Solana’s Strategic Reserves Exceed $4B as Firms Gather 3% of Total Supply

Corporate treasuries based on Solana exceeded $4 billion as businesses persist in accumulating the cryptocurrency, according to recent data.

Information from the reserve tracker, Strategic Solana Reserve, revealed on Tuesday that Solana treasuries reached 17.11 million tokens, valued at $4.03 billion at current rates. These reserves comprised nearly 3% of Solana’s (SOL) circulating supply of over 600 million tokens.

The largest holder was Forward Industries, which possessed more than 6.8 million SOL, equating to $1.61 billion. Other companies, including Sharps Technology, DeFi Development Corp., and Upexi, each held around 2 million SOL, with individual stakes surpassing $400 million.

Institutions continue SOL accumulation

Forward Industries announced the establishment of its Solana reserve on Sept. 8, stating that cryptocurrency-focused firms like Galaxy Digital, Multicoin Capital, and Jump Crypto will support its efforts to create the reserve.

This announcement was succeeded by a SOL buying frenzy, with Galaxy acquiring as much as $306 million in Solana tokens within a single day.

Alongside Forward Industries, Helius Medical Technologies unveiled a $500 million Solana treasury reserve on Monday, supported by crypto venture capital firm Pantera Capital and fund manager Summer Capital.

In a CNBC interview on Monday, Pantera Capital CEO Dan Morehead described Solana as the “fastest, cheapest, most-performing” blockchain network. He also indicated that their company held a $1.1 billion position in the Solana token.