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Solana rallies to $120, boosting treasury stocks of Solana Company and others
Public companies holding millions of SOL tokens are seeing their stock prices climb as the token hits a nine-month high, with some raising fresh capital to buy even more
SOL is trading near $120, its highest level in nine months, and the ripple effects are showing up in an unexpected corner of the market: Nasdaq-listed companies that decided to stuff their balance sheets with the token.
The corporate SOL playbook
Forward Industries (NASDAQ: FWDI) sits atop the public-company SOL leaderboard, holding between 7.55 and 8.16 million tokens. At current prices, that stash is worth roughly $900 million to just under $1 billion. The company announced a $25 million common stock offering on September 23 to purchase even more SOL.
Solana Company (NASDAQ: HSDT) holds approximately 2.06 to 2.3 million SOL. The firm built that position after raising around $500 million via a PIPE transaction in 2025, making it one of the more aggressive corporate accumulators in the space.
DeFi Development Corp. maintains a treasury of roughly 2.39 to 2.49 million SOL, while Upexi holds between 2.17 and 2.34 million tokens. Collectively, tracked public companies now hold over 17 million SOL in their treasuries. At $120 per token, that’s more than $2B in aggregate digital asset exposure sitting on corporate balance sheets.
The gains and the pain
Solana Company reported a $130.1 million net loss for the first half of 2026, driven by unrealized losses on its SOL holdings from earlier price drawdowns.
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What’s driving SOL higher
US spot Solana ETFs have pulled in over $200 million in inflows, with consecutive weeks of positive net flows supporting price momentum. Derivatives traders are positioning for further upside, with analyst price targets for SOL spanning from $130 on the conservative end to $500 for the most bullish forecasts.
The broader Solana ecosystem has also been expanding, with tokenized equities and other real-world asset applications adding utility beyond pure speculation. More on-chain activity generally translates to more demand for SOL, since the token is required to pay transaction fees on the network.
What to watch from here
The key risk is concentration. When publicly traded companies hold over 17 million SOL and keep raising capital to buy more, any forced selling — whether from margin calls, shareholder pressure, or regulatory changes — could create a cascading liquidation event.