The price of Solana reached $120, marking a nine-month high. This surge has impacted publicly traded companies that hold significant amounts of SOL tokens on their balance sheets.
Forward Industries, which holds between 7.55 million and 8.16 million SOL, announced a $25 million stock offering on September 23 to acquire additional tokens. Its current holdings are valued between $900 million and $1 billion.
Solana Company maintains a position of approximately 2.06 million to 2.3 million SOL. The firm previously raised $500 million through a PIPE transaction in 2025. For the first half of 2026, the company reported a net loss of $130.1 million.
Other entities, including DeFi Development Corp. and Upexi, also hold millions of tokens. Collectively, tracked public companies possess over 17 million SOL, representing an aggregate exposure of more than $2 billion at current prices.
US spot Solana ETFs have recorded over $200 million in inflows. While analysts set price targets ranging from $130 to $500, experts note that the high concentration of tokens among public firms creates a risk of cascading liquidation.
