What happened to Solana (CRYPTO:SOL) and SOL-linked stocks?

Solana (CRYPTO:SOL) surged approximately 9.7% in a single day, triggering double-digit intraday gains across multiple Digital Asset Treasury (DAT) stocks — companies that hold SOL as a primary treasury asset. Sol Strategies (CRYPTO:STKE) led with a 22% intraday spike, while Forward Industries (NASDAQ:FWDI), SkyAI (CRYPTO:SKYA), DeFi Development Corp. (CRYPTO:DFDV), and Solana Company (CRYPTO:HSDT) each gained 10% or more.

What is a Solana Digital Asset Treasury (DAT) stock?

A DAT stock is a publicly listed company that holds a cryptocurrency — in this case, Solana (CRYPTO:SOL) — as its primary treasury asset, similar to how MicroStrategy holds Bitcoin. When SOL's price rises, the market value of the company's holdings increases, which typically pushes the stock price higher alongside it.

What is mNAV and why does it matter for SOL treasury stocks?

mNAV (market net asset value) compares a company's stock market valuation to the actual value of the crypto it holds. All SOL-linked DATs currently trade below 1x mNAV, meaning investors are buying these stocks at a discount to the underlying SOL holdings — but this also signals the market is not yet pricing in a premium for holding SOL through a listed vehicle.

Which SOL-linked stocks are being added to major indices?

Forward Industries (NASDAQ:FWDI) is set to be added to the Russell 2000 and Russell 3000 indices, while Upexi (CRYPTO:UPXI) will be included in the Russell Microcap Index. Index inclusion typically drives passive fund buying, which can increase demand and liquidity for those stocks independent of Solana (CRYPTO:SOL) price movements.

What are the key risks for investors in Solana (CRYPTO:SOL) treasury stocks?

The primary risk is direct price exposure to Solana (CRYPTO:SOL) — a sharp SOL decline would reduce the NAV of all linked DATs simultaneously. The fact that all these stocks trade below 1x mNAV also suggests the market applies a discount, possibly reflecting liquidity risk, management costs, or low investor confidence in the DAT structure itself.

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Solana treasury stocks surge as SOL climbs nearly 10%

Written by Brie CarterPublished Jun 27, 2026, 12:50 AM

(CRYPTO:SOL) surged approximately 9.7% in a single day, driving double-digit intraday gains across multiple stocks tied to Solana Digital Asset Treasuries (DATs) — companies that hold SOL as a primary treasury asset.
Per Bitget market data, Sol Strategies (CRYPTO:STKE) rallied as high as 22% at its intraday peak, while Forward Industries (NASDAQ:FWDI) climbed 12%.
SkyAI (CRYPTO:SKYA), DeFi Development Corp. (CRYPTO:DFDV), and Solana Company (CRYPTO:HSDT) each recorded intraday gains of around 10% or more.

On the index inclusion front, Forward Industries is set to be added to the Russell 2000 and Russell 3000 indices, whilst Upexi (CRYPTO:UPXI) will be included in the Russell Microcap Index.

Despite the sharp price action, data indicates that all SOL-linked DATs currently trade below 1x mNAV — meaning the market values each company at less than the net asset value of its SOL holdings.

At the time of reporting, Solana price was $71.63.