The trend of companies that adopt cryptocurrencies as treasury assets is growing, with several protagonists, such as Solana (Sol), giving what to talk about.
Until now, more than 3.5 million suns are currently in the hands of companies that quote on the stock market. These firms keep it as part of their treasury reserves.
Upexi, Defi Developments Corp, Sol Strategies and Torrent Capital concentrate most of this volume. On the whole, They control positions valued at more than 591.1 million dollarswhich represents 0.65% of the circulating sun supply, which is 539.13 million solana.
The following graph shows how the accumulation of Solana has grown between June 24 and July 24 of the current year:
Upexi, Inc. leads the list. In a period of four months, he accumulated 1.9 million sun at an average price of $ 168.63. Its initial investment, valued at 320.4 million dollars, is now located at 319.5 million, an unrealized loss of 0.9 million dollars. The entire position is in Staking and generated a yield of 8% at the close of the second quarter of 2025, according to data Coingcko.
Defi Developments Corp is the second company with the highest exhibition. Its treasury includes 1.18 million sun, acquired in several stages, including a recent purchase of 181,303 coins on July 29 for 28.2 million dollars. The average acquisition cost has been $ 137.07. As of August 6, its position is worth 198.9 million dollars, an unrealized gain of approximately 36.8 million.
Sol Strategies has followed a progressive accumulation strategy. Between June 2024 and July 2025 acquired 392,667 Sun through periodic purchases and rewards obtained by Staking. Its average cost was $ 158.12, with a current valuation of $ 66 million. The unrealized profit amounts to 3.9 million. Unlike Upexi and Defi Dev., They opted for large purchases, Sol Strategies maintained a policy of regular tickets.
Torrent Capital, with a significantly lower position, completed five acquisitions between January and April 2025, adding 40,039 coins. The average price was $ 161.84. The position is valued at 6.7 million, which represents a modest gain of 0.2 million. Although its exhibition is lower, the firm bought before the sun’s rebound, which allowed it to obtain positive performance.
Several of these companies have financed their acquisitions through the issuance of corporate debt, indicating an active investment strategy with long -term projections. Although institutional participation is still small in relation to total sun supply, the movements of these firms indicate an expanding trend.
Impact on actions
The actions of the companies that have entered into Sol have had variable performances.
For example, defi Developments Corp has been the most benefited from the treasury strategy with Sol, accumulating yields of 1,400% so far from 2025.
Upexi, meanwhile, has also seen benefits for its bet in Sol, with more moderate increases, 44.5% in its actions since January.
In the case of other companies, their performances have not been so notable despite investing and exposing themselves to Sol. For example, Sol Strategies reports a 57.6% drop since January. The same goes for Capital Torrent, whose shares have retreated 8.33% since it started the year.
In the following graph these trigger movements are better appreciated:
Versioning Michael Saylor’s example
This type of corporate exposure remembers the Microstrategy case (now Strategy), the firm led by Michael Saylor, which maintains more than 600,000 BTC in its treasury and is the largest institutional fork in Bitcoin. Unlike that strategy focused on the world’s largest digital asset, These companies are betting on cryptocurrencies, with sun, as the main alternative.
According to Prathik Desai, financial analyst and digital asset strategist, the current rise of corporate treasury with cryptocurrencies is entering a phase of “natural selection”, as cryptootics has reported it. In this scenario, only assets with solid foundations and verifiable economic utility may sustain their presence in institutional balance sheets.
However, we must bear in mind that most cryptocurrencies have historically depreciated in front of BTC. The question that these entities face now is whether it makes sense to diversify beyond the so -called digital gold.
In general, diversification towards Solana raises a commitment to technological utility. The Solana network is known for its processing speed and low commissions. Neverthelessits history includes network interruptions and questions about its level of decentralization.
“The key conclusion is reading what institutional interest really means,” explains Desai. “It is not always a quality support. Sometimes, it is just a liquidity experiment,” he adds.
The current environment seems to be a test and error. Cryptocurrencies with less utility could disappear after the next market correction. Time and financial statements will determine If these bets are strategic decisions or passing trends.
It is clear that, for now, the impact of this trend is limited in terms of volume. However, its evolution could redefine treasury management in public companies, especially if cryptoactive investment begins to correlate with key profitability metric or access to new markets. In that case, cryptoactive reserves They would cease to be a financial curiosity to become a structural part of the balance.
