What are the origins of the 18 SOL treasury companies?

Deng Tong, Jinse Finance

As of September 29, 2025, the 18 entities that established the Solana Treasury held a total of 20.921 million SOL, representing 3.64% of the current total supply. Approximately 12.468 million SOL were staked, with an average staking yield of 7.7%, representing 2.168% of the total supply.

This article briefly describes the main businesses of the 18 companies holding SOL and their latest developments in the cryptocurrency space.

1. Forward Industries (FORD)

Forward Industries, Inc. (NASDAQ: FORD) was founded in 1961 and is headquartered in Hoppaug, New York. Forward Industries and its subsidiaries are engaged in the design, manufacture, procurement, marketing and distribution of carrying and protection solutions. The company operates through OEM Distribution and Design divisions. The OEM Distribution division purchases and distributes carrying cases and other accessories for medical monitoring and diagnostic kits; as well as other portable electronic and non-electronic products such as sports and leisure products, barcode scanners, GPS positioning devices, tablets, and firearms. The Design division provides hardware and software product design and engineering services. Forward Industries sells its products to original equipment manufacturers in the United States, Poland, Germany, China, and internationally. On September 22, Forward Industries announced a partnership with fintech company Superstate to tokenize Forward Industries (FORD) shares on Solana through Superstate's Opening Bell. If the plan goes forward, shareholders will be able to connect their common shares between their brokerage accounts and Solana, potentially enabling 24/7 trading, near-instant settlement, and a new global liquidity pool. On September 17, Forward Industries announced it had filed a $4 billion ATM plan with the U.S. SEC to fund its Solana treasury strategy. The plan will be used for general corporate purposes, including continuing to execute on the Solana strategy, acquiring income-generating assets, and other capital expenditures. On September 8, Forward Industries announced a $1.65 billion private placement for its Solana treasury strategy.

Kyle Samani, Chairman of the Board of Forward Industries, stated that the company's series of actions reinforced their belief that Solana will occupy a core position in the capital markets and enable shareholders to directly participate in the future tokenized economy.

Since the announcement of Solana's treasury strategy, the company's stock price has soared to a high of nearly $40 and is currently trading at $29.23 as of press time.

2. Sol Strategies (CFRF)

Sol Strategies is a Canadian public company focusing on investment and infrastructure services in the Solana blockchain ecosystem. The company was founded in 2018 and was formerly known as Cypherpunk Holdings. Its founder is Antanas Guoga. After taking office in 2024, CEO Leah Wald promoted the company's full transformation to the Solana field. On September 23, Leah Wald announced that she would step down on October 1.

• On September 24, SOL Strategies announced that it had raised $25 million in a private placement through the sale of the company's common shares and common share warrants, pursuant to the listed issuer financing exemption requirements of the Canadian Securities Administrators. Canaccord Genuity Corp. will serve as lead agent and sole bookrunner. The proceeds will be used for general corporate purposes and digital asset investments to drive the growth of SOL's treasury.

• On July 29, Cathie Wood's ARK Invest announced that it had selected Canada's SOL Strategies as the exclusive Solana staking partner for its "Digital Asset Fund." Under the agreement, ARK Invest will migrate its validator node business to SOL Strategies' staking infrastructure.
  

As news of its partnership with ARK continued to spread, the company's stock price soared from less than $1 to a high of over $9, reaching $4.95 as of press time.

3. Sharps Technology (STSS)

Founded in 2017 by Alan R. Blackman and Barry B. Berler, Sharps Technology specializes in the development and commercialization of medical devices, including smart safety syringes. On September 16, Sharps Technology announced a partnership with community-driven platform BONK, intending to leverage BONK's liquidity staking infrastructure to stake a portion of its SOL tokens on its BonkSOL platform in an effort to generate staking returns. On September 11, Sharps Technology and Pudgy Penguins entered into a strategic partnership aimed at increasing exposure and connectivity for Solana digital asset management and accelerating institutional adoption of Pudgy Penguins' NFT collection. On August 25, Sharps Technology announced the completion of a private PIPE financing round exceeding $400 million, aiming to establish the world's largest Solana (SOL) digital asset vault. Investors include ParaFi, Pantera, Monarq, and others. Sharps Technology also signed a letter of intent with the Solana Foundation to purchase $50 million in SOL at a 15% discount to the 30-day average price.

