Solana treasury companies are showing signs of recovery as $SOL returns above $120, potentially reopening a key part of the corporate treasury strategy: raising capital at a premium to acquire more $SOL.
$SOL surged to $122 early Friday, its highest level in 8 months, and is trading above $120 at press time. The asset has gained over 14% over the past week.
That recovery has also lifted the valuations of several Solana-focused treasury companies.
DATs Survive Their Toughest Stretch
Digital asset treasuries (DATs) have also managed to move through one of the most difficult periods for the strategy. When $SOL and other crypto assets weakened, critics increasingly questioned whether companies could justify trading at premiums to the value of the assets they held. As mNAVs compressed, the argument that DATs represented an attractive way to gain exposure to digital assets came under pressure.
For a period, the market narrative seemed to suggest that the DAT experiment had run its course. But the recent recovery in crypto markets has started to change that picture. As asset prices turned higher, DAT share prices and mNAVs began to recover, giving treasury companies more room to execute the strategies that initially attracted investors.
mNAV Premiums are Returning
Outstanding mNAV measures a public treasury company's market capitalization against the net market value of its $SOL holdings. An mNAV above 1.0 means the market values the company's equity above the spot value of its $SOL treasury. An mNAV at 1.0 represents parity, while a reading below 1.0 means the company trades below the value of its $SOL holdings. The distinction matters because treasury companies can use premium valuations to raise additional capital and deploy the proceeds into $SOL.
Blockworks data shows fully diluted mNAV at approximately 1.63× for SOL Strategies, 1.52× for Solana Company, 1.01× for DeFi Development Corp., 0.82× for Forward Industries, and 0.40× for Upexi. Solana treasury companies now collectively hold over 2.95% of $SOL's total supply.
The Capital-Raising Flywheel
A sustained mNAV premium can create a feedback loop for treasury companies. When a company trades above the value of its $SOL holdings, it can issue shares or other securities at a premium and use the proceeds to purchase more $SOL. If the company increases its $SOL holdings faster than it increases its share count, its $SOL-per-share can rise.
Solana treasury companies have already demonstrated willingness to raise fresh capital to acquire $SOL at current prices.
Yesterday, Forward Industries closed a registered direct offering that sold 3.125 million shares at $8 each, generating approximately $25 million in gross proceeds. The company said it plans to use the net proceeds primarily to acquire additional $SOL.
Forward has also added 357,000 $SOL at an average cost of $78.26 since August 4, bringing its holdings to 8.16 million $SOL.
DeFi Development Corp. has expanded its treasury to approximately 2.49 million $SOL. The company added about 101,381 $SOL last week, representing approximately 4.24% treasury growth.
DFDV also established a $300 million ATM facility for its CHAD preferred shares, with proceeds intended primarily for additional $SOL purchases.
More Companies Could Follow
The improving mNAV environment could give other Solana treasury companies more flexibility to raise capital if their valuations remain above or around the value of their underlying $SOL.
However, mNAV does not guarantee that new capital raises will benefit existing shareholders. Companies must consider share dilution, financing costs, debt or preferred-stock obligations, and the price at which they acquire $SOL.
Solana treasury companies also have another potential source of returns that Bitcoin-focused treasury companies do not: native staking rewards. $SOL holdings can generate staking income, creating another component of the treasury strategy.
Research from Ark Invest highlighted this broader trend in 2025, noting that hundreds of digital asset treasury companies had emerged across assets including Bitcoin, Ethereum and Solana. The firm acknowledged that some DATs may have emerged for short-term opportunistic reasons, but argued that the eventual winners could become more efficient wrappers for some digital assets than spot ETFs. By exploiting their corporate structures, DATs can deploy leverage, corporate financing and strategic optionality that ETFs cannot. However, these advantages will remain relevant only as long as their mNAV premiums prove sustainable.
For Solana, the recent recovery puts that thesis back into focus. If Solana’s price action remains favorable and treasury companies maintain stronger mNAV levels, the market could see more capital raises, followed by more $SOL purchases.
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