Solana reserves held in exchange-traded funds (ETFs) and treasury companies reached about 5% of the circulating supply. The supply was partially used in staking, as well as supporting validators.
In 2025, the Solana ecosystem saw another significant source of inflows. The pace of buying was uneven in 2025, and SOL still faces price challenges. Despite this, the influence of those holders may continue to affect Solana in 2026. Solana’s strategic entities built up over 20M SOL in their reserves, valued at $2.6B. Of those reserves, close to 9.5M SOL is staked with validators, increasing their influence.
Solana treasury companies slow down purchases in December
The Solana treasury companies seem to have completed their purchasing rounds for the year. In December, no net additions were made to the treasuries, despite the lower SOL price. The Solana treasury companies also lost on the stock market, following peak hype in Q3. Forward Industries, the leading treasury company, is on track to finish the year with around 40% net gains.
However, FWDI is down from a $39 peak in September. The company’s SOL treasury is valued at $871M, while the stock market cap is down to $608.8M, showing decreased enthusiasm for proxy buying. Solana Company, with a treasury of 2.3M SOL, failed to see its stock bounce. The former biotech company is trading at $2.78, down from a March peak of $772.50.
DeFi Dev Corp is also down from a yearly high of $53.88, trading at $5.76 toward the end of 2025. The company holds the third-largest treasury of 2.19M SOL. Toward the end of the year, the treasury companies did not have new inflows and had to switch to relying on the internal Solana ecosystem and its fees. Staking with validators may provide some windfalls for those companies, provided the price of SOL remains relatively stable.
The relative novelty of Solana ETF extended the buying streak for funds. ETFs are not as reliable as treasuries for long-term holding, as the trend may reverse at any time. The available Solana ETFs had mostly net inflows in the past three weeks. In total, the funds contain 7.86M SOL, breaking above the $1B tier in assets under management. The ETF may restart fees beyond that threshold.
SOL remains relatively subdued, trading at $127.91. SOL’s mindshare is above 10% on social media, rising by 29.25% lately. Despite the price slowdown, Solana remains a key platform for decentralized activity and fast apps. The chain was among the biggest fee producers based on real economic activity for 2025. Despite the expansion of on-chain activity, SOL has been bound in a range for years.
