Public Firms Ditch Bitcoin for Solana as Treasury Trend Shifts

The era of slapping Bitcoin onto corporate balance sheets and riding the wave may be over. A new trend is emerging, where public firms are stockpiling Solana (SOL) tokens instead.

According to a June roundup by KuCoin News, the top five publicly traded Solana treasury companies collectively hold more than 15.7 million SOL.

Forward Industries has become the poster child for this trend, expanding its stash by over 500k SOL in fiscal Q3, bringing its treasury to 7.55 million SOL as of June 30, 2026.

The company's board may have rejected consolidation offers from Forward in June, but it remains the largest public SOL treasury, with an acquisition cost cited near $1.6 billion.

What sets Solana treasuries apart is their operational complexity. Companies can delegate to validators and earn a variable staking return, or wire SOL into products such as loyalty points, NFT-based memberships, or payments for microtransactions.

However, this also introduces new risks, including validator outages, poor rebalancing, or mistimed liquidity events that can blunt performance relative to SOL itself.