Solana rallies to $120, boosting treasury stocks of Solana Company and others

SOL is trading near $120, its highest level in nine months, and the ripple effects are showing up in an unexpected corner of the market: Nasdaq-listed companies that decided to stuff their balance sheets with the token. The corporate SOL playbook Forward Industries (NASDAQ: FWDI) sits atop the public-company SOL leaderboard, holding between 7.55 and 8.16 million tokens. At current prices, that stash is worth roughly $900 million to just under $1 billion. The company announced a $25 million common stock offering on September 23 to purchase even more SOL. Solana Company (NASDAQ: HSDT) holds approximately 2.06 to 2.3 million SOL. The firm built that position after raising around $500 million via a PIPE transaction in 2025, making it one of the more aggressive corporate accumulators in the space. DeFi Development Corp. maintains a treasury of roughly 2.39 to 2.49 million SOL, while Upexi holds between 2.17 and 2.34 million tokens. Collectively, tracked public companies now hold over 17 million SOL in their treasuries. At $120 per token, that’s more than $2B in aggregate digital asset exposure sitting on corporate balance sheets. The gains and the pain Solana Company reported a $130.1 m...