Solana treasury companies and exchange-traded funds (ETFs) collectively acquired close to 5% of the total SOL supply throughout 2025. This significant accumulation, totaling over 28 million SOL tokens, has reshaped the token's circulating structure, tightening available liquidity and concentrating economic power within the ecosystem.
The treasury entities, including firms like Forward Industries, Solana Company, and DeFi Dev Corp, were responsible for the bulk of the buying, accumulating over 20 million SOL worth approximately $2.6 billion. However, their strategy shifted notably in the final quarter. Despite a drop in SOL's market price, these companies halted net purchases in December, pivoting to a defensive posture focused on managing existing capital rather than deploying more. A portion of their holdings was allocated to staking to support network validators.
The financial health of these treasury companies deteriorated significantly over the year. Forward Industries, holding $871 million worth of SOL, saw its market capitalization fall to just $608.8 million, indicating waning investor interest in equity-based SOL exposure. Solana Company's stock price plummeted from $772.50 in March to $2.78 by year-end, while DeFi Dev Corp's shares fell from $53.88 to $5.76. Both firms now rely heavily on internal revenues from staking rewards and fees.
In contrast, Solana ETFs maintained net inflows through late 2025, ending the year with 7.86 million SOL and surpassing $1 billion in assets under management. This continued accumulation provided a counterbalance to the paused corporate buying. However, analysts note that ETF flows are price-sensitive and volatile, and do not guarantee long-term retention; holdings could reverse quickly if market sentiment shifts.
Despite this substantial institutional accumulation and strong on-chain fundamentals—with Solana ranking among the top fee-generating networks and social engagement rising over 10%—the price of SOL struggled to break out. It ended 2025 trading near $128, failing to confirm new highs. The price stagnation is attributed to sustained selling pressure from applications funding operations, which outpaced the institutional buying, muting its price impact.
