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SOL treasury companies

SOL treasury companies: listed companies putting SOL on the balance sheet

From 2025 a group of US-listed companies began raising money through share and debt issuance to buy and stake SOL, copying the "bitcoin treasury company" playbook. They bring new buying, and new chain-reaction risks.

Forward Industries ↗DeFi Development ↗← Back to key players

What they are

The “treasury company” idea comes from bitcoin: a listed company keeps raising money to buy bitcoin, and its shares become a kind of “leveraged bitcoin”. In 2025 the playbook was copied for SOL.

Unlike bitcoin, SOL can be staked: treasury companies stake the SOL they buy and earn a staking yield every year, which has become the main story they tell investors.

Examples

  • DeFi Development: converted from a small listed company in April 2025, one of the first SOL treasury companies.
  • Upexi: announced a raise to buy SOL in April 2025.
  • Sharps Technology: announced a raise of about $400 million to buy SOL in August 2025.
  • Forward Industries: completed a raise of about $1.65 billion in September 2025 with participation from Galaxy, Jump, Multicoin and others, and a Multicoin co-founder became chairman. It is the largest of the group.

How much SOL each holds changes as they add to positions; company announcements and financial reports are the authority.

How it works

  1. The company issues shares or convertible bonds to raise money from investors.
  2. It uses the money to buy SOL and stakes it for yield.
  3. If the share price is above the “SOL value per share” (a premium), the company can keep issuing and buying, creating a loop.

Where the risks are

  • The premium disappears: once the share price falls below the value of the holdings, issuing shares to buy SOL no longer makes sense; the loop stops and can even reverse into selling SOL to buy back shares.
  • Concentration and contagion: a few companies hold a lot of SOL; if debt or share-price pressure forces them to sell at the same time, SOL’s decline is amplified.
  • Conflicts of interest: major shareholders and directors of some treasury companies are also early SOL investors or ecosystem participants.

What to watch

  1. The SOL holdings and average cost each company announces.
  2. The share price premium to holdings (often called mNAV).
  3. Convertible bond maturities and terms: a weak share price before maturity can force SOL sales.

Sources

  • Company announcements and SEC filings; amounts raised are as announced by the companies.
  • This page is an educational summary and is not investment advice, nor a recommendation of any stock.