Solana (SOL)-based treasuries are emerging as a trend among publicly traded companies, generating competition to accumulate the cryptocurrency.

To date, 17 companies have adopted SOL in their portfolios. A new leader in this sector is Forward Industries, a company focused on design for the medical and technology sectors. The company announced today, September 15, that it has acquired 6,822,000 SOLs at an average price of $232 per unit, for a total of $1.58 billion.

This purchase puts Forward Industries in first place, surpassing Sharps Technology, which was in first place with 2.14 million SOL, and DeFi Development, which was in second place with 2.02 million SOL.

List (not updated) of companies with treasuries in Solana. Source: Strategic Solana Reserve.

Before the transaction, the companies held a combined total of 11.7 million SOL; after the announcement, the total amount reached 18.5 million SOL. Forward Industries obtained the cryptocurrencies through open market purchases and on-chain transactions, representing the initial deployment of its $1.65 billion private investment in public equity (PIPE) financing, led by Galaxy Digital, Jump Crypto, and Multicoin Capital.

Meanwhile, Kyle Samani, president of Forward Industries, stated, "We are building the world's largest Solana treasury company, a strategy that will boost the Solana ecosystem and generate long-term value for our shareholders."

Samani confirmed that the plan includes deploying treasury funds into decentralized finance (DeFi) protocols, as companies view Solana as a key asset to strengthen their exposure in the DeFi market.

The companies are looking to replicate Strategy 's (formerly MicroStrategy) success with Bitcoin (BTC). The company began acquiring BTC in August 2020 as a primary treasury reserve in the face of inflation and a depreciating dollar. Since then, it has become the largest corporate holder of the asset, with 638,985 BTC. This strategy has boosted the company's value, attracting institutional investors and establishing a model for other firms that see crypto assets as a superior alternative to bonds or traditional cash.

Finally, Artemis co-founder Anthony Yim highlights two reasons why Solana treasuries are important compared to BTC: the yield on their holdings, for example, by participating in DeFi protocols or staking SOL, allows companies with Solana treasuries to pay dividends, but it is not a liability, offering greater flexibility than bonds, particularly in market downturns; and, fixed-income investors, a much larger source of capital, can purchase preferred equity products to fund their cryptocurrency acquisitions.