What's the Background of the 18 SOL Treasury Companies?

Original Article Title: "What is the Background of the 18 SOL Treasury Companies?"

Original Article Author: Deng Tong, Golden Finance

As of September 29, 2025, the 18 entities that have established the Solana Treasury collectively hold a balance of 20.921 million SOL, accounting for 3.64% of the current total SOL supply. Approximately 12.468 million SOL is staked, with an average staking yield of 7.7%, representing 2.168% of the total supply.

This article outlines the main businesses of the 18 companies holding SOL and their latest developments in the cryptocurrency field.

1. Forward Industries (FORD)

Forward Industries, Inc. (NASDAQ symbol: FORD) was founded in 1961 and is headquartered in Holbrook, New York. Forward Industries and its subsidiaries are primarily engaged in the design, manufacture, procurement, marketing, and distribution of carrying and protective solutions. The company operates through its OEM distribution and design divisions. The OEM distribution division procures and distributes carrying cases for medical monitoring and diagnostic kits and other accessories, as well as other portable electronic and non-electronic products such as sports and leisure products, barcode scanners, GPS 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 the financial technology company Superstate to tokenize Forward Industries (FORD) stock on Solana through Superstate's Opening Bell. If successful, shareholders will be able to link their common shares between brokerage accounts and Solana, potentially enabling 24/7 trading, nearly instant settlement, and new global liquidity pools.

On September 17, Forward Industries announced that it had filed a $4 billion ATM plan with the U.S. SEC to support its Solana financial strategy. The plan will be used for general corporate purposes, including continuing to execute its Solana strategy, purchasing revenue-generating assets, and other capital expenditures.

On September 8, Forward Industries announced a $1.65 billion private placement for the Solana Treasury Strategy.

Forward Industries' Board Chairman, Kyle Samani, stated that the company's series of moves has strengthened their belief in Solana's central position in the capital markets, allowing shareholders to directly participate in the future tokenized economy.

Since the announcement of the Solana Treasury Strategy, the company's stock price had surged to a high of nearly $40 at one point, with a closing price of $29.23 at the time of writing.

2.Sol Strategies (CFRF)

Sol Strategies is a Canadian publicly traded company focused on investment and infrastructure services within the Solana blockchain ecosystem. The company was founded in 2018, formerly known as Cypherpunk Holdings. Antanas Guoga is the founder, and CEO Leah Wald, who took office in 2024, drove the company's full transformation into the Solana sector. On September 23, Leah Wald announced her resignation effective October 1.

On September 24, SOL Strategies announced a $25 million private placement through the sale of common shares and common share purchase warrants, in accordance with the exemptive relief requirements of the Canadian Securities Administrators. Canaccord Genuity Corp. will act as the lead agent and sole bookrunner. The proceeds will be used for general corporate purposes and digital asset investments to drive SOL Treasury growth.

On July 29, Cathie Wood's ARK Invest announced the selection of Canadian SOL Strategies as the exclusive Solana staking partner for its "Digital Asset Fund." Under the agreement, ARK Invest will migrate its staking node business to SOL Strategies' staking infrastructure.

With the continuous buzz surrounding the collaboration with ARK, the company's stock price soared from under $1 to a peak exceeding $9, with a closing price of $4.95 at the time of writing.

3.Sharps Technology (STSS)

Sharps Technology was founded in 2017 by Alan R. Blackman and Barry B. Berler, focusing on the research and commercialization of smart syringe technology in the medical device field.

On September 16, Sharps Technology announced a partnership with the community-driven platform BONK, intending to stake a portion of its held SOL tokens on the BonkSOL platform using BONK's liquidity staking infrastructure to seek staking rewards.

On September 11, Sharps Technology entered into a strategic partnership with Pudgy Penguins to enhance exposure and connectivity for Solana digital asset management while accelerating institutional adoption of the Pudgy Penguins NFT series.

On August 25, Sharps Technology announced the completion of over $4 billion PIPE private placement financing, planning to establish the world's largest Solana (SOL) digital asset treasury. Investors include ParaFi, Pantera, Monarq, among others, and have signed a Letter of Intent with the Solana Foundation to purchase $50 million SOL at a 15% discount to the 30-day VWAP.

Following the news of Sharps Technology's plan to establish the SOL treasury, its stock price reached a peak of over $16, then retreated to $6.72 at the time of writing.

4.DeFi Development (DFDV)

DeFi Development Corp. is a company focused on the blockchain and cryptocurrency space, formerly known as Janover Inc., established in 2018 as an initial B2B FinTech company operating a platform connecting commercial real estate borrowers and lenders, rebranded in April 2025 as DeFi Development Corp.

