What companies are hoarding SOL in the US stock market?

1. Leading listed company: Core player of Solana ecosystem

1. Upexi (UPXI)

• As of August 14, 2025, the hoarding scale holds 2.0005 million SOL, accounting for 0.34% of Solana's total circulation. It is the largest SOL reserve company in the US stock market.
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• The market value is calculated based on SOL's current price of US$197.19, and the position value is approximately US$394 million, accounting for 92% of the company's total assets.
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• The investor private placement round was led by Paradigm and Multicoin Capital, with participation from Kraken and Galaxy Digital.
• A total of more than US$450 million has been raised through ATM (At-The-Market) equity financing, and theoretically there is still US$1.2 billion in financing space to increase its holdings in SOL.
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• The strategic logic is positioned as the "Benchmark of Solana Treasury Company" and a revenue model is built through high pledge rate (65%) and discount arbitrage (average purchase price of US$135.22/coin).
• It is planned to expand the SOL reserve scale to 5 million pieces and become the proxy target for institutional investors to allocate Solana.
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2. DeFi Development Corporation (DFDV)

• As of August 14, 2025, the hoarding scale holds 1.294 million SOL, accounting for 0.22% of the total circulation.
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• The market capitalization position is worth approximately $255 million, accounting for 88% of the company's total assets.
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• Investors are led by the former Kraken executive team and continue to increase their holdings through convertible bond financing (such as the US$122.5 million completed in July).
• Institutional investors include Pantera Capital and Jump Crypto, forming a positive cycle of “increasing currency prices → market value premium → refinancing → increasing holdings”.
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• Strategic Logic operates its own validator infrastructure and generates approximately US$63,000 in SOL-denominated revenue every day.
• It aims to become the "enterprise-level reserve bank" of the Solana ecosystem and plans to expand the SOL reserve scale to US$1 billion within three years.
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3. Mercurity Fintech (MFH)

• As of August 14, 2025, the hoarding scale holds 1.083 million SOL, accounting for 0.18% of the total circulation.
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• The market capitalization position is worth approximately $213 million, accounting for 74% of the company's total assets.
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• Investors are strategically invested by the Solana Foundation, and institutional investors include Circle Ventures and Alameda Research (FTX affiliated funds).
• Hedging single asset risks through pledge income (annualized 6-8%) and cross-chain income network (allocation of ETH, XRP).
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• Strategic Logic plans to launch an open DeFi platform based on Solana, integrating Swap, lending, insurance and other services to achieve a one-stop solution of "on-chain transactions + income aggregation".
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2. Emerging listed companies: rapidly expanding Solana holders

1. Forward Industries (FORD)

• As of September 2025, it holds 837,000 SOL (approximately US$165 million), and plans to further increase its holdings through private equity financing (PIPE) of US$1.6 billion.
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• The market capitalization position is worth approximately $165 million, accounting for 68% of the company's total assets.
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• Investors are led by Galaxy Digital, Multicoin Capital, and Jump Crypto, with Cantor Fitzgerald serving as the lead underwriter.
• Strategic investors include the Solana Foundation, which plans to expand the reserve to 10 million coins.
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• The strategic logic is transformed from a traditional consumer goods company to a "Solana ecological hub" to achieve asset appreciation through staking and DeFi protocols (such as Orca, Marinade Finance).
• Since June 2025, the holdings have skyrocketed from 0 to 837,000 pieces, with an average daily increase of more than 5,000 pieces, becoming one of the fastest-growing SOL hoarders.
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2. Sol Strategies (STKE)

• As of September 10, 2025, the hoarding scale holds 435,000 SOL (approximately US$85.7 million), accounting for 0.07% of the total circulation.
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• The market capitalization position is worth approximately $85.7 million, accounting for 78% of the company's total assets.
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• The investor is strategically entrusted by ARK Invest to manage its Solana validator business and has received a cumulative investment of more than US$20 million.
• The private equity round is led by Coinbase Ventures and Blockchain Capital, and plans to raise US$500 million through Nasdaq listing (stock code STKE) to increase its holdings.
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• Strategically positioned as a "Solana infrastructure provider", it operates verification nodes with 5.5 million SOL commissions, with a pledge rate of 92% (approximately 400,000 SOL participates in verification).
• In Q2 2025, staking income reached CAD 2.54 million, but expansion costs resulted in a net loss of CAD 4.8 million.
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3. ETFs and custodians: passive Solana holders

1. REX-Osprey Solana + Staking ETF (SSK)

• As of September 2025, the accumulation scale holds 3.6 million SOL (approximately US$709 million), accounting for 0.61% of the total circulation, making it the largest Solana spot ETF in the world.
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• Market capitalization holdings are worth approximately $709 million, accounting for 98% of the fund's total assets.
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• Retail investors account for more than 70%, and institutional investors include BlackRock and Vanguard’s ETF portfolio funds.
• Attracting long-term holders through staking returns (annualized 7.3%), net inflows in Q3 2025 accounted for 45% of the industry's total inflows.
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• The strategic logic adopts the framework of the "Securities Act of 1940" to circumvent the 19b-4 filing restrictions of traditional ETFs, becoming a landmark product that the SEC tacitly approves of "the inclusion of pledged income in ETFs".
• With an average daily trading volume of US$1.5 billion and a bid-ask spread of only 0.02%, it is one of the most convenient Solana allocation tools for retail and institutional investors.
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2. CI Galaxy Solana ETF (SOLX)

• As of April 2025, the hoarding scale holds 1.2 million SOL (approximately US$236 million), accounting for 0.2% of the total circulation.
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• Market capitalization holdings are worth approximately $236 million, accounting for 95% of the fund's total assets.
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• Investors are managed by a subsidiary of Galaxy Digital, and institutional investors include the Canada Pension Plan Investment Board (CPPIB).
• The first-year management fee is completely free (original rate is 0.35%), and funds are attracted through pledge income (annualized 6.5%) and low-rate strategies.
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• The strategic logic plan is to use 50% of SOL reserves for pledge, and the remaining funds to invest in Solana ecological projects (such as DePIN, chain games), with a target annualized return of 6-8%.
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4. Key comparison dimensions

5. Market trends and risk warnings

1. Core drivers

• Staking Return Under Solana's PoS mechanism, the annual staking return of 7-8% is significantly higher than Bitcoin (0%) and Ethereum (3-5%), becoming an important source of corporate cash flow.
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• Ecological explosion The DEX transaction volume on the Solana chain accounts for 90% of the global total, and the NFT casting fee is only 1/200 of Ethereum, attracting the migration of projects such as GameFi and DePIN.
• Regulatory expectations are that the U.S. SEC will accelerate the acceptance of Solana spot ETF applications. If approved, it may trigger an inflow of US$5 billion in funds. BlackRock, Fidelity and other institutions have allocated SOL through Grayscale Digital Large Cap Fund.
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2. Risks and Challenges

• Price Fluctuation SOL's single-day volatility can reach 25%. It fell from US$294 to US$157 in March 2025, causing a significant retracement of the market value of companies such as Upexi.
• Liquidity risk Small and medium-sized companies (such as STKE) may experience premiums/discounts (up to 4%) due to insufficient trading volume, affecting the liquidity of assets.
• Regulatory Reversal If the SEC re-identifies SOL as a security, companies may be forced to sell their positions. Q3 Polymarket data in 2025 shows that the risk probability rises to 22%.
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6. Summary