Why Public Companies Are Loading Up on Solana

The competition to build Solana treasuries is intensifying, as public companies bet big on staking returns. This week, three firms disclosed major Solana purchases totaling millions of dollars.

Who’s in the race?

BIT Mining, a Bitcoin mining company, made its first foray into Solana by acquiring 27,191 SOL (worth $4.5 million). More than just an investment, the firm launched its own validator node to start collecting staking yield directly from the network.

Upexi, a supply chain-focused brand aggregator, went even further. In July alone, it increased its SOL holdings from 735,692 to over 2 million tokens, with a $200 million funding raise. According to CEO Allan Marshall, most of this SOL has already been staked, earning an 8% yield, translating to roughly $65,000 in daily revenue.

DeFi Development Corp, formerly a real estate-focused AI platform, now holds over 1.2 million SOL, having added 110,466 tokens this week. After its acquisition by former Kraken executives, the firm began accumulating SOL in April and is now staking across multiple validators.

Institutional appetite for yield

According to CoinGecko, the top four public firms now control over 3.5 million SOL, valued at $591.1 million, around 0.65% of the total circulating supply. This rise in holdings signals a broader institutional shift from simply holding digital assets to actively earning yield through decentralized infrastructure.

BIT Mining’s chairman Bo Yu emphasized that their validator launch is “just the beginning” of a larger strategic expansion into the Solana ecosystem. The company plans to raise up to $300 million to fund additional acquisitions and build infrastructure.

Solana vs. Bitcoin

Crypto custodian BitGo recently pointed out that Solana offers a unique opportunity for treasury diversification. While Bitcoin has become a standard addition to corporate balance sheets, Solana provides reward-generating potential that can actively contribute to a firm’s revenue. BitGo noted in a June report:

Companies adopting Solana gain exposure to reward-generating digital assets, align strategically with emerging blockchain infrastructure, and differentiate themselves in the marketplace.

With growing validator participation, millions in daily yield, and increasing institutional attention, the Solana treasury race is far from over. For now, Upexi leads the charge, but with hundreds of millions in planned investment from competitors, that could change fast.