| Stock | Icon | 1-year performance (to Dec. '25) | 5-year performance (to Dec. '25) | Link |
|---|---|---|---|---|
| Upexi (UPXI) |  |
-27.07% | -96.24% (3 years – 2021 IPO) | Invest Capital at risk |
| DeFi Development Corp. (DFDV) |  |
9,023.04% | 5,328.35% (2 years – 2023 IPO) | Invest Capital at risk |
| Sol Strategies Common Shares (STKE) |  |
53.18% | 6,363.41% (3 years) | Invest Capital at risk |
| Classover Holdings Class B (KIDZ) |  |
-96.16% | -95.80% (3 years) | Invest Capital at risk |
| Torrent Capital Ltd (TRRPF) |  |
1.00% | -37.61% | Invest Capital at risk |
| Sharps Technology (STSS) |  |
-99.50% | -99.26% (3 years – 2022 IPO) | Invest Capital at risk |
| Mercurity Fintech Holding ADR (MFH) |  |
1.54% | 121.31% | Invest Capital at risk |
| Artelo Biosciences (ARTL) |  |
-70.35% | -43.83% | Invest Capital at risk |
| BIT Mining Limited (BTCM) |  |
-53.59% | -94.44% | Invest Capital at risk |
| Forward Industries (FORD) |  |
166.62% | -40.55% | Invest Capital at risk |
Solana is best known for its lightning-fast transaction speeds and low fees, and is now finding a new home on the balance sheets of listed companies.
Just like any asset, Solana (SOL) can be held by companies as part of their treasury management.
A Solana treasury strategy involves holding SOL on the balance sheet as an investment or operational reserve. Some companies are doing this to align with blockchain growth, while others use it to power staking or DeFi services.
Whatever the reason, Solana’s speed, scalability and growing DePIN (Decentralised Physical Infrastructure) ecosystem make it an attractive play for companies looking to participate in next-gen finance.
Buying shares in companies that hold SOL can be a way to gain exposure to the Solana ecosystem without directly owning crypto.
For retail investors, this can be a more regulated or familiar path. No wallets, no seed phrases, just good old-fashioned shares. And for traders, SOL-linked companies can offer opportunities tied to token price action, corporate developments or broader blockchain momentum.
Companies that hold SOL are also usually deeply involved in the future of DeFi. So buying shares in a Solana treasury companies is pinning your money to the growth of decentralised apps (dApps), especially NFTs and DeFi.
If you're interested in investing in this industry, take a closer look at what companies in this industry do and how the stocks have historically performed. Keep in mind that positive past performance doesn't guarantee that a stock will continue to rise in the future.
Upexi has accumulated a massive solana treasury to diversify its digital assets portfolio and gain exposure to one of the fastest-growing smart contract platforms. The company says it’s solana treasury strategy follows proven success models from companies like MicroStrategy while also capitalizing on the growth of solana. It’s also a marketing play for the company. Upexi has said it will promote visibility of the treasury through social posts, webinars and podcasts.
Upexi is listed on the NASDAQ, has a trailing 12-month revenue of around 15.8 million and employs 59 staff.
Capital at risk
DeFi Development Corp. operates an online platform that provides data and software solutions that connect the commercial real estate industry to multifamily and commercial property professionals. The company offers Janover Pro, which provides an online matchmaking service where borrowers or brokers can get loans, and lenders can provide financing; Janover Connect, an investor portal; Janover Engage, a solution for the equity marketplace; and Janover AI, an artificial intelligence technology.
DeFi Development is listed on the NASDAQ, has a trailing 12-month revenue of around $2 million and employs 14 staff.
Capital at risk
Sol Strategies is a pure-play blockchain investment company, and SOL is one of its key holdings. The firm sees Solana as an undervalued asset with high throughput and strong developer traction, and uses it in its trading and staking strategies.
Sol Strategies IncCommon Shares is listed on the NASDAQ.
Capital at risk
Classover recently pivoted into the blockchain space and acquired SOL to support new decentralized education technology products. Its growing treasury reflects a commitment to developing Solana-based learning tools.
Classover Holdings IncClass B Common Stock is listed on the NASDAQ.
Capital at risk
Torrent is a blockchain investment holding firm, and SOL is part of its diversified crypto portfolio. The company stakes its solana to earn passive yield while supporting network security.
Torrent Capital is listed on the PINK and has a trailing 12-month revenue of around $8.9 million.
Capital at risk
While most of the Solana treasury activity we can verify is from public companies, private firms are also increasingly holding SOL. These include Web3 startups, crypto hedge funds, and blockchain infrastructure players. However, unlike listed companies, they’re not required to disclose their holdings, so it’s harder to track.
That said, it’s likely many of Solana’s biggest ecosystem partners are holding SOL in some capacity, whether for staking, liquidity provision or treasury diversification.
After a rocky 2022–2023, Solana has staged one of the most remarkable comebacks in crypto.
With its fast transaction speeds and rising adoption in the decentralised app (dApp) space, some analysts are predicting Solana will hit over US$800 in the next few years.
Solana’s momentum hasn’t gone unnoticed by the public markets.
Several listed companies, including Upexi (NASDAQ: UPXI), DeFi Development Corp (NASDAQ: DFDV), and Sol Strategies (CSE: HODL) have now bet almost their entire balance sheet strategies on accumulating SOL.
They believe Solana’s low fees and scalability make it a foundational layer for next-gen DeFi, NFTs, and consumer apps.
How do you invest in Solana treasury companies?
You can invest in Solana-holding companies the same way you’d invest in any other public stock, but there are a few things to keep in mind.
Some of these companies trade on major exchanges like the NASDAQ or CSE, but many are over-the-counter (OTC) stocks. This means you’ll need a broker that supports OTC trading, which not all Australian platforms do.
These are also mostly small or micro-cap companies, which can make them more volatile, thinly traded, and subject to looser reporting standards. That’s not necessarily a dealbreaker, but it does mean you’ll need to do more homework and be comfortable with the risks.
ETFs: Certain crypto equity ETFs, like the BetaShares CRYP, offer indirect exposure to SOL or companies in the crypto space.
International brokers: Platforms like Stake or Superhero offer access to US-listed Solana treasury stocks such as Upexi or DeFi Development Corp.
Always double-check the company’s financials and disclosures to confirm how much of their value is actually tied to SOL — and whether they still hold it.
It’s not a one-size-fits-all approach. But here are the pros and cons:
"Solana treasury companies offer more than just token exposure. Some are building real products and earning real yield. Look beyond the headlines and focus on how SOL fits into their broader strategy"
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