Solana-based corporate treasuries surged past $4 billion as companies have continued to accumulate the cryptocurrency, according to new data.
Data from the reserve tracker, Strategic Solana Reserve, showed on Tuesday that Solana treasuries hit 17.11 million tokens, worth $4.03 billion at current prices. The reserves accounted for almost 3% of Solana’s (SOL) circulating supply of more than 600 million tokens.
The largest participant was Forward Industries, which held more than 6.8 million SOL, worth $1.61 billion. Other firms such as Sharps Technology, DeFi Development Corp. and Upexi each held about 2 million SOL, with individual allocations exceeding $400 million.
Institutions continue SOL accumulation
Forward Industries announced the formation of its Solana reserve on Sept. 8, saying that crypto native companies like Galaxy Digital, Multicoin Capital and Jump Crypto will fund its efforts to form the reserve.
The announcement was followed by a SOL buying spree, with Galaxy scooping up as much as $306 million in Solana tokens in one day.
In addition to Forward Industries, Helius Medical Technologies launched a $500 million Solana treasury reserve on Monday. Its efforts were led by crypto venture capital and hedge fund Pantera Capital, as well as fund manager Summer Capital.
In a Monday CNBC interview, Pantera Capital CEO Dan Morehead called Solana the “fastest, cheapest, most-performing” blockchain network. At the same time, he also revealed that their company had a $1.1 billion position on the Solana token.
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Bitcoin and Ether reserves
While Solana reserves are starting to gain traction, there is a long way to go before catching up with crypto reserves based on Bitcoin (BTC) or Ether (ETH).
The BitcoinTreasuries.NET website data showed that there were 3.71 million BTC in treasuries. At the time of writing, the amount was worth about $428 billion and was about 17% of the entire Bitcoin supply of 21 million.
Ether-based reserves are also significantly larger. Data from the Strategic ETH Reserve site showed that corporate entities held nearly 5 million ETH, worth over $22 billion.
The data also showed that the ETH held in ETFs was about 6.77 million, which is worth over $30 billion.
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