures, or licensed data feeds). See our About page for editorial standards + methodology.