Firms Are Adding Solana to Corporate Treasuries, But Bitcoin Still Leads the Way

Adding crypto to corporate treasuries is a clear and growing trend. And it’s not just Bitcoin.

Solana’s SOL is also entering the mix as companies build treasuries they can stake and as a gateway to the broader Solana ecosystem.

“The recent increase in corporations allocating Bitcoin, and now Solana, to their treasuries, reflects a shift in how companies manage risk and seek growth,” said Todd Ruoff, CEO of Autonomys Labs, in comments to The Defiant “Bitcoin has been favored for its value proposition as ‘digital gold,’ acting as a hedge against currency devaluation.”

BTC accumulation, however, still stole the show this week. On April 23, a group of major crypto and finance firms announced the formation of a new entity, Twenty One Capital, which plans to compete with Michael Saylor’s Strategy by launching with a solid 42,000 BTC in its treasury, worth about $3.9 billion.

The primary investors in Twenty One Capital, which will be led by Bitcoin payments processor Strike’s founder Jack Mallers, are leading stablecoin issuer Tether and its sister exchange Bitfinex, with SoftBank as a minority owner. The public firm will launch via a SPAC merger with a firm affiliated with financial services giant Cantor Fitzgerald.

That would make it the third-largest public holder of BTC after Strategy, leading the pack by far with a staggering 538,200 BTC (about $50,702,266,602 at current prices), and Bitcoin miner Marathon Digital Holdings, with more than 47,000 BTC. Privately held Block.One and Tether both have more than 100,000 BTC, according to BitcoinTreasuries.net.

Then there’s Japan’s Metaplanet, another Bitcoin treasury firm, which on April 24 announced the acquisition of its 5,000th Bitcoin. The firm plans to reach 10,000 by the end of the year, CEO Simon Gerovich said on X. On a smaller but still significant scale, last week Japanese fashion retailer ANAP bought $70 million worth of BTC, citing what it called an irreversible global trend toward Bitcoin becoming a reserve asset.

Also last week, Semler Scientific settled a Department of Justice suit and announced plans to raise $500 million to buy more Bitcoin.

Rethinking the role of crypto

“More U.S. public companies might rethink the role of crypto in their corporate treasury management as they navigate the complicated global trade environment,” Bloomberg Intelligence strategists Lu Yeung and Breanne Dougherty wrote on April 22. “Bitcoin has been less volatile than stocks since the April 2 tariff shock; continued price stability could prompt more crypto adoption in corporate treasuries.”

Many more companies are embracing Bitcoin treasuries. Indeed, on April 24, Fidelity Digital Assets said on X that it has “seen bitcoin supply on exchanges dropping due to public company purchases—something we anticipate accelerating in the near future.”

It said just 2.6 million BTC is currently sitting on exchanges, the lowest level since November 2018. Public companies added some 350,000 bitcoins since the U.S. Presidential election, and have bought more than 30,000 bitcoin per month this year, the firm said.

Solana rising

While agreeing that Bitcoin is in the “digital gold” category, Michael Repetný, co-founder and CEO of the firm behind SOL staking protocol Marinade Finance, told The Defiant that there is “a generational shift in how companies think about storing value. When you zoom out, this is less about crypto and more about rethinking the foundations of money itself.”

But, he added in an email, “there’s a second wave forming: companies beginning to hold SOL in their treasuries, not just for value storage but as part of being actively aligned with a growing ecosystem. Solana isn’t just an asset — it’s a high-performance financial operating system.”

This week alone, two companies added SOL to their corporate treasuries.

Consumer products firm Upexi announced on April 21 that it is raising $100 million from more than a dozen venture capital firms and angel investors to be used to build a Solana treasury. The firm and the lead investor in the venture, GSR, cited confidence in Solana’s ecosystem and technical performance. Upexi’s shares surged more than 400% on the news.

Later in the week, on April 23, DeFi Development Corporation announced it was adding 65,305 SOL to its treasury, worth approximately $9.76 million at the time of writing. The addition brings the total to 317,273 SOL, more than $47 million at current prices. The firm said that a portion of the SOL it buys is locked in various vesting schedules, venture allocations or other lock-ups.

“This is a clear example of the strategic execution we’ve built our treasury strategy around,” said Joseph Onorati, CEO of DeFi Development Corporation, in the official release. “By gaining access to locked discounted inventory […] we’re able to accumulate some of our SOL below market prices while deepening our alignment with the Solana ecosystem.”

That same day, SOL Strategies, a Solana infrastructure investment firm, announced that it had secured $500 million in financing to purchase SOL. Similar to Strategy’s playbook for BTC, the firm will issue convertible notes, the capital from which will be specifically used to buy SOL. However, in what the firm called a “first-of-its-kind in digital asset financing,” the SOL holdings will be staked on validators that the firm operates, with yield shared between the firm and the convertible notes’ investors.

“Solana isn’t just an asset—it’s a high-performance financial operating system,” Repetný told The Defiant, adding:

The price of SOL is down over 3% today, but saw 7% growth on the week, per data from The Defiant.