After news of Sharps Technology's plan to establish a SOL treasury spread, its stock price exceeded $16, then fell back to $6.72 as of press time.

4. DeFi Development (DFDV)

DeFi Development Corp. is a company focused on blockchain and cryptocurrency. Founded in 2018 as Janover Inc., it was initially a B2B fintech company operating a platform connecting commercial real estate borrowers and lenders. It was renamed DeFi Development Corp. in April 2025.

• On September 24, DeFi Development announced that it had been approved for a $100 million share repurchase.

• On September 18, DeFi Development purchased an additional 62,745 SOL tokens, valued at approximately $14.6 million, bringing the company's total SOL holdings to over 2 million.

• On September 5, DeFi Development announced the launch of the ".dfdv" domain name service, allowing individuals, projects, and institutions to register personalized digital identities under this domain name and use them as digital wallet addresses.

• On August 27, DeFi Development joined the stablecoin network Global Dollar Network.

After the name change in April of this year, the company's stock price soared, reaching a high of $35 and was trading at $15.34 as of press time. 5. Upexi (UPXI) Founded in 2018, Upexi was formerly known as Grove, Inc. and changed its name to Upexi, Inc. in August 2022. Upexi began as a producer and distributor of CBD (cannabis extract), focusing on the production and sale of health and wellness products. Through a series of acquisitions, Upexi expanded its business into consumer brand operations and SaaS programmatic advertising technology, with product lines spanning multiple consumer scenarios, including health and wellness and pet care. In 2025, Upexi shifted its focus to Bitcoin and cryptocurrencies, establishing a digital currency holding company to capture investment opportunities in crypto assets. In April 2025, Upexi announced a $100 million investment led by renowned crypto market maker GSR, approximately 95% of which will be used to establish and operate the Solana Treasury. On August 12, BitMEX co-founder Arthur Hayes joined Upexi's first advisory board. The board will drive strategic development, increase market exposure, and attract additional capital to Upexi's Solana Treasury. On May 13, Upexi announced that it would use BitGo to custody its $1 billion Solana assets, enabling over-the-counter trading and staking. Following the news of the SOL Treasury, Upexi's stock price soared from around $2 to a high of nearly $16 before gradually retreating to $5.22 at press time. 6. Solmate (BREA) Founded in 2022, Brera Holdings was formerly known as Brera Holdings. Brera Holdings was originally a Nasdaq-listed sports holding company focused on multi-club operations. Following the transformation, Solmate plans to accumulate and stake Sol while developing revenue-generating cryptocurrency infrastructure in the UAE, including deploying bare metal servers configured as Solana validator nodes in Abu Dhabi.

• On September 18, Brera Holdings announced it was changing its name to Solmate and raising $300 million to launch the SOL Treasury. Investors include UAE technology and blockchain consulting firm Pulsar Group, the Solana Foundation, RockawayX, and ARK Invest. Former Kraken Chief Legal Officer Marco Santori will serve as Solmate's CEO.
  

The news of the transformation to the SOL Treasury caused the company's stock price to soar from around $7 to over $26, and was trading at $24.71 as of press time.

7. Mercurity Fintech (MFH)

Mercurity Fintech is a blockchain-driven financial technology group established in July 2011.