On September 24, DeFi Development announced approval for a $100 million stock buyback.

On September 18, DeFi Development added 62,745 SOL to its holdings, worth approximately $14.6 million, pushing the total SOL holdings of the company to over 2 million tokens.

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

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

After renaming in April this year, the company's stock price surged, reaching a high of $35 and as of the time of writing stood at $15.34.

5. Upexi (UPXI)

Upexi was founded in 2018, formerly known as Grove, Inc., and rebranded as Upexi, Inc. in August 2022. Upexi was initially a CBD producer and distributor of cannabis plant extracts focusing on the production and sale of health and wellness products. Through a series of acquisitions, it expanded into consumer brand operations, SaaS programmatic advertising technology, and various consumer scenes like health care and pet care. Starting in 2025, it shifted its focus to Bitcoin and the cryptocurrency field, establishing a digital asset holding company to capture crypto investment opportunities. In April 2025, Upexi announced a $100 million financing round led by the renowned crypto market maker GSR, with about 95% earmarked for setting up and operating a Solana treasury reserve.

On August 12, BitMEX co-founder Arthur Hayes became the first advisory board member of Upexi, with the advisory board aiming to drive strategic decision-making, enhance market exposure, and attract more capital to Upexi's SOL treasury.

On May 13, Upexi announced that BitGo would custody its Solana assets, which had reached $1 billion, enabling OTC trades and staking.

Following the news of establishing the SOL treasury, Upexi's stock price soared from around $2 to nearly $16, gradually dropping back to $5.22 at the time of writing.

6. Solmate (BREA)

Founded in 2022, Brera Holdings, formerly known as Brera Holdings, originally focused on multi-club sports operations as a sports holding company listed on Nasdaq. Solmate, after transformation, plans to accumulate and stake SOL while developing revenue-generating cryptocurrency infrastructure in the UAE, including deploying bare-metal servers configured as Solana validation nodes in Abu Dhabi.

On September 18, Brera Holdings announced a rebrand to Solmate and raised $300 million to launch the SOL Treasury, with investors including UAE-based technology and blockchain advisory firm Pulsar Group, Solana Foundation, RockawayX, and ARK Invest, among others. Former Kraken Chief Legal Officer Marco Santori will serve as Solmate's CEO.

The news of the transformation into the SOL Treasury caused the company's stock price to surge from around $7 to over $26, reaching $24.71 at the time of writing.

7. Mercurity Fintech (MFH)

Mercurity Fintech is a blockchain-driven fintech group founded in July 2011.

On July 22, Mercurity Fintech Holding Inc. announced the initiation of a share repurchase program of up to $10 million to enhance confidence in its Solana and Bitcoin financial strategies and increase shareholder value.

On July 21, Mercurity Fintech Holding Inc. announced that it had entered into 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 financial strategy, including ecosystem staking, tokenized yield instruments, and institutional-grade on-chain financial infrastructure development.

On July 21, Mercurity Fintech Holding Inc. announced an agreement with Solana Ventures Ltd. for a $200 million equity line of credit to launch a 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 the time of writing, the company's stock price has risen to its highest level since the second half of 2018, reaching $18.19.

8. iSpecimen Inc. (ISPC)

iSpecimen Inc. was founded by Christopher Ianelli in 2009. iSpecimen operates an online marketplace that connects global life science researchers with biological samples. The company has developed and operates the iSpecimen Marketplace, a proprietary online platform that connects medical researchers in need of subjects, samples, and data with hospitals, labs, and other organizations that have these resources.

On September 4, iSpecimen Inc. (ISPC) announced that multiple cryptocurrency companies have approached them to offer investment opportunities. The company is planning to establish a $200 million digital asset treasury aimed at diversifying its balance sheet through tokenized real-world assets and leading cryptocurrency holdings to support its growth plans.

Following the launch of the SOL Treasury, the company's stock price surged from below $1 to a high of nearly $2, reaching $1.17 at the time of writing.

9. Helius Medical Technologies, Inc. (HSDT)

Helius Medical Technologies, Inc. is a neurotech company focused on neural health, founded in 2014.

On September 22, Helius Medical Technologies, Inc. announced its initial purchase of SOL as part of its digital asset treasury strategy. The company currently holds over 760,190 SOL tokens at an average cost basis of $231.

On September 15, Solana infrastructure provider Helius secured over $500 million in funding, led by Pantera Capital and Summer Capital, to establish the SOL Treasury Corporation. Joseph Chee, Chairman of Summer Capital and Vice Chairman of AMINA Bank AG, was appointed Executive Chairman, Cosmo Jiang, General Partner at Pantera Capital, served as a board observer, and Dan Morehead, Founder and Co-CEO of Pantera Capital, acted as an advisor.

