Corporate treasuries holding Solana (SOL) tokens have reached a massive $4.03 billion, representing nearly 3% of the cryptocurrency's total circulating supply. According to Strategic Solana Reserve data, these holdings amount to 17.11 million SOL tokens, with Forward Industries leading the pack with 6.8 million SOL worth $1.61 billion.
The corporate buying spree mirrors the strategy popularized by MicroStrategy with Bitcoin. Forward Industries announced its Solana reserve formation on September 8, with backing from major crypto firms including Galaxy Digital, Multicoin Capital, and Jump Crypto. Other significant corporate holders include Sharps Technology, DeFi Development Corp, and Upexi, each holding approximately 2 million SOL tokens valued over $400 million per company.
Galaxy Digital made headlines with a massive $306 million Solana purchase in a single day following Forward Industries' announcement, while Helius Medical Technologies launched a $500 million Solana treasury reserve on Monday with Pantera Capital and Summer Capital leading the initiative.
Pantera Capital CEO Dan Morehead described Solana as the "fastest, cheapest, most-performing" blockchain network during a CNBC interview, revealing his company holds a $1.1 billion position in SOL tokens. Corporate holders benefit from approximately 8% staking yield annually, meaning a company with $500 million in holdings could earn $40 million yearly.
Derivatives data shows growing investor demand, with futures open interest surging to over $16 billion from $6.8 billion at the start of 2024. The Securities and Exchange Commission is expected to approve spot Solana ETFs in October, potentially providing another catalyst for institutional adoption.
Technically, SOL has recovered from April lows of $94.95 to current levels around $233, with analysis pointing to a potential target of $295 (the previous all-time high), representing approximately 25% upside from current levels. The token trades above the Ichimoku cloud indicator, with the MACD recently crossing above the zero line, supporting continued gains.