BTC still dominates treasuries (130+ firms), ETH counts 40+, but SOL is emerging as the “growth-stage” reserve asset for new adopters.
Analysts have forecasted that Solana (SOL) treasury companies might outshine Bitcoin (BTC) and Ether (ETH) in 2025.
Galaxy’s Michael Marcantonio outlined various reasons why SOL is the superior choice for such companies, including its higher staging yield and throughput.
Marcantonio shared his views in a September 15 X post, where he argued that SOL offers treasury firms unique advantages compared to its larger competitors. He explained that SOL has a gross staking yield of about 7-8%, compared with just 3-4% for ETH. Reinvesting these rewards allows a treasury’s net asset value (NAV) to grow faster, creating a steady income stream.
He gave the example of a $9 billion ETH treasury that could produce around $300 million per year, noting that SOL’s higher rate gives it an even stronger position. On the other hand, BTC does not provide any yield, so companies holding it as a reserve asset cannot generate the same kind of returns.
The expert also talked about SOL’s strong transaction throughput, noting that despite its market cap being five to six times smaller than ETH’s, it handles more transactions and reaches more users. He explained that this level of network activity gives firms that accumulate the former greater upside. This is because their NAV per share can grow from treasury mechanics, and the possibility of SOL being valued higher when compared with ETH.
The 38-year-old also looked at volatility and growth. He noted that SOL has historically been more volatile than its counterparts, with levels around 80% compared to 40% for BTC and 65% for ETH. This difference makes financing tools such as convertible bonds, warrants, and structured deals cheaper for companies that have SOL in their treasuries, and helps them accumulate tokens at a faster pace.
He added that this kind of dilution increases the number of tokens per share more quickly, which boosts net asset value.
Marcantonio further explained that ETH is already widely used by institutions, while SOL is still in its growth stage. That means reserve companies linked to the latter can benefit from its financial characteristics and expanding adoption.
BTC and ETH remain the dominant assets in corporate treasuries, with over 130 publicly traded firms holding the former and more than 40 accumulating the latter as strategic reserves.
Flagship companies like Strategy and Metaplanet continue to build their positions in BTC, while others, such as BitMine Immersion Technologies and SharpLink Gaming, accumulate ETH. However, a new wave of treasury firms is also turning to SOL.
In the lead is Upexi Inc., holding over 2 million of the cryptocurrency, followed by DeFi Development Corp., which reported nearly 1 million SOL in its treasury, and Sol Strategies Inc., which has 260,000 SOL on its books.
