Solana Foundation Expands Support for Treasury Growth
The Solana Foundation has been aggressively fueling the creation of SOL-based digital asset treasuries by offering discounted token sales to public companies. Onchain and corporate filings show that at least seven firms have entered direct agreements with the Foundation to purchase large SOL blocks below market price. This strategy has driven visibility and adoption across the Solana ecosystem, while also sparking debate about its long-term market effects.
Discounted SOL Sales Drive Ecosystem Expansion
Companies receiving token discounts include publicly listed entities such as Brera Holdings, which recently rebranded as Solmate, and Sharps Technology (STSS), which disclosed a $50 million SOL purchase at a fifteen percent discount.
Similarly, Solana Company — formerly Helius Medical Technologies — announced a comparable arrangement. These transactions helped expand the number of Solana-based treasuries to well over a dozen, strengthening demand but also amplifying potential valuation risks.
Treasury Model Spurs New Corporate Entrants
The Solana Foundation’s incentive program has attracted companies from diverse sectors — from fintech to sports management — to adopt SOL as a reserve asset. Nasdaq-listed firms like Forward Industries, which now holds approximately $1.5 billion in SOL, have joined the movement. The trend highlights how corporate treasuries are transforming into vehicles for digital asset accumulation, a development some analysts say could deepen Solana’s integration into mainstream capital markets.
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Debate Over Market Pressure and mNAV Decline
Not everyone sees the surge in treasury formations as entirely positive. Industry insiders have raised concerns that supporting “too many DATs,” or digital asset treasuries, could create valuation pressure. Multiple DATs have seen their market multiples of net asset value — or mNAVs — decline as the number of participants increased.
This means shares of some SOL-based treasuries are trading closer to, or even below, the value of their underlying token holdings, reflecting investor caution over potential dilution.
Supporters Argue Broader Adoption Is Beneficial
Despite those concerns, many within the Solana community view the proliferation of treasuries as a net positive. DeFi Development (DFDV), which holds more than $430 million worth of SOL, welcomed new entrants, saying increased buyers strengthen ecosystem stability.
Upexi, another Solana DAT with $442 million in holdings, echoed that sentiment, describing the growing number of treasuries as “a healthy development” that enhances liquidity and market depth across Solana’s asset landscape.
VisionSys AI and Next-Generation Treasuries
The latest company to join the movement is VisionSys AI, which aims to build a $2 billion Solana-based treasury within six months, beginning with an initial $500 million purchase. The Nasdaq-listed firm revealed plans to acquire SOL both through discounted arrangements and secondary markets. VisionSys AI also announced an exclusive partnership with Marinade Finance, one of Solana’s largest staking protocols, further intertwining AI-driven fintech strategies with blockchain-based asset management.
Ecosystem Outlook: Growth Meets Growing Scrutiny
The Solana Foundation’s Swiss-based model of ecosystem funding has become one of the most ambitious in the crypto industry. However, observers caution that repeated discount sales could create competitive imbalances among DATs and exert downward pressure on valuations. Still, with major backers like Jump Crypto, Galaxy Digital, and Multicoin Capital actively supporting new treasuries, institutional engagement remains strong. As Solana’s total treasury market surpasses billions in SOL holdings, the foundation’s strategy continues to shape how digital assets evolve in corporate finance.
