Solana Treasuries Top $1.5B and Counting as Public Firms Stack SOL Like Socks 🧦

Forward Industries (FWDI) holds the largest publicly traded Solana treasury with 7,044,079 SOL, accumulated after a roughly $1.6 billion buying spree in September 2025, according to the firm's latest March 2026 update. Backed by a $1.65 billion private investment in public equity (PIPE) from Galaxy Digital, Jump Crypto, and Multicoin Capital, the medical design firm has staked its entire SOL position, generating about $4.6 million in staking revenue in Q4. With Solana changing hands near $69 in June, the stash is now valued at approximately $486 million.

Forward's growth ambitions have extended beyond accumulation. The company has announced plans to raise an additional $4 billion to buy more Solana, tokenized its own shares on the Solana blockchain, and in June 2026 launched unsolicited all-stock takeover bids for two rivals, the Solana Company (HSDT) and Brera Holdings (SLMT), both of which declined the proposals. Forward said it was "disappointed and surprised" that the HSDT board rejected the offer.

Consumer products company Upexi launched its own Solana treasury in April 2025 and has continued adding to its position, joining a growing roster of public firms treating SOL as a balance sheet asset. Together, the top five publicly traded Solana treasury companies have held billions of dollars' worth of SOL at peak valuations, reflecting a corporate trend that began with Strategy's Bitcoin acquisitions in 2020 and has since expanded to Ethereum, XRP, and now Solana.