Four publicly traded companies – Upexi, Inc., DeFi Developments Corp (DeFi Dev.), SOL Strategies, and Torrent Capital – are now among the largest institutional holders of Solana (SOL).
These entities collectively control more than 3.5 million SOL tokens worth over $591.1 million.
According to CoinGecko’s recent analysis, the combined stake of the four companies represents nearly 0.65% of Solana’s circulating supply and about 0.58% of the total supply.
Leading the pack is Upexi, Inc., which has rapidly built the largest publicly disclosed Solana treasury. It has amassed 1.9 million SOL in just four months. The company began its aggressive accumulation in late April 2025 and has paid an average of $168.63 per token for a total investment of $320.4 million.
In second place, DeFi Dev. holds 1,182,685 SOL at an average cost of $137.07. This makes its $198.9 million stake the most profitable among its peers with an estimated $36.8 million in unrealized gains.
The firm has continued to expand its position, and most recently added 181,303 SOL on July 29 for $28.2 million at $155.33 per token. It has given no indication of reducing its holdings.
Meanwhile, Toronto-based SOL Strategies follows with 392,667 SOL acquired through a steady dollar-cost averaging approach between June 2024 and July 2025, at an average purchase price of $166.86.
This methodical accumulation, supplemented by staking rewards, has brought its current valuation to $66.0 million, and a $3.9 million in unrealized gains. Torrent Capital rounds out the list with 40,039 SOL purchased in early 2025 across five transactions at an average of $161.84. Despite being the smallest holder, CoinGecko said that iTorrent’s early entry ahead of Solana’s major rally has yielded a $0.2 million gain, with its stake now valued over $6.7 million.
Solana (SOL) has climbed over 14% in the past month and is now trading above $180 amidst a broader market surge. Pseudonymous crypto trader XO described the rally as a “strong move up off the recent lows,” though noting that the crypto asset lacked the “rounded retest type structure” typically preferred for building a firm base.
XO added that the current zone remains a critical threshold for SOL’s short-term price trajectory.