Five publicly traded companies now hold more than $1 billion in SOL combined, according to a Decrypt report relayed by CoinMarketCap on June 20, 2026. Forward Industries leads the group with more than 7 million SOL, worth roughly $500 million at the token's price of $71.75 as of June 20, 2026.
The milestone marks how far the corporate-treasury trade has spread beyond Bitcoin. Strategy built the original template by loading its balance sheet with BTC and financing the purchases through equity and debt. That model has now been copied onto Solana, where a cluster of listed firms are holding the asset directly rather than buying spot exposure through a fund.
Forward Industries sits at the top of the pile
Forward Industries holds the largest position of the five, at more than 7 million SOL. At current prices that stake alone accounts for about half of the $1 billion figure, which means the remaining four firms split the rest. Decrypt's count puts each of the five above the $1 billion line only in aggregate, not individually, so the distribution is heavily weighted toward the leader.
The concentration matters. When one treasury holds a position several times larger than its peers, the group's reported total moves mostly on that single company's decisions. A capital raise or a forced sale at Forward Industries would swing the headline number far more than any action by the smaller holders.
The treasury template jumped chains
Bitcoin treasuries were the first wave. Companies such as Strategy and, more recently, Capital B with its shareholder approval for up to $120 billion in Bitcoin buying, turned their balance sheets into leveraged bets on a single coin. The pitch to investors was simple: buy our stock to get amplified exposure to the asset, funded by debt and equity issuance.
Solana is now getting the same treatment, and the pitch comes with an extra line. SOL is a proof-of-stake asset, so tokens sitting in a treasury can be staked to earn native yield instead of producing nothing. A Bitcoin treasury holds a non-yielding asset and leans entirely on price appreciation. A Solana treasury can frame its holdings as a position that pays a staking yield on top of any price move, which gives management a second story to tell shareholders.
Staking yield does not cancel the downside
The yield argument has limits. SOL staking rewards in 2026 run in the low-to-mid single digits annually, a return that a double-digit drop in the token price erases in a single session. A treasury earning roughly 6% to 7% a year on staked SOL is still fully exposed to a 20% or 30% move in the underlying, and the five firms have built their balance sheets on exactly that exposure.
Price risk is the core feature of this trade, not a footnote. SOL trades at $71.75 as of June 20, 2026, up 4.44% over 24 hours and 7.56% over the week, outpacing both Bitcoin and Ether on the day. That strength is what makes the treasuries look smart right now. The same leverage cuts the other way in a drawdown, and the broader market still reads cautious: CoinMarketCap's Fear and Greed Index sat at 21, in Fear territory, on the same morning the $1 billion figure landed.
For everyday SOL holders, the second-order effect is float. Each token locked into a corporate treasury, and often staked on top of that, is a token not circulating on exchanges or moving through wallets and stablecoin spending rails. Heavy accumulation tightens available supply, which can amplify both rallies and the squeezes that follow them.
The pattern echoes the strain already visible in leveraged crypto-equity vehicles, where a sharp repricing of the underlying hit holders hard, as seen in the recent digital-credit selloff that Strive's CEO called the worst day yet. Solana treasuries are running a version of the same structure on a faster, more volatile asset.
Overview
Five public companies now hold more than $1 billion in SOL combined as of June 20, 2026, led by Forward Industries with over 7 million tokens, per Decrypt via CoinMarketCap. The corporate-treasury model pioneered on Bitcoin has crossed onto Solana, with the added wrinkle that staked SOL earns native yield. That yield runs in the single digits and does not offset the double-digit price swings these balance sheets are built on. With SOL up 4.44% on the day but the Fear and Greed Index at 21, the strategy looks rewarding in a rising market and carries the same leverage risk into any reversal.
