Solana as a Treasury Asset: A Growing Trend?

Public companies are increasingly holding Solana (SOL) as a treasury asset — not just for price exposure, but also for yield from staking and validator operations. According to Solana Reserve’s new Strategic SOL Reserve (SSR) dashboard, around 1.03% of SOL’s total supply is now in the treasuries of verified public entities.

The SSR tracks holdings in real time, using blockchain verification, SEC filings, and multiple independent data sources. At the time of reporting, eight verified entities hold more than 1,000 SOL each, amounting to 5.904 million SOL — worth about $1.15 billion.

Why Companies Are Holding SOL

Unlike Bitcoin, which serves mainly as a store of value, Solana offers corporate treasuries more active options:

• Staking rewards that generate yield in SOL
• Validator operations that support network security
• Direct investment in Solana-based protocols
• Native NFT and DeFi support through integrated wallets

For corporate finance teams, these features make Solana a productive asset rather than a purely passive holding.

How Solana Reserve Tracks Institutional Holdings

The Strategic SOL Reserve positions itself as a “Bloomberg Terminal” for institutional Solana adoption. Its platform includes:

• Real blockchain verification (not estimates)
• Live market cap integration for public companies
• Automated SOL price updates
• SEC filing cross-references
• Multi-source verification to confirm ownership

Per reports, data is fully transparent, with open verification sources, public entity profiles, and real-time updates on holdings, price, and staking activity.

Major Public Holders of SOL

As of early August 2025, several companies stand out for their SOL positions:

Upexi Inc. — 2,000,000 SOL (~$393M)

Upexi pivoted from consumer goods to a Solana-focused treasury strategy in 2024. Between April and July 2025, it more than doubled its SOL holdings, mostly through discounted locked token purchases and a $200 million private placement.

• Annual staking rewards: ~$26 million at an 8% yield
• Daily rewards: ~$70,000
• Strategy: Locked token discounts, validator operations, equity-plus-convertible-note raises

CEO Alan Marshall calls their approach a model for altcoin-based corporate finance.

DeFi Development Corp — 1,294,000 SOL ($254.2M)

Formerly Janover Inc., this digital asset firm expanded its SOL treasury significantly in July, adding 141,383 tokens in one week.

• Capital raised: $165M in July, including $122.5M convertible debt led by Cantor Fitzgerald
• Yield metric: 10% “Annualized Organic Yield” from validator operations
• Daily staking revenue: ~$63,000

CEO Joseph Onorati says SOL’s yield makes it more productive than BTC for treasury purposes.

Mercurity Fintech Holding — 1,083,000 SOL ($211.3M)

Mercurity has secured a $200M equity line from Solana Ventures to fund SOL purchases, staking, validator setup, and investments in Solana-based finance protocols. The firm already bought 1.083 million SOL coins.

Specimen Inc. (ISPC) — 1,000,000 SOL ($195.1M)

Specimen Inc. (ISPC), a biospecimen sourcing platform for scientific research valued at $7.36 million, announced Thursday that it plans to create a digital asset treasury reserve of up to $200 million, built on the Solana blockchain. 

To execute the plan, Specimen has hired WestPark Capital as its financial advisor and BlockArrow, a Chicago-based digital asset management firm, to oversee strategy and compliance. 

Sol Strategies Inc. (HODL) — 392,066 SOL ($76.6M)

One of the earliest public firms to adopt SOL in size, Sol Strategies issued $500M in convertible notes to build its position. Most tokens are staked through institutional validators, with blended yields between 6% and 8%.

Why Not Just Hold Bitcoin?

Bitcoin remains the dominant corporate treasury crypto, but its utility is limited to price appreciation and liquidity. SOL offers:

• Native yield through staking
• Direct participation in network governance
• Validator revenue streams
• Integration with DeFi and NFT markets

For some companies, this active return potential outweighs Bitcoin’s broader adoption.

Conclusion

Public companies across industries — from consumer goods to fintech to mining — are integrating Solana into their treasuries. Verified on-chain data shows that over 1% of the total SOL supply is in corporate hands, with most of it earning yield through staking.

For these firms, SOL is not just a speculative asset. It’s part of an active treasury strategy that blends capital appreciation with network participation. Whether this model grows will depend on market conditions, regulatory clarity, and Solana’s continued technical performance.

Resources:

1. Solana Reserve’s Strategic SOL Reserve (SSR) dashboard: https://www.strategicsolanareserve.org/

2. Upexi, Inc. $500 Million Equity Line for Solana Treasury Strategy announcement: https://ir.upexi.com/news-events/press-releases/detail/126/upexi-inc-announces-500-million-equity-line-agreement

3. DeFi Development Corp. Solana Reserve Update: https://defidevcorp.com/investor?tab=Earnings