A New Trend Beyond BTC: Traditional Firms are Increasingly Stockpile SOL

By CryptoDavid

Edited and Translated by Cheryl L.

Is Strategy (previously MicroStrategy) adding more Bitcoin (BTC) to its treasury today?

For years, this question has served as a barometer for bullish sentiment in the crypto market. Since 2020, MicroStrategy’s bold move to invest in BTC has sparked a wave of traditional companies embracing digital assets, setting a benchmark for others to follow. But now, the spotlight might be shifting—Solana (SOL) is emerging as the next asset of choice for corporate treasuries.

A growing trend in 2025 shows traditional companies across industries—real estate, consumer goods, investment funds, and beyond—quietly building “SOL reserves” as part of their financial strategies. After a sharp decline following the TRUMP token hype, SOL’s price dipped to around $95 in late 2024, but rebound to $150 by April 2025. This isn’t the first time Solana has demonstrated resilience, which is catching the eye of firms looking for the “next Bitcoin.” Early adopters are positioning themselves for potential upside, blending innovation with calculated risk.

Janover Inc.: A Real Estate FinTech Turned Crypto Player

Janover Inc. (Nasdaq: JNVR), a Florida-based fintech specializing in commercial real estate lending, exemplifies this trend. Founded in 2018, the company uses an AI-driven platform to connect borrowers—such as property developers and small business owners—with lenders. Though its core business faced headwinds from a sluggish real estate market, Janover’s small business lending segment has achieved consistent revenue growth over the past two years. In July 2023, the company raised $5.65 million through an IPO, ending the year with $5.1 million in cash reserves. With just 26 employees, Janover positions itself as a lean, innovation-focused player in the fintech space.

In April 2025, Janover boldly added 163,651.7 SOL ($21.2 million) to its treasury, a move that cemented its status as a standout case of a traditional firm venturing into the crypto market. This wasn’t its first SOL buy—total holdings now hit 317,273 SOL ($48.2 million, including staking rewards). Approved by the board on April 4 and bought by April 15, the funds came from cash reserves and a $42 million convertible bond raise from Pantera Capital and Kraken on April 7. Janover plans to stake its SOL for 5-7% yields and may run Solana validators.

The shift ties to deeper crypto roots: ex-Kraken staff recently took a majority stake, triggering a rebrand to “DeFi Development Corporation.” The board’s new financial strategy prioritizes digital assets, starting with SOL, including plans to acquire validators, stake more tokens, and reinvest revenue into SOL via external equity. CEO Blake Janover said, “I’m so excited for the value I believe this can drive to shareholders and the future growth of this business. I’ve spent a great deal of time learning the ins and outs of the DeFi ecosystem and find myself incredibly aligned with the vision of the incoming leadership.” Rather than a traditional firm trying to embrace crypto, it's more like the crypto industry has acquired the company, clearing the path for increasing SOL holdings.

SOL Global: Pioneer in Crypto Investment

Toronto-based SOL Global Investments Corp. (CSE: SOL) has long been a trailblazer in alternative assets. Since 2017, this $150 million AUM firm has targeted crypto, blockchain, and emerging tech. In 2025, it doubled down on Solana by adding 40,350 SOL ($8.7 million) to its portfolio. With total holdings now nearing 260,000 SOL, it becomes a benchmark for traditional investment companies embracing the Solana ecosystem.

A $18 million private placement in January fueled the strategy, with $10 million allocated to SOL purchases and the rest to DeFi and NFT projects within the Solana ecosystem. As of March, about 60% of the 40,350 SOL held by the company has been staked, yielding 6.26% annually. The company's CEO, Paul Kania, stated in the announcement, "We are focused on building a Solana super company, with direct exposure to the upside of both Solana and leading-edge projects and protocols being built on the Solana blockchain. "

SOL Global's Solana layout goes beyond hoarding tokens. The company's investment portfolio includes star projects in the Solana ecosystem, such as the decentralized exchange Serum and the NFT platform Magic Eden, demonstrating its ambition for deep involvement in ecosystem construction. It also plans to launch a Solana-based investment fund by the end of 2025 to further amplify its influence. Unlike traditional investment companies, SOL Global's crypto DNA (with a team largely from the blockchain sector) allows it to adeptly ride the Solana wave.

