New data shows that enterprise reserves based on Solana have soared to over $4 billion, as companies continue to accumulate this cryptocurrency.
The reserve tracker Strategic Solana Reserve reported on Tuesday that the Solana treasury has reached 17.11 million tokens, valued at $4.03 billion at current prices. These reserves account for nearly 3% of the over 600 million tokens in circulation supply of Solana (SOL).
The largest participant is Forward Industries, holding over 6.8 million SOL, worth $1.61 billion. Other companies such as Sharps Technology, DeFi Development Corp., and Upexi each hold about 2 million SOL, with individual holdings exceeding $400 million.
Forward Industries announced the establishment of its Solana reserve on September 8, stating that crypto-native companies like Galaxy Digital, Multicoin Capital, and Jump Crypto would fund its reserve efforts.
Following the announcement, a buying frenzy for SOL occurred, with Galaxy purchasing up to $306 million worth of Solana tokens in a single day.
In addition to Forward Industries, Helius Medical Technologies launched a $500 million Solana treasury reserve on Monday. Their efforts are led by crypto venture capital and hedge fund Pantera Capital, along with fund management company Summer Capital.
In an interview with CNBC on Monday, Pantera Capital CEO Dan Morehead described Solana as the "fastest, cheapest, and best-performing" blockchain network. He also revealed that his company has an $1.1 billion position in Solana tokens.
While Solana reserves are starting to gain attention, there is still a long way to go to catch up with crypto reserves based on Bitcoin (BTC) or Ethereum (ETH).
According to BitcoinTreasuries.NET, there are 3.71 million BTC in reserves. As of the time of writing, this amount is valued at approximately $428 billion, accounting for about 17% of the total supply of 21 million bitcoins.
Reserves based on Ethereum are also significantly larger. Data from the Strategic ETH Reserve website shows that corporate entities hold nearly 5 million ETH, valued at over $22 billion.
Data also indicates that ETFs hold approximately 6.77 million ETH, valued at over $30 billion.
Related: Solana shows bullish signals again, with a similar historical pattern triggering a 1300% surge in SOL.
Original article: “Solana Enterprise Reserves Surpass $4 Billion, Accounting for 3% of SOL Circulating Supply”
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