Solana-based corporate treasuries have now surpassed $4 billion, according to new data. Companies continue to accumulate the cryptocurrency, with Strategic Solana Reserve data showing Solana treasuries have hit 17.11 million SOL tokens, worth $4.03 billion at current prices.
This accumulation represents nearly 3% of Solana’s circulating supply, which exceeds 600 million tokens.
Largest participants in the Solana reserve
The largest participant in these reserves is Forward Industries, which holds more than 6.8 million SOL tokens, valued at $1.61 billion. Other key firms, such as Sharps Technology, DeFi Development Corp., and Upexi, each hold approximately 2 million SOL, with individual allocations exceeding $400 million.
Forward Industries announced the formation of its Solana reserve last Monday, with backing from crypto-native companies like Galaxy Digital, Multicoin Capital, and Jump Crypto. This announcement was followed by a SOL buying spree, with Galaxy Digital purchasing up to $306 million in Solana tokens in a single day.
Additionally, Helius Medical Technologies launched a $500-million Solana treasury reserve, also backed by Pantera Capital and Summer Capital.
Solana reserves compared to Bitcoin and Ether
While Solana reserves are gaining momentum, they still have a long way to go before reaching the scale of Bitcoin and Ether reserves.
According to BitcoinTreasuries.NET, there are currently 3.71 million BTC in treasuries, worth around $428 billion, which constitutes 17% of the total Bitcoin supply of 21 million.
Meanwhile, Ether-based reserves are significantly larger. The Strategic ETH Reserve data shows that corporate entities hold nearly 5 million ETH, valued at over $22 billion. Additionally, ETH held in ETFs is around 6.77 million ETH, worth over $30 billion.