Solana’s Emergence as a Corporate Treasury Option Poses a Threat to Bitcoin’s Leading Position

There is a growing trend among publicly listed companies to build up

(SOL) reserves, with a number of firms now amassing large holdings in the rapidly expanding blockchain ecosystem. By the middle of 2025, 13 public companies had together acquired 8.9 million SOL, reflecting a 7% increase over the previous month. This movement is fueled by Solana’s ability to process high volumes of transactions, its minimal fees, and a thriving DeFi sector, all of which offer potential for generating returns and enhancing long-term value.

At the forefront is

, a specialized medical device and pharma packaging company that recently announced a $400 million stock sale aimed at funding a major Solana purchase. Sharps Technology currently owns 2.14 million SOL, amounting to $461 million in value. This acquisition makes the top corporate SOL holder, slightly edging out , which maintains 2 million SOL valued at $431 million. is close behind with 2.02 million SOL, worth $437 million. These companies actively stake their holdings, earning annual returns in the 6% to 8% range.

This development echoes the

treasury practices established by firms like MicroStrategy, where companies leverage debt to acquire digital assets and retain them as long-term reserves. Sharps’ approach is backed by major crypto funds including ParaFi, Pantera Capital, and CoinFund. The addition of Alice Zhang, co-founder of Jambo, to Sharps’ board as chief investment officer signals strong institutional engagement with the Solana ecosystem.

Forward Industries, a firm specializing in design for the medical and tech sectors, is also making significant moves in Solana treasury management. The company recently finalized a $1.65 billion private deal led by

, Jump Crypto, and Multicoin Capital. If executed at current market prices, Forward would be able to purchase 7.7 million SOL, making it the sector’s largest corporate holder. Galaxy Digital itself has been aggressive, buying 6.5 million SOL within five days in mid-2025 and another 1.2 million in September. With these acquisitions, Galaxy Digital ranks among the largest institutional owners of SOL, highlighting its commitment to alternative coin treasury strategies.

Additional participants include

Corp., which has focused its Solana investments on scalable Layer 1 assets and robust DeFi infrastructure, and Inc. (HODL), which has allocated most of its 260,000 SOL to institutional staking. Torrent Capital Ltd. and Holdings have also entered the space, though at a smaller scale, with Torrent Capital emphasizing long-term yield and Classover concentrating on validator involvement.

The increasing appeal of Solana for corporate reserves is also being propelled by the rise of tokenized real-world assets and the introduction of institutional-level DeFi solutions on the network. Companies like

and Franklin Templeton have launched Solana-based funds, lending further legitimacy to the platform and driving adoption. These trends show that Solana is evolving from a speculative asset to a credible strategic holding with concrete DeFi applications.

Nevertheless, not everyone is convinced. Bruno Vaccotti, who leads the Paraguayan Chamber of Digital Asset Mining, has voiced doubts regarding Solana’s long-term suitability for corporate reserves, stating that Bitcoin remains the only proven, globally recognized store of value. According to him, both

and Solana, despite their efficiency, compromise on decentralization and are prone to technical issues, making them less appropriate for institutional use.

Despite these reservations, the interest in Solana treasuries is intensifying. Companies are turning to financing methods like zero-coupon convertible bonds to facilitate their acquisitions, a tactic Galaxy Digital refers to as part of a broader “Treasury Trend.” While the company notes the potential for liquidity challenges in unstable markets, it also points out that Solana’s demand remains strong, fueled by its technological strengths and ecosystem expansion.

As the digital asset landscape develops, corporate treasuries must weigh innovation against risk. Solana’s capacity to generate returns and offer access to a fast-growing blockchain makes it an increasingly popular asset for publicly listed firms, reflecting a shift in how institutional investors are deploying capital in the crypto sector.