Corporate treasuries now own over$4B in Solana (SOL) as corporate investors rush into the market based on new data from the Strategic Solana Reserve.
Companies now hold 17.11 million SOL tokens this week with the value of approximately $4.03 billion calculated with Solana current price of $237.05. That is almost 3% of the circulating supply of just more than 600 million tokens for the network.
Big players leading the charge
The biggest individual holder is Forward Industries who holds 6.8 million SOL valued at approximately $1.61 billion. At the same time, a variety of companies including Sharps Technology, DeFi Development Corp., and Upexi control about 2 million SOL each, with figures exceeding $400 million.
This was followed by an official statement by Forward Industries, who announced their Solana reserve on Sept. 8.
Lags way behind Bitcoin and Ethereum
The Solana treasuries are on a whole another level but they are still smaller even combined than corporate reserves in Bitcoin and Ethereum >> 6/
Corporates have accumulated over 3.71 million BTC ($428 billion) in total BTC treasuries scaling 17% total supply, according to data from BitcoinTreasuries. NET.
Ethereum — More than 5 million ETH (over $22 billion) kept by firms, and an additional 6.77 million ETH in ETFs lead to over $30 billion of ETH held by institutions💵
Institutions double down on SOL
The reserve ecosystem of Solana is being directly influenced by enormous crypto-native companies like Galaxy Digital, Multicoin Capital, and Jump Crypto. For instance, it is reported that Galaxy alone has bought $306 million of SOL in one day.
Helius Medical Technologies, for its part, announced the establishment of a $500m Solana reserve this week, with backing from Pantera Capital & Summer Capital
Dan Morehead, the CEO of Pantera Capital, described Solana in a CNBC interview as the “fastest, cheapest, most-performing blockchain network”, and revealed that his firm has established a $1.1 billion position in SOL.
What it means
As Solana is still at an infant stage in terms of its treasury market compared to Bitcoin and Ethereum, the fact that the pace of institutional accumulation is this high reflects increasing faith in the blockchain. And Solana is making its case as a legitimate entry in the crypto wallets of corporations, with heavyweight firms buying in.