Since the launch of the SOL Treasury program, Helius' stock price has risen from around $7 to over $24.

10. Classover Holdings Inc. (KIDZ)

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

On May 1st, Classover entered into a $4 billion equity purchase agreement with Solana Strategies Holdings LLC, launching a SOL-based financial strategy.

Following the launch of the SOL Treasury Reserve Strategy, the company's stock price rose from just under $2 to over $7, before continuously falling back, reaching $1.17 as of the time of writing.

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 kickstart the Solana Reserve Fund Strategy. Bartosz Lipiński, former Head of Engineering at Solana Labs, participated as a technical partner, with asset custody and DeFi execution services provided by CUBE. Additionally, the Artelo board approved a gradual expansion of the strategic investment scale.

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

Artelo's stock price had once surged to nearly $30, but at the time of writing, it was at $5.51.

12. Sol Global Investments Corp

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

Since 2022, the company's stock price has gradually declined, and as of the time of writing, Sol Global's stock price is $0.050.

13.Torrent Capital Ltd. (TORR.V)

Torrent Capital Ltd. was established in 2017 and primarily manages investment portfolios of Canadian small-cap stocks, with a focus on securities of both public and private companies. In January 2025, the company announced the creation of a cryptocurrency investment portfolio and made its initial purchase of SOL.

At the time of writing, Torrent Capital's stock price is $0.60.

14.BIT Mining Limited (BTCM)

BIT Mining Limited, formerly known as 500.com Limited, was a provider of online sports lottery services established in 2001. In April 2021, it decided to change its English name to "BIT Mining Limited" and transformed into a technology-driven cryptocurrency mining company, with business lines covering cryptocurrency mining, data center operations, and mining machine manufacturing.

On September 11, BIT Mining Limited announced an additional purchase of 17,221 SOL to expand its growing SOL reserves. This action brought the company's reserves to over 44,000 SOL, valued at approximately $9,950,000.

On August 26, BIT Mining Limited announced the launch of DOLAI—a USD-backed stablecoin designed to connect AI agents, merchants, consumers, and institutional financial institutions on the Solana chain, with plans to expand to broader multi-chain interoperability.

On July 10, Bit Mining announced the conversion of its cryptocurrency holdings to Solana, raising $200 million to $300 million for Solana strategies.

As of the time of writing, Bit Mining's stock price is $2.59.

15.ALALO (Acheter-Louer.fr)

ALALO (Acheter-Louer.fr) is a French company mainly engaged in global marketing and publishing of real estate advertisements.

As of the time of writing, ALALO's stock price is $0.47.

16. DeFi Technologies Inc. (DEFT)

The company was founded in 1986 and was formerly known as Valour Inc., rebranding to DeFi Technologies Inc. in July 2023. The company's co-founders include Olivier Francois Roussy Newton, Johan Wattenstrom, among others, with Olivier Francois Roussy Newton serving as the CEO, Chairman of the Board, among other roles. In July 2024, DeFi Technologies announced it was expanding its crypto investment portfolio by adding SOL to its treasury.

On September 24, DeFi Technologies subsidiary Valour announced the launch of 13 cryptocurrency ETPs priced in Swedish Krona on the Swedish Spotlight stock market.

On September 18, DeFi Technologies' subsidiary Valour Digital Securities Limited announced the launch of a physically backed Bitcoin staking trading product, "1 Valour Bitcoin Physical Staking," on the London Stock Exchange, providing investors with a unique Bitcoin staking yield exposure. The product is reportedly backed by physical Bitcoin in a 1:1 ratio.

On May 20, DeFi Technologies announced a strategic partnership with Fire Labs to launch a compliant stablecoin issued by a U.S.-chartered bank, officially entering the realm of Real World Assets (RWA).

Post-2024, DeFi Technologies' stock price rose from around $0.4 to a peak of $4, trading at $2.13 at the time of writing.

17. Neptune Digital Assets Corp (NDA.V)

Neptune Digital Assets Corp was founded in 2017 and is a Canadian blockchain company primarily engaged in cryptocurrency mining, Proof of Stake (PoS) staking, blockchain node operations, and decentralized finance (DeFi) business.

As of the time of writing, the price of Neptune is $0.75.

18. MemeStrategy, Inc. (2440.HK)

MemeStrategy, Inc. is an investment holding company mainly engaged in IoT application data transmission and processing services, as well as communication equipment business. It also focuses on investments in artificial intelligence, blockchain, and cultural sectors.

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

On June 16, MemeStrategy announced an investment of 2.907 million Hong Kong dollars to purchase 2440 SOL.

As of the time of writing, the price of MemeStrategy is $3.10.

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