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Hassan Shittu
Journalist
Hassan Shittu
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Publicly listed cryptocurrencies have turned defensive as market volatility prompts a wave of corporate share purchases in the digital asset treasury (DAT) sector.
Recently, Upexi listed on Nasdaq authorized a $50 million share buyback program, showing a broader shift toward capital preservation even as companies continue to hold massive Solana reserves on their balance sheets.
Upexi, a Solana-focused digital asset treasury company and operator of consumer brands, said its board approved the purchase to provide “flexibility to buy shares in the open market” depending on market conditions.
The company emphasized that the program reflects confidence in its long-term strategy while maintaining a strong cash position.
The CEO, Allan Marshall, also added that the recovery is a tool to enhance shareholder value and will only be executed when the returns are attractive.
The company’s treasury holds about 2 million SOL, valued at $283 million, representing about 0.35% of Solana’s total supply.
Despite a recent drop in Solana’s price, from around $143 to $134, Upexi’s on-chain reserves remain among the largest institutional holdings in the ecosystem.
The company’s crypto position was, however, reflected by strong volatility in its own stock, which fell almost 47% in the past month from a high of $6.50 to around $3.43.
Upexi’s move comes during a turbulent period for Solana-linked treasurers. Second to institutional reserve data, the top 20 Solana treasury and ETF holders control 24 million SOL worth about $ 3.4 billion, or 3.5% of the total supply.
About half of these holdings are stacked for yield at an average yield of 7.7%, while the rest remains liquid for balance sheet management.
Forward Industries ( FORD ) leads with 6.8 million SOL valued at close to $966 million, followed by Solana Company ( HSDT ), DeFi Development Corp ( DFDV ), Sharps Technology ( STSS ), and Upexi round out the top five.
These companies represent approximately 76% of all Solana institutional holdings, showing how companies use digital assets strategically.
Solana Treasury Firms Trade Below Asset Value As Institutions Hold Positions
Market data shows that despite The price of Solana down nearly 7% in 24 hours, institutional positions are largely intact, with no major liquidations reported.
Analysts see this stability as a sign of long-term confidence in Solana’s network fundamentals and its growing role as a blockchain for corporate treasurers.
Public market valuations differ. Most of Solana’s treasuries are currently trading at a discount to their net asset value (mNAV), which indicates investor caution.
Upexi’s mNAV stands at 0.68, while Forward Industries stands at 0.82, suggesting cautious sentiment in the stock markets despite the chain’s strong balance sheets.
The divergence between treasury value and stock performance has been a defining characteristic of the DAT sector.
Upexi, what reported $66.7 million in net income in its most recent quarter, driven largely by $78 million in unrealized Solana gains, still faces investor skepticism related to the swings of the broader crypto market.
Its stock first rose more than 600% after revealing its Solana strategy earlier this year, but has since pulled back sharply as the digital asset weakened.
Other treasurers act similarly. On November 6, Forward Industries has authorized a $1 billion share buyback program for flexibility amid volatility.
Despite the short-term pullback in prices, the overall trend in Solana’s corporate holdings remains upward.
The rise of Solana-centric treasuries marks an evolution from the Bitcoin treasury strategies that dominated earlier cycles.
These businesses use Solana not only as a store of value, but also as a yield-generating asset through staking and validator participation.
Companies like DFDVwho stake all of his 2.2 million SOL holding, illustrate how the management of the treasury in crypto has become more active and driven by income.
