Putting Solana on the balance sheet was once the move for public companies. Plenty did it, and a few built stockpiles worth hundreds of millions of dollars. SOL now trades near $106, according to TradingView data, and the list of big holders looks quite different from a year ago. Here is who holds the most, how much, and what they've said about it.
The ranking
| Company | SOL held |
|---|---|
| Forward Industries (FWDI) | 8,501,298 |
| DeFi Development Corp. (DFDV) | 2,590,266 |
| Upexi (UPXI) | 2,340,150 |
| Solana Company (HSDT) | 2,064,717 |
| Galaxy Digital (GLXY) | 760,835 |
| Yueda Digital (YDKG) | 749,965 |
| Phoenix Group (PHX) | 508,074 |
| SOL Strategies (HODL, STKE) | 460,017 |
| BitGo Holdings (BTGO) | 318,375 |
| DeFi Technologies (DEFI) | 61,000 |
The nine companies with clear counts hold about 18.4 million SOL, worth roughly $1.95 billion. Forward alone accounts for about 46% of that.
Top 10 Solana holders
Forward Industries (FWDI)
Forward's Oct. 2 update says it held 8,501,298 SOL and equivalents on Sept. 30. That's 948,601 more than at June 30, a 13% gain, and about 1.4% of circulating supply.
The SOL added during the quarter cost an average of $83, but that number is flattered by staking rewards, which carry no cash cost. The original purchases were far pricier: through Nov. 15, 2025, Forward had bought 6,834,505.96 SOL at a net cost of $232.08 each, about $1.59 billion in total.
Debt has grown. Institutional debt rose to $167.5 million from $105 million a quarter earlier, while cash fell to $7.292 million. Forward also announced a $25 million registered direct offering on Sept. 23. At a $7.80 share price, fully diluted net asset value per share was $8.25.
DeFi Development Corp. (DFDV)
DFDV's 8-K shows 2,586,282 SOL and SOL equivalents on Oct. 9 and 2,590,266 on Oct. 16, a gain of about 4,000 in a week. At its Aug. 12 earnings update the figure was 2,311,523, which makes roughly 12% growth since August. SOL per share was 0.066 then, with a long-term goal of 1.0 by December 2028.
Much of the buying is funded by its CHAD preferred stock. The annual dividend rises from $1.30 to $1.40 on Nov. 2, and the company says proceeds from future CHAD issuance will go toward expanding the SOL treasury. It has also authorized a program to repurchase up to all outstanding CHAD shares.
Common shares fell about 21% over the week to Oct. 12, even as holdings grew. CEO Joseph Onorati's response:
"Short-term volatility has not changed our conviction or our commitment to accumulating SOL."
Upexi (UPXI)
Upexi's 10-K reports 2,340,150 tokens at June 30, 2026, bought at an average price of $154. About 95% were staked, and staking produced roughly 135,000 additional tokens during the fiscal year.
The balance sheet is thin. Upexi posted a $246.1 million net loss, driven largely by $195.1 million of unrealized losses on digital assets, and stockholders' equity was negative $53.8 million. After year-end it cut the interest rate on its BitGo Prime credit facility to 7.5% from 11.5%.
Solana Company (HSDT)
CoinGecko shows 2,064,717 SOL with a cost basis of $455.15 million, or about $220 per token.
HSDT also completed a $15 million share offering priced at a 5% premium to NAV, with warrants. Proceeds can go toward buying SOL or repurchasing shares.
Yueda Digital (YDKG)
Yueda Digital Holding formerly known as AirNet Technology, holds a major corporate crypto treasury centered on Solana (SOL), which accounts for roughly 40% to 749,965 SOL alongside Bitcoin and Ethereum.
Galaxy Digital (GLXY)
Galaxy Digital holds 760,835 SOL, which makes up about 3.7% of its total crypto treasury, according to CoinGecko data.
A footnote in Galaxy's Q2 release describes a SOL exposure measure broad enough to include derivatives, hedges, wrapped SOL and its investment in Forward.
Phoenix Group (PHX)
Phoenix Group is the Abu Dhabi miner, not the UK insurer, which was renamed Standard Life plc in March 2026.
Phoenix said in 2025 that it held 514 BTC and more than 630,000 SOL. According to CoinGecko's history, the total Solana Treasury is 508,074, a decrease of 133,926.
SOL Strategies (HODL, STKE)
In its June update, SOL Strategies said it sold 65,001 SOL at an average of CAD $87.88 to settle about CAD $5.75 million of debt. Its treasury held 460,017 SOL on June 30, down from about 524,000 at March 31.
It has also pledged 252,851 SOL to Kamino against C$13.9 million of borrowings, with a 75% liquidation threshold. That's crypto-backed borrowing at corporate scale. The company also closed its $18 million Houdini Swap acquisition on June 1.
BitGo Holdings (BTGO)
BitGo Holdings (BTGO) holds 318,375 SOL acquired for $34.83 million (an average cost basis of $109 per SOL). The position is currently valued at approximately $38.66 million, representing an unrealized profit of about $3.82 million (11.0% gain)
DeFi Technologies (DEFI)
DeFi Technologies holds 61,000 SOL (~$7.15M) on its balance sheet and operates the subsidiary Valour Inc., which manages major regulated Solana ETP products in Europe. The company also integrates Solana trading systems via past intellectual property acquisitions and runs proprietary validator infrastructure.
Roman Zaika
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