Solana Treasuries

Solana treasury companies are businesses that hold SOL on their balance sheet as a reserve asset. Some hold a small allocation; for others, accumulating SOL is the core business strategy.

As of 8 October 2026, 22 public companies hold 19.61M SOL, worth $2.26B. That is 3.33% of the total supply of Solana.

Forward Industries is the largest corporate holder of Solana, with 7,550,000 SOL. The next largest are DeFi Development Corp. (2,490,304 SOL) and Upexi (2,173,204 SOL).

Cost basis is the average price a holder paid per SOL, based on its disclosed purchases. Comparing it with the current SOL price shows whether the holder is in profit or loss, which the Unrealized P/L column works out. A dash means the holder has not disclosed what it paid.

Holdings come from CoinGecko's public treasury data, compiled from company filings, earnings reports, press releases and official government disclosures, and each latest acquisition links to its source. CoinStats refreshes the data and recalculates values once a day; the methodology section above has the details.

It depends on your goals and risk tolerance. Treasury companies give stock-market exposure to SOL, often with added leverage, so gains and losses can be larger than holding SOL directly. Key things to check are mNAV, how purchases are funded, debt levels and dilution. This page is not investment advice.

There is no single best treasury company; it depends on what you are looking for. Investors usually compare mNAV (the premium or discount to holdings), SOL per share and how it has grown, leverage, average cost basis, and whether the company has an operating business beyond holding SOL.

Most raise capital by selling new shares (often through at-the-market offerings), issuing convertible notes or preferred stock, or taking on loans, then use the proceeds to buy SOL. Some also use cash from operations, and many stake their holdings to earn yield.

mNAV is a company's market capitalization divided by the market value of its SOL holdings. Above 1x, the market values the company at more than its SOL; below 1x, it trades at a discount.

Most do. Staking earns rewards and offsets the ongoing issuance of SOL. Some companies run their own validators to also earn commission, while others stake through third-party validators or liquid staking tokens.