These 4 public companies have millions in Solana: one already earns $50 million

In an environment where Bitcoin has historically dominated institutional narratives, Solana (SOL) is beginning to establish itself as a strategic alternative on the balance sheets of public companies. 

According to the latest CoinGecko report, four listed companies have accumulated over 3,5 million SOL, equivalent to over $591 million. One of them, DeFi Developments Corp, is already recording unrealized gains of up to $50 million, marking a milestone in the corporate adoption of digital assets beyond the Bitcoin ecosystem.

The figures published in the report reveal a growing conviction in Solana as a store of value and strategic asset, with companies not only purchasing but also actively participating in its ecosystem through staking and incremental acquisitions. 

In this article, we analyze who these players are, how they structured their positions, and what implications this trend has for the future of corporate treasuries in cryptocurrencies.

Upexi: An aggressive entry with a long-term vision 

Upexi, Inc. has become the largest corporate holder of Solana, with a position of 1,9 billion tokens acquired in just four months, according to the reportThis accelerated accumulation, which began in April, was carried out at an average price of $168,63 per SOL, representing a total investment of $320,4 million. At the end of August, its holdings were valued at $342 million, with a unrealized gain of $22,4 million.

Beyond the amount invested, what stands out in Upexi's case is its staking strategy. The company has delegated all of its SOL, earning an 8% annual return, according to data from June 30. This decision suggests a long-term vision and a commitment to the sustainability of the Solana ecosystem, beyond mere price appreciation.

On the other hand, the speed with which Upexi built its position reflects a rare institutional conviction in alternative assets. In a market where many companies are still exploring altcoin exposure, Upexi has opted for a significant allocation, positioning itself as a leader in corporate Solana adoption. Its operational approach, which combines aggressive accumulation and active participation in the network, could set a precedent for other firms considering diversifying their treasuries beyond Bitcoin and Ethereum.

DeFi Developments Corp: The Most Profitable Bet So Far 

DeFi Developments Corp, the second largest SOL holding company, has demonstrated that a progressive accumulation strategy can translate into concrete financial results. 1.182.685 SOL acquired At an average price of $137,07, the company has invested $162,1 million. At current market value, its holdings amount to $212,8 million, representing a unrealized gain of $50,7 million, the highest among its peers.

DeFi Dev's latest acquisition was made on July 29, when they purchased 181.303 SOL for $28,2 million, at a price of $155,33 per token. This recent move confirms that the company is not only maintaining its position, but is continuing to expand it, with no signs of liquidation in the near term.

What's interesting about the DeFi Dev case is its consistency. Unlike speculative or hedging strategies, its accumulation responds to a sustained investment thesis. The company has not communicated any plans to sell it, suggesting it views Solana as a strategic asset on its balance sheet. This stance reinforces the narrative that cryptocurrencies, particularly those with robust ecosystems like Solana, are beginning to occupy a legitimate place in corporate financial structures.

SOL Strategies: Methodical accumulation and active participation 

Toronto-based investment firm SOL Strategies has adopted a more measured but equally effective approach. From June 2024 to July 2025, the firm accumulated 392.667 SOL through periodic purchases and staking rewards. Its average acquisition price was $166,86, representing an investment of $62,1 million. Its holdings are currently valued at $70,6 million, with a unrealized gain of $8,5 million.

What sets SOL Strategies apart is its strategy of dollar-cost averaging (DCA), a technique that seeks to mitigate volatility through regular purchases. This methodology, common in traditional investments, reflects institutional maturity in digital asset management. Furthermore, active participation in staking indicates that the firm not only seeks financial exposure, but also involvement in the governance and sustainability of the network.

Torrent Capital: A modest but well-timed position 

Torrent Capital, although with a significantly smaller position, has demonstrated that timing can be as important as volume. The firm acquired 40.039 SOL between January and April 2025, at an average price of $161,84 per unit. Its total investment was $6,5 million, and at the end of August its holdings were valued at $7,2 million, with a unrealized gain of $0,70 million.

According to the platform's analysts, what stands out in Torrent Capital's case is its early entry, before Solana's main rally. This anticipation allowed it to secure a position with positive returns, even without making significant or additional purchases. Although its volume is modest compared to others like Upexi or DeFi Dev, its strategy reflects an accurate reading of the market and efficient execution capabilities.

Torrent Capital hasn't reported any new acquisitions or staking participation, suggesting a more conservative stance. However, its presence on the list of public companies with Solana holdings indicates that even less-exposed players are recognizing the value of diversifying their balance sheets with digital assets. Its case reinforces the idea that corporate crypto adoption doesn't require large volumes, but rather well-founded strategic decisions.

Solana and the New Institutional Era: Crypto Adoption Beyond Bitcoin

Solana's presence on the balance sheets of public companies marks a turning point in the institutional narrative surrounding cryptocurrencies. Beyond Bitcoin and Ethereum, assets like SOL, XRP, and others are beginning to establish themselves as legitimate stores of value and strategic participation. 

The four companies analyzed in the CoinGecko report—Upexi, DeFi Developments Corp, SOL Strategies, and Torrent Capital—represent diverse approaches, from aggressive accumulation to methodical strategies, but they all share one conviction: Solana has a place in the future of corporate finance.

This phenomenon not only validates the maturity of the Solana ecosystem, but also heralds a new era in institutional adoption of cryptoassets. With over $591 million at stake and profits already exceeding $50 million, corporate interest in Solana is far from anecdotal. It's a clear sign that the market is evolving, and that the treasuries of the future could be as decentralized as the networks that inspire them.