Solana (SOL) treasury companies are following in the footsteps of Bitcoin (BTC) and Ether (ETH), whose rising adoption by public companies has elevated stock prices and attracted media attention.
Digital asset treasuries (DATs) are publicly listed companies that purchase crypto and strive to enhance their tokens per share. This approach appeals to traders seeking crypto exposure through brokerage accounts, offering potential gains that could surpass spot prices.
Today, exchange-traded funds (ETFs) also offer crypto exposure for investors, but DATs can enter the market more rapidly. Furthermore, premiums and discounts to net asset value (NAV) introduce embedded leverage without liquidation concerns, allowing these vehicles to trade independently from the actual value of their held tokens.
While Solana treasuries have less liquidity than those of Bitcoin and Ether, the familiarity and long-term holding inclination of institutional investors could help stabilize sell pressure and attract more conservative capital, indicating the next distribution war in crypto may unfold within public markets.
In the last 30 days, Solana treasury companies accumulated nearly 6.3 million SOL, which accounts for more than 1.6% of the token’s circulating supply, comprising over half of all SOL held in corporate treasuries.
Why Solana DATs are Appealing
SOL ranks as the sixth-largest cryptocurrency globally by market capitalization, and its blockchain network is often viewed as a contender to Ethereum’s supremacy in smart contracts and decentralized finance (DeFi), known for its high throughput and low transaction fees. Nonetheless, as a treasury asset, Solana’s digital asset treasuries are still less developed than those surrounding Bitcoin and Ether.
Collectively, Solana treasury companies possess about 2.46% of SOL’s supply, valued at nearly $3 billion, as reported by CoinGecko. Only four companies hold more than 0.01%, with Forward Industries leading at 1.249%, followed by DeFi Development Corp (DFDV), Upexi, and Sharps Technology, each holding over 0.35%.
“After examining various Layer 1s, it became evident that Solana is leading the technological race,” stated Joseph Onorati, CEO of DFDV, in a conversation with Cointelegraph.
“Ethereum may hold the mindshare, but when assessing actual usage and efficiency, Solana surpasses almost every metric. Yet, it is trading at about one-fifth of Ethereum’s market cap,” he noted, suggesting a strong belief in Solana’s growth prospects.
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Solana treasuries enable investors to gain asset exposure through traditional channels, like established brokerage accounts. Currently, no spot Solana ETFs are available, although analysts anticipate approval once the Securities and Exchange Commission resumes normal operations following the ongoing US government shutdown.
In contrast to ETFs, which passively replicate asset prices, Solana DATs can actively manage their holdings. For example, DFDV stakes its Solana, manages its own validator, and engages in DeFi strategies to generate returns and increase token holdings, even in a stagnant market. While ETF applicants are beginning to incorporate staking features into their submissions, DATs still enjoy greater flexibility in expanding their token portfolios.
“Digital asset treasuries represent a superior vehicle. In the long run, they will fully replace ETFs,” Onorati expressed.
Solana additionally benefits from greater familiarity and exposure among altcoins, with many institutional investors already recognizing its ecosystem and willing to engage in longer-term holdings.
“The association with FTX indeed impacted Solana’s price and perception initially,” remarked Thomas Chen, CEO of Bitcoin infrastructure firm Function. “However, despite the largely negative attention at that time, it also provided Solana with significant visibility among investors. It helped raise awareness that the ecosystem still had genuine activity, staking, and real products.”
In March 2024, the estate of the bankrupt FTX disclosed plans to sell 41 million SOL to institutional investors at a 68% discount. This sale secured billions of dollars’ worth of SOL under a four-year vesting agreement, effectively transforming a market surplus into a long-term institutional investment in Solana.
Challenges in Solana DAT Models
Despite their promise, Solana treasury companies encounter structural obstacles that hinder scalability. Liquidity remains limited compared to Bitcoin and Ether counterparts, and Solana DATs are vying for the same investor pool.
“Liquidity dynamics are crucial,” emphasized Tim Chen, global head of strategy at Mantle and brother of Thomas Chen. “[Our strategy] trades tens of millions of shares daily, and Ethereum proxies are on the rise. Solana DATs trade considerably less.”
Concentration risks are also a concern. Although existing Solana DATs collectively hold only a small percentage of the total supply, significant accumulation by a single company would invite regulatory scrutiny.
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Chen classified digital asset treasuries into three categories: Bitcoin-focused treasuries as pure store-of-value investments; Ethereum and Solana as intermediate entities (mature enough for institutional engagement but still evolving); and other altcoins capable of developing more dynamic models.
“These models are still in their infancy,” he added, “but if executed correctly, they could outperform larger caps in relative impact because they are structured from the ground up to deliver value to the ecosystem, not solely to shareholders.”
Solana DATs Going Global
Solana DATs are advancing asset maturation and potentially addressing one of Solana’s token inflation issues. The current 4.24% inflation rate is set to gradually decline to a long-term floor of 1.5%. Staking enables long-term holders to mitigate that dilution, and treasury companies assist by securing tokens and signaling institutional confidence.
Mantle’s Chen mentioned that Solana DATs can serve as a supply sink only if new capital flows in from traditional finance.
“You need to scrutinize the filings,” he advised. “Are DATs acquiring new SOL, locked SOL, or obtaining contributed SOL from existing holders? Without a net new influx, you’re merely redistributing coins.”
As Solana experiences increased corporate adoption, DFDV is seeking to expand the model further. The company has introduced a “treasury accelerator” to foster the establishment of localized DATs in different countries, where tax regulations, currencies, and investor demographics vary. DFDV has rolled out Solana treasury franchises in South Korea and Japan.
This initiative follows models like Japan’s Metaplanet and David Bailey’s Nakamoto framework—public companies that have turned their listings into avenues for crypto exposure.
Critics often view such strategies as mere rebrands for struggling enterprises, but Onorati asserts it’s a matter of efficiency rather than rescue.
“It’s not that these companies are failing,” he clarified. “It’s simply the quickest route to market.” Once the crypto approach gains traction, the original business often becomes secondary to the treasury activities that enhance shareholder value.
From tackling inflation to international franchising initiatives, Solana’s treasury movement is blending crypto-native principles with corporate financial strategies. What began as an experiment surrounding Bitcoin and Ether is now extending to Solana—a network that is faster, more volatile, and increasingly recognized by institutions. Solana’s DATs represent the next phase where public companies directly engage in the ecosystems they invest in.
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