Solana has recently surged in price, but who really holds the power?

Biteye

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Who is buying SOL? How much was bought? Where is the selling pressure concentrated?

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DeFi Protocol

According to DeFiLlama data, Solana's total value locked (TVL) is about 52.89 million SOL. However, it is important to note that a considerable portion of this comes from LST derivatives (such as JitoSOL, mSOL, bSOL), which are not all SOL. This data overlaps with 66.9% of the total network staking data and does not represent independently added staking volume.

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

One unique aspect of SOL is the existence of a "legacy holdings" block, which refers to FTX's and Alameda's holdings.

During Solana's early ecosystem development from 2020 to 2022, FTX and Alameda were among the most important supporters, accumulating a large amount of SOL. Following FTX's collapse in November 2022, these assets were placed in custody as part of the liquidation process. The future unlocking, auctioning, and even off-exchange trades of these assets will affect the supply-demand balance of SOL.

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

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

This portion is considered potential selling pressure by the market and could lead to price fluctuations.

Publicly Traded Companies, About 1.59% of the Total Supply (Unstaked)

According to data from the Strategic SOL Reserve (as of September 16), there are currently 17 entities holding SOL treasury reserves totaling 17.112 million SOL, representing 2.8% of the total current supply.

Among these holdings, approximately 7.4 million SOL are staked, accounting for about 1.2% of the total supply.

Top Holdings by Company:

- 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 supply breakdown, this section only considers the unstaked 9.71 Million SOL (approximately 1.59%), avoiding duplicate counting with the total network staking.

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

ETP (Exchange-Traded Product), essentially refers to fund shares listed on an exchange.

The following ETPs directly buy and custody SOL spot, then issue corresponding shares tradable on the exchange.

1. 21Shares ASOL with a scale of approximately $15.3 Billion

2. CoinShares SLNC with a scale of approximately $6.99 Billion

Estimated in the $200–$260 range, the corresponding holdings are approximately 8.57–11.15 Million SOL, accounting for 1.41% – 1.83% of the total supply.

Although 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 United States to combine SOL spot with on-chain staking rewards.

As of mid-September, the fund's scale is approximately $274 Million. Around 56.7% of this is spot SOL, estimated in the $200–$260 range, corresponding to approximately 59.8–77.7 Million SOL in total.

In total, the three spot holdings amount to approximately 9.17–11.92 Million SOL, representing 1.50%–1.96% of the total supply, averaging around 1.73%. The nature of this portion of funds tends to be more long-term stable.

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 around 9.15 million addresses, with the top 100 addresses accounting for only 22.8%. The concentration at the top is limited, with most tokens distributed among retail users, staking pools, and exchanges.

It is important to note that whale addresses are not necessarily all retail investors; they include early VCs, exchanges, dormant wallets, etc. In addition, there is an overlap between whale holdings and staking, as many whale tokens have been staked.

Retail Investor

Distributed but in large numbers, forming the market's fundamental support

Undisclosed Institution

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

Government Holdings

As of now, there is no public disclosure of any government or sovereign fund directly holding SOL.

Celebrity Endorsement

Beyond funds, there is also a narrative. Who is endorsing SOL?

Matt Hougan, Chief Investment Officer at Bitwise, recently emphasized in an article that Solana is at a crucial juncture of ETP approval and the rise of corporate SOL treasuries, 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 view on SOL.

Renowned crypto trader Ansem @blknoiz06 recently made bullish remarks around "If the Treasury company funds move into Solana DeFi, it will be extremely bullish."

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

From position structure to narrative level, SOL has entered the "Institutional Buying Pressure + Market Bullishness" stage. Combining the Hyperliquid Liquidation Chart, the current price is at $238:

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

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

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