Data from the Strategic Solana Reserve shows holdings have reached 17.11 million tokens, representing close to 3% of SOL’s total supply.

The biggest single stash belongs to Forward Industries, which controls roughly $1.6 billion worth of the asset. Other names, including Sharps Technology, DeFi Development Corp., and Upexi, have each secured reserves worth over $400 million, reflecting a coordinated wave of accumulation.

Wall Street-Backed Treasuries Fuel the Rise

Forward Industries only launched its reserve in early September but was quickly backed by crypto-native heavyweights Galaxy Digital, Multicoin Capital, and Jump Crypto. Galaxy alone is reported to have snapped up more than $300 million in Solana in one day.

Adding to the momentum, Helius Medical Technologies unveiled a $500 million Solana treasury this week, a project co-led by Pantera Capital and Summer Capital. Pantera’s founder Dan Morehead recently called Solana the “fastest and cheapest” blockchain, noting his firm already holds $1.1 billion worth of the token.

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Catching Up to Bitcoin and Ethereum

Despite the rapid build-up, Solana’s treasuries are still dwarfed by those of the industry leaders. Public data shows more than 3.7 million Bitcoin — worth about $428 billion — are held by corporations and funds, accounting for nearly 17% of BTC’s fixed supply. Ethereum sits in the middle ground, with around 5 million ETH in corporate reserves and another 6.7 million tied to ETFs, bringing total institutional holdings to over $50 billion.

Compared with those giants, Solana remains a smaller bet. Yet the pace of accumulation, combined with venture and corporate backing, suggests it is steadily carving out a place alongside Bitcoin and Ethereum in the treasuries of global institutions.

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