TL;DR
- Treasury companies and ETFs concentrated close to 5% of Solana’s circulating supply in 2025, holding more than 28 million tokens.
- Treasuries accumulated over 20 million SOL valued at $2.6 billion, but halted purchases in December and shifted toward managing the capital already deployed.
- ETFs continue to accumulate and reached 7.86 million SOL. Even so, SOL’s price remains stuck around $128.
Treasury companies and ETFs absorbed close to 5% of Solana’s circulating supply throughout 2025. Taken together, these entities control more than 28 million SOL tokens, a figure that reshapes the supply structure and concentrates economic power within the ecosystem. Part of these holdings was allocated to staking and validator support.
The firms accumulated more than 20 million SOL, valued at roughly $2.6 billion. However, the pace of buying was uneven over the year. In December, treasury companies halted net acquisitions even as SOL traded at lower prices. Accumulation gave way to a defensive management of the capital already invested.
Solana Purchases Slow and Capital Management Takes Over
Shares of treasury companies declined after the speculative peak in the third quarter. Forward Industries, one of the most prominent players in the segment, still retains annual gains of around 40%, but its shares have been falling since September. Its SOL treasury is valued at $871 million, while its market capitalization stands near $608.8 million, a clear signal of fading interest in indirect exposure through equities.
Other companies show a more pronounced deterioration. Solana Company, with 2.3 million SOL in reserves, trades near $2.78 after reaching $772.50 in March. DeFi Dev Corp, the third-largest holder with 2.19 million SOL, dropped from $53.88 to $5.76 by year-end. With no new inflows, these firms now rely on internal ecosystem revenues, mainly fees and staking rewards, as long as SOL’s price remains stable.
ETFs Grow While SOL Remains Range-Bound
Solana ETFs followed a different path. The funds posted net inflows during the final weeks of the year and now hold 7.86 million SOL, surpassing $1 billion in assets under management. Even so, these vehicles do not guarantee long-term retention and can reverse flows quickly if market conditions shift.
Meanwhile, SOL’s price remains trapped. It trades near $128 and has failed to confirm new highs. The contrast is clear: on-chain activity continues to expand, Solana ranked among the networks with the highest fee generation from real usage in 2025, and its social media presence exceeds 10%. However, several applications continue to sell tokens on the open market, creating sustained selling pressure and limiting the impact of institutional accumulation
