Michael Saylor · U.S. Treasury · Bitcoin · Ethereum · Decrypt
The 5 Largest Publicly Traded Solana Treasury Firms
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Michael Saylor popularized the digital asset treasury when his firm Strategy began buying Bitcoin in 2020, racking up over $53 billion worth of BTC in the years since—and inspiring a wave of followers.
Key facts
- What started with a $100 million raise to fuel SOL purchases has now turned into more than 2.36 million Solana, valued around $163 million
- The firm holds nearly 2.3 million SOL, worth about $158 million at today’s Solana price, accumulating the amount across various purchases since establishing its treasury strategy in April 2025
- The firm first announced plans to raise $500 million via a PIPE offering led by notable crypto firms Pantera Capital and Summer Capital in mid-September 2025
- To show his commitment to the firm’s mission, the firm’s CEO Allan Marshall publicly disclosed the purchase of 150,000 shares of UPXI in December—valued around $285,000 at the time
Summary
Publicly traded firms are starting to stack up Solana in addition to Bitcoin and Ethereum. The top firms have collectively amassed over $1 billion worth of SOL. The leader, Forward Industries, maintains a balance of more than 7 million SOL on its own. Now, publicly traded firms are moving down the risk curve and adding different crypto tokens to their balance sheets, including Ethereum and XRP.