• On July 22, Mercurity Fintech Holding Inc. announced the launch of a share repurchase program of up to US$10 million to strengthen confidence in its Solana and Bitcoin financial strategy and enhance shareholder value. On July 21, Mercurity Fintech Holding Inc. announced it had signed a securities purchase agreement with institutional investors to raise $43.7 million through a registered direct offering. The funds will be used to advance the company's crypto finance strategy, including ecosystem staking, tokenized yield instruments, and the development of institutional-grade on-chain financial infrastructure. On July 21, Mercurity Fintech Holding Inc. announced a $200 million equity credit facility with Solana Ventures Ltd. to launch its digital asset treasury strategy based on the Solana blockchain. On June 11, Mercurity Fintech Holding Inc. announced plans to raise $800 million to establish a long-term Bitcoin reserve. As of press time, the company's stock price had reached its highest point since the second half of 2018, trading at $18.19. 8. iSpecimen Inc. (ISPC) iSpecimen Inc. was founded in 2009 by Christopher Ianelli. iSpecimen operates an online marketplace that provides biospecimens to life science researchers worldwide. The company developed and operates the iSpecimen Marketplace, a proprietary online marketplace platform that connects medical researchers in need of subjects, samples, and data with hospitals, laboratories, and other organizations that own these resources.

  • On September 4th, iSpecimen Inc. (ISPC) announced that it had been approached by several cryptocurrency companies offering investment opportunities. The company is planning to build a digital asset library worth $200 million, aiming to diversify its balance sheet and support growth plans through tokenized real-world assets and top-ranked cryptocurrencies.
    

  Following the launch of the SOL Treasury, the company's stock price rose from below $1 to a high of nearly $2, and was trading at $1.17 as of press time. 9. Helius Medical Technologies, Inc. (HSDT) Founded in 2014, Helius Medical Technologies, Inc. is a neurotechnology company focused on neurological health. On September 22, Helius Medical Technologies, Inc. announced its first purchase of Sol (SOL) as part of its digital asset library strategy. The company currently holds over 760,190 Sols at an average cost basis of $231. On September 15th, Helius, the Solana infrastructure provider, secured over $500 million in funding, led by Pantera Capital and Summer Capital, to establish the Solana Treasury. Joseph Chee, Chairman of Summer Capital and Vice Chairman of AMINA Bank AG, will serve as Executive Chairman. Cosmo Jiang, General Partner of Pantera Capital, will serve as a Board Observer, and Dan Morehead, Founder and Managing Partner of Pantera Capital, will serve as an advisor. Since the launch of the Solana Treasury, Helius's stock price has risen from around $7 to over $24.
  

  

  10. Classover Holdings Inc. (KIDZ)

  Classover Holdings Inc., founded in 2020, is an education company that primarily provides online interactive live courses to K-12 students in the United States and around the world, delivering its educational services through real-time interactive online private tutoring and group courses.

  • On May 1, Classover signed a $400 million equity purchase agreement with Solana Strategies Holdings LLC, launching a financial strategy based on Solana.

  After launching the SOL treasury reserve strategy, the company's stock price rose from less than $2 to over $7, before falling back to $1.17 as of press time.

  

  11. Artelo Biosciences (ARTL)

  Artelo Biosciences is a clinical-stage biopharmaceutical company founded in May 2011.

  • In August 2025, Artelo Biosciences announced the completion of a $9.475 million private placement to launch its Solana reserve strategy. Bartosz Lipiński, former head of engineering at Solana Labs, participated as a technical partner, and CUBE provided asset custody and DeFi execution services. In addition, Artelo's board of directors approved the gradual expansion of this strategic investment.

  • On September 9, Artelo Biosciences announced the issuance of 640,924 shares of common stock to the public at a price of $4.40 per share, raising a total of approximately $3 million.
    

  Artelo's stock price once rose to nearly $30, and was at $5.51 as of press time.

  

  12.Sol Global Investments Corp

  Sol Global Investments Corp is a Canadian company focused on institutional investments in the Solana ecosystem. It was formerly known as Scythian Biosciences Corp. In October 2018, Scythian Biosciences Corp. announced that it would change its name to Sol Global Investments Corp.

