* Many companies are allocating Solana (SOL) to their balance sheets, seeing it as a high-growth, yield-generating asset with significant upside potential.
* Upexi, DeFi Development, Sol Strategies, Classover, and Torrent Capital have confirmed Solana positions, ranging from tens of thousands to millions of tokens.
* BIT Mining, Mercurity Fintech, and others are preparing large-scale Solana purchases, while a Solana-focused SPAC is raising $1.5 billion to build a massive treasury.
* Solana’s 7-8% staking yield provides passive income, making it an attractive choice for companies seeking both price appreciation and recurring revenue streams.
Solana (SOL) has quietly emerged as a favorite among forward-thinking companies looking to diversify their balance sheets and generate staking yield. While Bitcoin and Ethereum still dominate the narrative, several publicly traded firms are now allocating millions to Solana, seeing potential in its high-speed blockchain and growing ecosystem.
Here are five companies already holding significant Solana positions and a look at those planning to join them soon.
Now let’s get into bit more details.
5 Companies Already Building Massive Solana Treasuries
1. Upexi, Inc. (UPXI)
Upexi stands out as one of the largest known corporate holders of Solana. In mid-2025, the company’s treasury topped 1.89 million SOL , valued at more than $330 million. Upexi has funded its acquisitions through equity raises and convertible notes, often purchasing SOL at discounted rates.
The company also stakes its holdings, earning an estimated 7-8% annual yield while strengthening Solana’s network security. This strategy mirrors early Bitcoin treasury plays by companies like MicroStrategy but is focused on a blockchain with faster settlement times and lower costs.
2. DeFi Development Corp (DFDV)
Formerly known as Janover, DeFi Development Corp (DFDV) has built a treasury of nearly 1 million SOL, worth approximately $190 million. The firm also runs its own Solana validators, earning staking rewards while reducing reliance on third-party infrastructure.
Its goal is to increase SOL-per-share from 0.05 to 1.0 by 2028, signaling a long-term bet on Solana’s adoption curve. This dual strategy of accumulation and infrastructure support makes DFDV one of the most aggressive Solana treasury builders in the market.
3. Sol Strategies Inc. (HODL)
Sol Strategies has accumulated over 260,000 SOL, worth around $47 million. It finances its positions through convertible note offerings, similar to how many companies funded their Bitcoin purchases during earlier crypto bull runs.
In addition to holding, SOL Strategies focuses on validator operations and Solana-based infrastructure, effectively using its treasury not just for price speculation but for participation in the network’s growth.
4. Classover Holdings
Though smaller in scale, Classover has made headlines by allocating 57,000 SOL (over $11 million) to its balance sheet. This move shows how even non-crypto-native firms are diversifying into Solana as a hedge against inflation and a way to benefit from blockchain growth without directly operating a crypto business.
5. Torrent Capital Ltd.
Torrent Capital has quietly accumulated around 40,000 SOL, valued near $8 million. Known for targeting high-growth sectors, Torrent’s position in Solana reflects growing institutional confidence in the asset’s long-term potential.
Companies Planning Major Solana Allocations
While these five companies already hold significant SOL positions, several more are preparing to enter the space:
* BIT mining Ltd. (BTCM): Transitioning from Bitcoin mining, BIT Mining plans to raise $200-300 million for Solana acquisitions. Its stock price doubled following this announcement, showing investor enthusiasm for Solana’s potential.
* Mercurity fintech holding: Building out a $200 million credit line to accumulate Solana, highlighting interest from fintech firms seeking faster settlement and DeFi capabilities.
* Solana treasury SPAC (led by Joe McCann): Raising $1.5 billion to create one of the largest Solana-specific treasury vehicles in existence.
* 21Shares: Filing for a spot Solana ETF, which, while not a treasury allocation, will lock up significant amounts of SOL for regulated investment products.
Why Companies Are Betting on Solana
Corporate treasury strategies are evolving fast, moving beyond Bitcoin and even Ethereum to include newer, high-performance blockchains like Solana. For CFOs and boards looking for both growth and yield, Solana offers a unique blend of speed, scalability, and ecosystem potential that traditional crypto assets can’t always match.
Here’s why companies are increasingly adding Solana to their balance sheets:
* Staking rewards & passive income: Solana offers 7-8% annual staking rewards, making it attractive for treasury managers seeking income alongside capital appreciation.
* Faster growth potential: Compared to Bitcoin and Ethereum, Solana has a smaller market cap, meaning institutional inflows can have an outsized price impact, creating opportunities for treasury-driven upside.
* Growing ecosystem: From DeFi protocols to NFTs and Web3 infrastructure, Solana’s ecosystem provides practical use cases that go beyond simple speculation, making it more appealing for long-term balance sheet exposure.
* Diversification benefits: In a world of inflation and fiat uncertainty, holding Solana provides corporate treasuries with exposure to high-growth blockchain assets that are uncorrelated to traditional financial markets.
Risks of Corporate Solana Treasuries
While Solana offers strong growth potential and staking rewards, there are significant risks corporate treasuries must consider before allocating capital:
1. Market Volatility
Solana’s price can fluctuate dramatically in short periods. For companies financing SOL purchases through equity raises or debt, a sharp price decline could impact balance sheets and shareholder confidence.
2. Regulatory Uncertainty
Crypto regulations are evolving rapidly, and rules governing staking rewards, token classification, and accounting treatment may change. A shift in regulatory stance could affect how companies hold or report Solana on their balance sheets.
3. Network Reliability Risks
Although Solana has made strides in stability, it has faced high-profile outages in past years. For companies staking large treasuries, network downtime could disrupt staking rewards or expose operational vulnerabilities.
4. Liquidity & Exit Challenges
While Solana is liquid relative to many altcoins, selling large positions quickly without affecting price remains challenging, particularly during market stress. Treasury managers need strategies to unwind or hedge positions.
Conclusion
Solana is emerging as the altcoin of choice for innovative companies looking to diversify, generate yield, and tap into next-generation blockchain infrastructure. With major firms like Upexi, DeFi Development, Sol Strategies, Classover, and Torrent Capital already holding millions in SOL, and others preparing large-scale acquisitions, corporate adoption of Solana is accelerating.
If this trend continues, Solana could follow the trajectory of Bitcoin’s corporate treasury adoption, potentially becoming one of the most widely held non-Bitcoin digital assets among public companies in the coming years.
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