Key Takeaways
Public companies quietly amass 3.5 million Solana, staking for yield and reshaping treasuries into revenue-generating digital assets.
Forget speculating on which tech giant will finally add crypto to their books. A handful of publicly traded companies are already doing it, and they’re not buying Bitcoin [BTC].
They’re loading up on Solana [SOL], not just to hold, but to put it to work earning yield.
The real action isn’t at Google or Amazon; it’s with a new breed of digital-minded corporate treasuries.
Companies like Upexi, Inc. and DeFi Development Corp. are turning into some of Solana’s biggest institutional backers, fundamentally changing what a company’s cash reserves can do.
The ones on record
Let’s look at the actual books. Public filings show a clear pattern of accumulation. Upexi, Inc. (UPXI), a consumer goods company, has gone all-in on digital assets, snapping up 1.9 million SOL.
They’ve been open about their method: using equity and convertible notes to buy the tokens, then staking almost the entire lot for an 8% return.
DeFi Development Corp. (DFDV) isn’t far behind with a 1.18 million SOL stash. They’re even running their own validators, planting a flag deep within the ecosystem’s infrastructure.
Others are joining the fray. Toronto’s SOL Strategies Inc. (HODL) holds nearly 400,000 SOL, and investment firm Torrent Capital Ltd. (TORR) has built its position to over 40,000 SOL.
Even an ed-tech company, Classover Holdings (KIDZ), is angling to raise a half-billion dollars for its own SOL treasury.
Together, these public players are sitting on more than 3.5 million SOL—a serious institutional bet on the network.
Solana: It’s all about the yield
Staking is the secret sauce. Bitcoin just sits there, a digital gold. Solana, with its Proof-of-Stake system, lets these companies put their holdings to work.
By staking SOL, they help secure the network and get paid for it. This simple act turns a company’s treasury from a sleepy pile of cash into an engine that generates revenue.
Upexi thinks its stake could churn out $26 million a year at today’s prices. It’s a two-for-one deal: the SOL itself might go up in value, and all the while it’s spitting out a steady stream of income.
For any CFO worried about inflation, that’s an incredibly tempting proposition.
Big Tech for Solana
The big Web2 names are playing a different game. You won’t find any evidence that Google, Amazon, or Microsoft are quietly hoarding SOL. Instead, they’re selling the picks and shovels for the Solana gold rush.
Google Cloud runs its own validator to help produce blocks and has plugged Solana into its BigQuery data service, letting anyone sift through on-chain information.
Amazon Web Services made it dead simple for businesses to spin up their own Solana nodes.
These giants are positioning themselves as the foundational layer for Web3. For them, providing the plumbing comes first.
Actually buying SOL and becoming a stakeholder would be the next logical move, shifting them from tool providers to active participants with skin in the game.
Red tape and reporting nightmares
This new corporate strategy isn’t without its headaches, especially for big U.S. firms. Regulation is the biggest question mark. The SEC has called SOL a security in past lawsuits against exchanges.
While that specific threat has cooled for now, the lack of a clear ruling leaves a shadow of compliance risk that scares off big corporate legal teams.
Then there’s the accounting. A new FASB rule (ASU 2023-08) forces companies to mark their crypto holdings to market value each quarter.
That means SOL’s wild price swings would show up directly on earnings reports, a level of volatility most conservative boardrooms want to avoid.
What about the Solana network failing?
You can’t talk about institutional money in Solana without remembering the outages.
The network had a rough patch, especially in 2022, with a string of halts that made people question if it was ready for serious use. Software bugs and bot swarms during NFT mints were the main culprits.
But things have changed. The chain has been running without a major incident since early 2024, showing a newfound sturdiness.
With upgrades like the Firedancer client on the horizon, the perception of risk is changing.
The fact that public companies are now building treasuries on it shows a belief that Solana’s stability issues are in the rearview mirror.
The new financial plumbing
This isn’t just about corporate treasuries; it’s about validating Solana as a legitimate financial rail.
A crucial deal with enterprise blockchain company R3 plans to connect its private Corda platform, used by giants like HSBC and Bank of America, directly to Solana.
The goal is to funnel regulated, real-world assets onto the public chain, a move that could eventually pull in trillions of dollars.
The companies grabbing SOL now—Upexi, DeFi Development Corp., and the others—are at the forefront of a major shift in corporate finance.
They’re betting that a treasury shouldn’t just sit there; it should be an active player in the new digital economy.
For anyone watching the space, this group of public companies is no longer just an interesting footnote; they’re a blinking neon sign pointing to where the market is heading.