After SOL returned above $120, the valuations of listed treasury companies holding large amounts of SOL began to recover. This has brought the once pressured digital asset treasury model back into market attention. The key change is that the relevant companies are once again able to raise funds at a premium and then invest that capital in SOL.
SolanaFloor reported that SOL rose to $122 on Friday, hitting a high in 8 months, with a gain of over 14% in the past week. As the coin price rebounded, the stock prices and valuations of several companies that use SOL as their core reserve asset also improved accordingly.
mNAV Recovery Drives Financing Repair
One of the key indicators for such companies is mNAV, which is the ratio between the company's market value and the market value of its holdings of SOL. If mNAV is greater than 1, it indicates that the company's equity valuation is higher than the current value of its holdings; if it is less than 1, it means that the company's stock price is lower than the market value of its holdings of SOL.
- When mNAV is higher than 1, it is generally more conducive to the company's refinancing.
- mNAV equal to 1 indicates that the valuation is roughly in line with the holding position.
- If it is less than 1, it indicates that the stock price is below the value of the holdings.
The reason this indicator is important is that when mNAV is above 1, companies generally find it easier to raise funds through additional issuances, and then use the raised capital to continue purchasing SOL. Previously, when the crypto market weakened, this model faced significant pressure, and there were doubts from the outside world about whether its high valuation could be sustained.
Multiple companies continue to increase their holdings in SOL
The report mentions that some Solana treasury companies have continued to increase their positions within the current price range. As the coin prices have rebounded, these companies have not reduced their holdings but have instead continued to expand the scale of their treasuries.

- Forward has increased its holdings by 357,000 since August 4th. SOL
- Its average purchase cost is $78.26.
- Total holdings have increased to 8.16 million SOL
DeFi Development Corp. It also expanded its treasury to approximately 2.49 million SOL. The company added about 101,400 SOL last week, and according to the calculations in the text, the treasury size increased by about 4.24% on a weekly basis. If mNAV continues to improve, more companies may follow suit with similar actions.
Pledge earnings offer additional returns
Compared to Bitcoin treasury companies, SOL Treasury Company has an additional source of income, namely native staking rewards. Holding SOL can generate returns through staking, which means that the treasury strategy of the related company does not rely solely on rising coin prices but also includes sustainable earnings.
Ark Invest mentioned in research for 2025 that hundreds of digital asset treasury companies have emerged in the market surrounding assets such as Bitcoin, Ethereum, and Solana. The article cites this view, stating that the financing capabilities, leverage space, and flexibility of capital operation of these companies may allow some of them to become another form of holding vehicle for certain digital assets, but the premise is still that the market is willing to continuously assign them a valuation higher than the net value of their holdings.











