Solana Foundation expands its influence with the "SOL Treasury" strategy.

In the crypto world, few organizations actively promote the formation of digital asset treasuries (Digital Asset Treasury – DAT) like the Solana Foundation, a non-profit organization based in Switzerland. Over the past few months, the Solana Foundation has consistently signed multiple agreements to sell large batches of SOL at attractive discounts to listed companies, thereby encouraging them to hold and invest in the Solana ecosystem.

Companies that partner with the Solana Foundation often receive the right to purchase SOL at a price lower than the market – a privilege that helps them form or expand DATs based on Solana. In return, many companies commit to promoting and developing the SOL ecosystem, even giving up seats on the board for representatives of the Foundation.

For example, Brera Holdings (Ireland), the company that owns several professional football clubs, has rebranded to Solmate and announced plans to establish DAT on the Solana platform with the backing of the Foundation. The company expects to sign an agreement allowing the purchase of SOL at a discount, while also sharing revenue from some projects and granting two board seats to the Foundation.

Similarly, Sharps Technology (STSS) – DAT is holding over 430 million USD SOL – revealed that the Foundation has committed to selling 50 million USD SOL at a 15% discount. Meanwhile, Solana Company ( formerly known as Helius Medical Technologies) also confirmed it has the right to purchase SOL at a low price, currently holding about 482 million USD SOL.

Mixed Reactions in the DAT Community

Although this strategy helps expand the ownership of SOL, it has also caused controversy within the Solana community. An insider shared that supporting too many DAT could lower the average valuation of each DAT, as the DAT stock price is no longer trading at a high premium compared to the underlying asset as before.

As of now, at least seven DATs have received direct support from the Solana Foundation. However, some DATs like DeFi Development (DFDV) believe that having more buyers for SOL is a positive signal for the ecosystem. DFDV also stated that they do not buy directly from the Foundation but through the secondary market, where SOL is resold from previous distributions by the Foundation.

An executive at another DAT revealed: “Some DATs are inflating the role of the Foundation to attract investors, while in reality, they are just buying SOL at a 15% discount in a $50 million OTC transaction.”

The Largest DATs and the Expanding Competition

Upexi, with 442 million USD SOL, believes that the emergence of more DAT is a “healthy” signal, although it admits that a larger supply could create pricing pressure. Meanwhile, Forward Industries, which just launched last month, has quickly become the largest DAT with 1.5 billion USD SOL, reportedly backed by the Solana Foundation and major investors such as Galaxy Digital, Jump Crypto, and Multicoin Capital.

Notably, VisionSys AI – a company listed on Nasdaq with a market capitalization of approximately 127 million USD – has just announced a plan to build a DAT worth 2 billion USD, in which it will purchase 500 million USD SOL in the next 6 months. The company also revealed that it has entered into an exclusive partnership with Marinade Finance, a well-known staking protocol in the Solana ecosystem.

Not only the Solana Foundation, organizations such as Tron DAO, Dogecoin Foundation, Ton Foundation, and Ethereum Foundation are also encouraging a similar DAT model – albeit with less support. The Ethereum Foundation, for example, focuses on funding protocol improvements and staking infrastructure rather than selling discounted tokens.

If the Solana Foundation continues to expand support for DAT, the number of companies holding SOL may increase rapidly. However, the formation of too many DATs could create “supply pressure” in the short term. Nevertheless, many investors believe that DATs revolving around top tokens like Bitcoin, Ethereum, and Solana will have a significant advantage in both bull and bear markets due to financial strength and strategic coordination capabilities.

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