Public Companies Rush to Buy Solana to Benefit from Staking, Holding Value Exceeds $591 Million.
More and more public companies are heavily investing in Solana (SOL) to exploit staking profits and affirm their position in this rapidly developing blockchain ecosystem. According to the latest data from CoinGecko, just four large companies have collectively held over 3.5 million SOL – equivalent to approximately $591.1 million – representing nearly 0.65% of Solana's total circulating supply.
Bit Mining – a publicly listed Bitcoin mining company – announced its first Solana purchase on August 6. The company spent $4.5 million to buy 27,191 SOL and simultaneously deployed a validator to earn profits through staking. Bit Mining's Chairman and Chief Operating Officer, Bo Yu, emphasized that this is a strategic move to expand their presence in the Solana ecosystem. Previously, on July 10, Bit Mining also announced plans to raise up to $300 million to build a SOL reserve.
Meanwhile, Upexi – a company specializing in supply chain management and owning multiple brands – revealed that it purchased a large amount of Solana in July. From 735,692 SOL at the end of June, the company increased its total holdings to over 2 million tokens. CEO Allan Marshall stated that July was a "major turning point" when Upexi successfully raised over $200 million to buy more SOL, and simultaneously staked most of these tokens to receive up to 8% yield, generating $65,000 in daily revenue.
Not to be outdone, DeFi Development Corp. – previously a real estate financial company named Janover – has also raised its total SOL holdings to over 1.2 million tokens. In the most recent transaction, the company purchased an additional 110,466 SOL. Notably, DeFi Development is currently staking its entire SOL amount with various validators to optimize yield. The company began purchasing SOL on April 8 after being taken over by former executives from the Kraken exchange.
CoinGecko notes that these rapid buying movements demonstrate a clear trend of public companies increasing their approach to digital assets that generate passive income. According to a June 18 report by BitGo, staking yield is the primary motivation for many businesses to shift towards Solana, following the wave of Bitcoin integration into accounting balance sheets that has changed traditional financial thinking. BitGo emphasizes that companies choose Solana not only for investment purposes but also to support the developing blockchain infrastructure and create differentiation in the market.
Currently, Upexi leads in SOL holdings among public companies, followed by DeFi Development and SOL Strategies – a Canadian company specializing in Solana infrastructure investments. This trend shows that staking is no longer just a playground for individual investors but has become a long-term financial strategy prioritized by large organizations.
