SOL is trading near $120, its highest level in nine months, and the rally is lifting the share prices of Nasdaq-listed companies that hold large SOL treasuries. Forward Industries, Solana Company, DeFi Development Corp. and Upexi collectively hold more than 17 million SOL, and some are raising fresh capital to buy more.
SOL is trading near $120, its highest level in nine months, and the move is showing up in an unexpected corner of the market: Nasdaq-listed companies that built balance sheets around the token. Their stock prices are climbing alongside SOL.
The corporate SOL playbook
Forward Industries (NASDAQ: FWDI) leads the public-company SOL holders, holding between 7.55 and 8.16 million tokens, worth roughly $900 million to just under $1 billion at current prices. 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. 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. Together, tracked public companies now hold over 17 million SOL, worth more than $2 billion at $120 per token.
The gains and the pain
The rally hasn't erased every loss. Solana Company reported a $130.1 million net loss for the first half of 2026, driven by unrealized losses on its SOL holdings from earlier price drawdowns.
What's driving SOL higher
US spot Solana ETFs have pulled in over $200 million in inflows, with consecutive weeks of positive net flows supporting price momentum. Derivatives traders are positioning for further upside, with analyst price targets for SOL spanning from $130 on the conservative end to $500 for the most bullish forecasts.
The broader Solana ecosystem has also been expanding, with tokenized equities and other real-world asset applications adding utility beyond pure speculation. More on-chain activity generally translates to more demand for SOL, since the token pays transaction fees on the network.
What to watch from here
The key risk is concentration. When public companies hold over 17 million SOL and keep raising capital to buy more, any forced selling — whether from margin calls, shareholder pressure, or regulatory changes — could create a cascading liquidation event.
Source: Crypto Briefing
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