Original Article Title: "Solana Recent Surge - Who Holds the Funds?"

Original Source: Biteye

Why Is Researching Institutional Holdings Important?

The crypto market moves fast, so who is buying? How much have they bought? Who is selling? Where is the selling pressure concentrated?

Which funds are staked long-term, and which funds could be withdrawn at any time?

These questions determine the token's price elasticity and the upside/downside potential of the next cycle.

Staking, Accounting for Approximately 66.9%

According to Solana Compass data, the total token supply of SOL is 6.1 billion.

As of September 16, the Solana network has staked approximately 4.08 billion SOL, accounting for 66.9% of the total token supply. Essentially, this large pie consists of retail stakers, DeFi protocols, staking from publicly traded companies' treasuries, foundations, and institutional whales.

In comparison, ETH has a staking rate of only 40%. This makes SOL one of the mainstream blockchains with the highest staking rate in the crypto market, implying limited selling pressure and strong price support.

Staking Landscape Concentration Analysis:

There are some key points to note in the staking validator landscape. According to Everstake data:

1. The top three validators - Helius, Binance Staking, Galaxy - collectively control over 26%, with Helius alone holding 13.22 million SOL (9.76%)

2. Following them are several nodes like Ledger by Figment, Kiln, Coinbase, Everstake, each with shares in the 3–6% range

This means that Solana's staking landscape exhibits "head concentration + tail dispersion": the influence of large institutional nodes is significant, but overall, a certain level of decentralization is maintained, avoiding complete domination by a single entity.

⚠️ Note: The data in the pie chart below mainly illustrates the distribution of top validators and does not equate to the total staked amount of 4.08 billion SOL across the network.

DeFi Protocol

According to DeFiLlama data, Solana's total value locked (TVL) is around 52.89 million SOL. However, it's important to note that a significant portion of this value comes from LST derivatives (such as JitoSOL, mSOL, bSOL), not all of which are SOL. This data overlaps with 66.9% of the total network's staking data and is not a separate addition to the staked amount.

Foundation

The SOL held by the Solana Foundation and Solana Labs is primarily in staking accounts, included in the already staked 408 million SOL, but the specific percentage is unknown.

FTX, Alameda

A unique aspect of SOL is the existence of a "historical legacy supply," which refers to the holdings of FTX and Alameda.

During Solana's early ecosystem development from 2020 to 2022, FTX and Alameda were key supporters, acquiring and holding a significant amount of SOL. Following FTX's collapse in November 2022, these assets were placed in custody and became part of the liquidation process. The future unlock schedules, auctions, and even over-the-counter transactions of these assets will impact the supply-demand balance of SOL.

Since November 2023, FTX and Alameda-related staking addresses have redeemed and transferred a total of 8.98 million SOL.

Currently, approximately 4.18 million SOL (0.69% of the supply) is still staked on-chain, with staggered unlocks continuing until 2028.

This portion is seen by the market as potential selling pressure that could influence price fluctuations.

Publicly Traded Companies, Approximately 1.59% (Unstaked)

According to Strategic SOL Reserve data (as of September 16), 17 entities have established SOL treasury reserves totaling 17.112 million SOL, equivalent to 2.8% of the current total supply.

Within these holdings, around 7.4 million SOL is staked, accounting for approximately 1.2% of the total supply.

Top Holding Companies:

- Forward Industries (FORD): 6.822 Million SOL, approximately $1.63 Billion

- Sharps Technology (STSS): 2.14 Million SOL, approximately $510 Million

- DeFi Development Corp (DFDV): 2.028 Million SOL, approximately $480 Million

- Upexi (UPXI): 2 Million SOL, approximately $470 Million

- Galaxy Digital: 1.35 Million SOL, approximately $320 Million

In the total distribution breakdown, this portion only considers the unstaked 9.71 Million SOL (approximately 1.59%), to avoid duplicate calculation with network-wide staking.

ETF/ETP, accounting for approximately 1.73% (unstaked portion)

ETP (Exchange-Traded Product) essentially represents fund shares listed on an exchange. The following ETPs directly purchase and custody SOL spot, then issue corresponding shares circulating on the exchange.

1. 21Shares ASOL with an estimated size of $15.3 Billion

2. CoinShares SLNC with an estimated size of $6.99 Billion

Based on an estimate in the $200-$260 range, the corresponding holdings amount to approximately 8.57-11.15 Million SOL, accounting for 1.41% - 1.83% of the total supply.

While a traditional spot SOL ETF is still awaiting regulatory approval, the REX-Osprey SOL + Staking ETF (SSK) was launched in July 2025, becoming the first ETF in the U.S. to combine SOL spot and on-chain staking rewards.

As of mid-September, the fund size is approximately $274 Million. Around 56.7% of this comprises spot SOL, and based on the $200-$260 range, the overall holding corresponds to about 597.8-777 Thousand SOL.

In total, the spot holdings of these three entities amount to approximately 9.17-11.92 Million SOL, representing 1.50% - 1.96% of the total supply, averaging about 1.73%. The nature of this capital allocation leans more towards long-term stability.

Other, accounting for 29.78%

Whale/Exchange

According to CoinCarp Rich List data (as of September 16), a single whale address holds over 5 million SOL (about 1% of the total supply) at the highest. Overall, Solana currently has about 9.15 million addresses, with the top 100 addresses accounting for only 22.8%. The concentration at the top is limited, with most chips distributed among long-tail users, staking pools, and exchanges.

It is important to note that whale addresses are not necessarily all "retail investors," including early VCs, exchanges, dormant wallets, etc. In addition, there is an intersection between whale holding and staking, with many whale chips already being staked.

Retail Investor

Widely dispersed but in large numbers, forming the market's base.

Undisclosed Institutions

Some funds or VCs hold positions but are not disclosed in reports.

Government Holdings

As of now, there are no publicly disclosed government or sovereign wealth fund holdings of SOL.

Celebrity Endorsements

Beyond funding, there is also narrative. Who is endorsing SOL?

Bitwise's Director of Research Matt Hougan recently emphasized in an article that Solana is at a critical juncture of ETP approval and the rise of corporate SOL treasury, a combination that has historically led to significant price increases in Bitcoin and Ethereum.

Former Goldman Sachs executive Raoul Pal @RaoulGMI called Solana "structurally stupidly bullish" in the long term, expressing a bullish long-term view on SOL.

Renowned cryptocurrency trader Ansem @blknoiz06 recently made bullish statements regarding "if treasury company funds flow into Solana DeFi, it will be extremely bullish."

Helius Labs CEO Mert Mumtaz is betting on Solana to rise by 150% in the next five years, believing that any short-term price action is just noise.

From hodler structure to narrative level, SOL has entered the stage of "institutional buying pressure + market bullishness." Combining the Hyperliquid liquidation chart, the current price is at $238:

First target: $250 - $275 — the upper-layer short position liquidation zone, once broken through, may trigger a short-term acceleration.

Second target: $275 - $315 — the most densely packed short position area, a breakthrough here may lead to a more intense short squeeze.

With the resonance of ETF/ETP and treasury companies, the market's expectations for Solana will also be reshaped. If the capital flow continues, in a bull market scenario, it is also possible for SOL to reach the $300-$400 range.

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