Main Points :
- Public companies are increasingly accumulating SOL as a treasury asset, treating it as a yield-bearing alternative to cash.
- Solana Company (formerly Helius) has amassed over 2.2 million SOL (≈ $525 million including cash) in under three weeks.
- VisionSys AI is launching a $2 billion Solana treasury initiative, partnering with Marinade Finance to stake SOL and generate yield.
- Forward Industries, VisionSys, and other firms are shifting business models toward Solana-centric treasury holdings.
- Solana’s network fundamentals—high throughput, staking yields, large active usage—make it an attractive candidate for institutional treasury allocation.
- Risks remain: regulatory, token volatility, protocol-level threats (e.g. rug pulls), and concentration risk in crypto assets.
Below is a more detailed narrative combining the referenced article and recent developments. After the English version, I provide a full Japanese translation.
Corporate Treasuries Pivoting to Solana
In early October 2025, Solana Company (formerly known as Helius Medical Technologies, ticker HSDT) announced a dramatic expansion of its digital asset strategy: it has accumulated more than 2.2 million SOL tokens, alongside over $15 million in cash dedicated to its treasury approach. At the time of disclosure, the combined value of SOL and cash holdings exceeded $525 million, surpassing the proceeds from its recent private placement just weeks earlier.
This aggressive accumulation—completed in under three weeks—was cited by Pantera Capital’s Cosmo Jiang as evidence of the company’s operational efficiency and commitment to maximizing shareholder value via crypto holdings. The company rebranded as “Solana Company,” underscoring that its identity is now intimately connected to its SOL-focused strategy.
The judgment is clear: Solana is no longer a speculative altcoin for traders alone—it is being treated as a strategic asset in company balance sheets.
The VisionSys AI Bet: $2 Billion Solana Treasury
Shortly after the Solana Company announcement, VisionSys AI (NASDAQ: VSA) revealed its own bold plan to establish a $2 billion Solana treasury. The company has partnered with Marinade Finance, a leading staking protocol on Solana, to facilitate staking, yield operations, compliance, and operational security.
In the first phase, VisionSys plans to acquire and stake $500 million worth of SOL over the coming six months. The long-term ambition is a full $2B allocation, making it one of the largest corporate holders of SOL.
To strengthen its governance and strategy in this domain, VisionSys also appointed Hakob Sirounian, a recognized Solana advocate, as CSO (Chief Strategy Officer).
The market’s reaction was swift: VisionSys’s stock dropped significantly (as much as 35–37.5% in a short window), indicating that investors are wary of risk in this untested corporate crypto pivot. Meanwhile, SOL itself gained roughly 5% following the announcement.
The contrast is instructive: firms launching large-scale treasury shifts may face short-term skepticism from equity markets, even as they hope to capture long-term upside from crypto exposure.
The Broader Landscape: Forward Industries and Corporate SOL Trends
The move by Solana Company and VisionSys is not isolated. In fact, a wave of corporate entrants is redefining how SOL is viewed in institutional balance sheets.
- Forward Industries has already pivoted into Solana treasury mode. In a $1.65 billion PIPE financing round led by Galaxy Digital, Jump Crypto, and Multicoin Capital, the firm intends to allocate significant capital to acquire SOL. Reports suggest Forward currently holds over 6.8 million SOL, placing it among the top corporate holders.
- Other public entities such as DeFi Development Corp., Upexi, Sol Strategies, and Sharps Technology have disclosed SOL holdings or shifts toward SOL exposure.
- VisionSys itself, by announcing a $2B SOL treasury, is reinforcing the trend rather than initiating it. Its move is being viewed as a signal amplifier within the emerging “Solana corporate treasury” ecosystem.
Taken together, these trends suggest that SOL is rapidly being repositioned from speculative altcoin status to a foundational treasury asset in corporate finance.
Why SOL? Technical Appeal & Yield Advantages
Why are corporations choosing SOL over other cryptocurrencies or sticking with cash?
High Throughput, Low Latency, and Scalability
Solana is known for its ability to handle thousands of transactions per second, with low fees and sub-second confirmation times. This performance is crucial when institutional players participate in staking and on-chain action at scale.
Native Yield from Staking
Unlike Bitcoin (which yields nothing), SOL supports native staking yield, currently estimated around 7% annual yield in many validator setups. This transforms idle capital into income-generating assets—an attractive feature for treasury managers seeking return on capital.
Network Activity & Ecosystem Strength
The Solana ecosystem exhibits robust on-chain usage: millions of active wallets per day, hundreds of millions of transactions annually, and wide adoption among DeFi, NFTs, and Web3 apps. Such demand undergirds confidence in long-term value capture.
Institutional Legitimacy & Signaling
Corporate accumulation of SOL sends a message: institutional investors view Solana as infrastructure, not just speculative token. This can catalyze further capital inflows and ecosystem maturation.
Risks, Challenges & Mitigations
As compelling as the upside is, this strategy is not without material risks.
Volatility & Concentration Risk
Crypto markets are volatile. Companies that dedicate large portions of their balance sheet to SOL run the risk of large swings in valuation, which can hurt investor confidence or raise margin stress in downturns.
Regulatory & Accounting Considerations
Holding digital assets as treasuries raises accounting, tax, disclosure, and regulatory scrutiny—especially in jurisdictions without clear crypto regulatory frameworks. Corporations must navigate evolving rules.
Protocol Risk & Governance
Solana’s network, although mature, is not immune to exploits, fork risks, validator failures, or governance attacks. Also, social challenges like rug pulls in Solana DeFi (documented in recent research) underscore that the network remains susceptible to malicious actors.
Market Liquidity & Exit Strategy
If many institutions try to exit SOL simultaneously, liquidity constraints could cause slippage. Companies need well-planned trading strategies, possibly staggered exits or hedging mechanisms.
Equity Market Sentiment
As seen with VisionSys, equity markets may penalize companies making bold crypto pivots—at least initially. Managing investor expectations and narrative is key.
To mitigate these risks, firms may:
- Diversify across multiple digital assets
- Use derivatives or hedging instruments
- Maintain prudent allocations (not over-leveraged)
- Build strategic partnerships (e.g., with staking providers)
- Disclose transparently their crypto strategies
Outlook: Will SOL Become a Treasury Standard?
If current momentum holds, we may witness a new paradigm in corporate finance: blockchain-native treasuries. The shift now extends beyond Bitcoin-first strategies (e.g. MicroStrategy, institutional BTC holders) into Ethereum and Solana territory. Corporations incentivized by yield and infrastructure alignment may designate SOL as a core balance sheet asset.
- A full rollout of corporate SOL treasuries could raise SOL’s floor price dynamics, provided demand remains strong.
- Regulatory clarity (or constraints) will play a critical role in adoption speed.
- Execution discipline—staking, custodianship, portfolio hedging—will distinguish success stories from speculative failure.
From the vantage point of crypto-native investors, this is a fascinating time: watching how public companies allocate hundreds of millions to SOL provides indirect insight into institutional conviction in Solana’s fundamentals.