Sol Strategies: A Veteran’s Rebirth

Sol Strategies Inc., formerly known as Cypherpunk Holdings, is a holding company listed on the Canadian Securities Exchange (ticker: HODL), deeply engaged in cryptocurrency investment since 2018. This $60 million AUM firm, rooted in privacy tech since 1995, pivoted to crypto in 2018.

In September 2024, under the leadership of former Valkyrie Funds CEO Leah Wald, the company rebranded and became fully focusing on on Solana. In February 2025, Sol Strategies announced holding 189,968 SOL, valued at approximately $40.89 million, becoming one of the largest Solana investment entities in the public market. The company accumulated SOL through batch purchases from October 2024 to January 2025, funded by its existing crypto asset portfolio (including partial liquidation of Bitcoin) and a CAD 25 million private placement completed in November 2024. Currently, public data shows the company holds around 260,000 SOL.

Sol Strategies not only hoards tokens but also operates multiple Solana network validator nodes, participating in the consensus mechanism, with expected annualized returns of 6-8%. CEO Leah Wald used to emphasize the high-growth opportunity of Solana, highlighting a more active participation method SOL Strategies offers compared to ETFs.

Upexi Inc.: Consumer Goods Meets Crypto

Upexi Inc. (Nasdaq: UPXI), a Nevada-based consumer goods firm founded in 2018, focuses on health supplements, pet products, and toys, using data-driven strategies to grow. With $83 million in 2024 revenue (up 54%) and a $120 million market cap post-2023 Nasdaq listing, the 150-person company thrives in ecommerce.

In 2025, Upexi, a crypto outsider, stunned markets by investing nearly $100 million in Solana (SOL). On April 21, it raised $100 million privately, led by GSR Markets, allocating $94.7 million to build a SOL treasury—purchases has started according to its press release on April 29, with plans to stake for 5-7% yields. CEO Allan Marshall commented,“With backing from some of the most respected names in the Solana ecosystem, we are laying the groundwork for a treasury strategy that aligns with the future of finance. We're not just investing-we're building for long-term innovation, value creation, and a leadership role in blockchain adoption.”

The shift followed the late-2024 addition of a ex-Coinbase advisor to the board, spurred by management’s crypto optimism. The SOL reserve aims to hedge ecommerce volatility, marking Upexi as a traditional-to-crypto crossover.

WonderFi: A Digital Asset Platform's Solana Layout

WonderFi Technologies Inc. (CSE: WNDR), a Vancouver-based digital asset platform founded in 2019, serves retail and institutional clients with crypto trading, custody, and investment services. Through acquisitions like Coinsquare and CoinSmart, it’s grown into a North American crypto leader, managing over 1 billion CAD in assets with 1 million+ users by 2024. Valued at 280 million CAD with 200 employees, WonderFi turned its focus to Solana (SOL) in 2024, reinforcing its industry edge.

By February 2024, it held 61,720 SOL ($8.4 million at $136 per SOL that time), all slated for staking at 5-7% yields. On January 16, 2025, WonderFi acquired Blade Labs, a Solana ecosystem developer, for 15 million CAD, gaining validator tech and talent. Its Coinsquare platform launched SOL staking, generating 8.8 million CAD in 2024 revenue, with 2025 validator profits projected at 2 million CAD.

Rooted in a strategic bet on crypto-native ecosystems, the Blade Labs deal boosts WonderFi’s tech stack and cements its role as a Solana network validato.

Diverse Paths, Unified Goal

In 2025, these five companies adopted varied approaches and reasons to stockpiling SOL—ranging from portfolio diversification to tapping DeFi potential—but their aim is the same: seizing crypto market growth to maximize shareholder value. The underlying logic is that companies believe SOL still has room for growth.

As Bitcoin solidifies as a widely accepted asset, its upside potential is gradually thinning. For smaller or bolder traditional firms, holding SOL feels like an alpha play, while BTC has shifted to a beta strategy. Compared to hardcore degens in the trenches, SOL is a cautious bet; yet against grind-it-out traditional businesses, it offers a sharper risk-reward edge.

It is believed that more market participants will vote with their feet to seize the opportunity to share in the growth returns of the crypto market.