  Since 2022, the company's stock price has gradually declined. As of press time, Sol Global's stock price was $0.050. 13. Torrent Capital Ltd. (TORR.V) Founded in 2017, Torrent Capital Ltd. primarily manages a portfolio of Canadian small-cap stocks, focusing on securities of both public and private companies. The company announced the creation of a cryptocurrency portfolio and its first purchase of SOL in January 2025. As of press time, Torrent Capital's share price was $0.60.

  

  14.BIT Mining Limited (BTCM)
  

  BIT Mining Limited, formerly 500.com Limited, was an online sports lottery service provider established in 2001. In April 2021, it decided to change its English name to "BIT Mining Limited". It is a technology-driven cryptocurrency mining company with businesses covering cryptocurrency mining, data center operations, and mining machine manufacturing.

  • On September 11, BIT Mining Limited announced the purchase of an additional 17,221 SOL to expand its growing SOL reserve. This brings the company's reserves to more than 44,000 SOL, with a reserve value of approximately US$9,950,000.

  • On August 26, BIT Mining Limited announced the launch of DOLAI, a US dollar-backed stablecoin designed to connect artificial intelligence agents, merchants, consumers, and institutional financial institutions on the Solana chain, with plans to expand to broader multi-chain interoperability. On July 10th, Bit Mining announced it would convert its cryptocurrency holdings into Solana, raising $200 million to $300 million for its Solana strategy. As of press time, Bit Mining's stock price was $2.59. 15. ALALO (Acheter-Louer.fr) ALALO (Acheter-Louer.fr) is a French company primarily engaged in the global marketing and publishing of real estate advertising. As of press time, ALALO's stock price was $0.47. 16. DeFi Technologies Inc. (DEFT) Founded in 1986, the company was formerly known as Valour Inc. and changed its name to DeFi Technologies Inc. in July 2023. Its co-founders include Olivier Francois Roussy Newton and Johan Wattenstrom, with Olivier Francois Roussy Newton serving as CEO and chairman of the board. In July 2024, DeFi Technologies announced it was expanding its crypto portfolio to include Sol (SOL) in its treasury.

    • On September 24, Valour, a subsidiary of DeFi Technologies, announced the launch of 13 cryptocurrency ETPs denominated in Swedish kronor on the Swedish Spotlight Stock Market.

    • On September 18, Valour Digital Securities Limited, a subsidiary of DeFi Technologies, announced the launch of a physically backed Bitcoin staking exchange-traded product "1 Valour Bitcoin Physical Staking" on the London Stock Exchange, providing investors with unique exposure to Bitcoin staking returns. It is reported that the product supports physical Bitcoin at a 1:1 ratio.

    • On May 20, DeFi Technologies announced a strategic partnership with Fire Labs to launch a compliant stablecoin issued by a licensed US bank, officially entering the real-world asset (RWA) field.

    After 2024, DeFi Technologies' stock price rose from around $0.4 to a high of $4, and was reported at $2.13 as of press time.

    

    17. Neptune Digital Assets Corp (NDA.V)

    Founded in 2017, Neptune Digital Assets Corp is a Canadian blockchain company primarily engaged in cryptocurrency mining, Proof-of-Stake (PoS) staking, blockchain node operations, and decentralized finance (DeFi). As of press time, Neptune's stock price was $0.75. 18. MemeStrategy, Inc. (2440.HK) MemeStrategy, Inc. is an investment holding company primarily engaged in data transmission and processing services for IoT applications, as well as communications equipment. It also focuses on investments in artificial intelligence, blockchain, and cultural sectors.

    • On August 2, Hong Kong-listed MemeStrategy announced a strategic partnership with Helio, a subsidiary of MoonPay, a cryptocurrency and stablecoin platform, to support Moonit, an issuance platform and token trading system.

    • On June 16, MemeStrategy announced it had invested HK$2.907 million to purchase 2,440 SOL tokens.

    As of press time, MemeStrategy's share price was $3.10.