Largest Solana Treasury Company Unveiled As SOL Gains Momentum

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$174,400.00
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$6,770.00
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Solana

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$360.00
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Prices in AUD and as of 8:00am AEST on Sep. 18, 2025

High-Profile Solana Treasury Launches, Leapfrogs Rivals

Forward Industries, a new Solana (SOL) treasury company, announced a raise of $2.50B ($1.65B USD) from private investors. According to Kyle Samani, the chairman of Forward Industries, this capital was raised in two weeks. Samani is best known in the crypto industry as a co-founder and managing partner of Multicoin Capital.

“I have been one of the earliest and loudest champions of Solana since Multicoin first led the seed round back in 2018. Solana is still widely misunderstood and discounted by market participants, despite the fact that it has been resilient through adversarial cycles and continues to be one of the most performant general-purpose blockchains.”
– Kyle Samani, Chairman of Forward Industries

The raise was led by high-profile crypto investment firms in Galaxy Digital, Jump Crypto and Multicoin. The trio of firms is actively assisting Forward Industries by leveraging their combined expertise in asset management, validator infrastructure operations, and more. Founding members of Ethena (ENA), Pudgy Penguins (PENGU), and Drift Protocol (DRIFT) were among the company’s various other backers.

Forward Industries wasted no time putting its raised capital to work. Earlier this week, the company announced it had purchased 6,822,000 SOL at an average cost of $348 ($232 USD) per SOL. All of its SOL holdings have been staked. The purchase was enough to see Forward Industry become the world’s largest SOL treasury company. Yesterday, it announced plans to keep buying SOL.

According to its website, Forward Industries’ strategy centres on “acquiring SOL and deploying it through onchain opportunities, including staking, lending, and DeFi participation to generate revenue that will be used to acquire additional SOL

Forward Industries joins a growing list of firms accumulating SOL. Also this week, Helius Medical Technologies announced over $751M ($500M USD) in funding led by Pantera and Summer Capital to launch a SOL treasury company. Other companies pursuing a SOL treasury strategy include DeFi Development Corp., Sol Strategies, and Upexi.

Visa’s Stablecoin Settlements Grow By 300%

Speaking last week at a Goldman Sachs conference, Jack Forestell, Visa’s chief product and strategy officer, said that the payments giant has a run rate of about $1.5B ($1.0B USD) in stablecoin settlements, an increase of roughly 300% since earlier this year.

“The use of stablecoins as a more efficient mechanism for moving money across borders is growing,” Forestell said. “And so we're taking those learnings and integrating them with our product development capability and our partnership efforts and focusing on areas like on-ramping and off-ramping.”

Stablecoins continue to break new records across various metrics, according to the Visa Onchain Analytics Dashboard. For example, the average supply of stablecoins has climbed this month to $381B ($255B USD), up nearly 60% over the past year.

Monthly stablecoin supply since January 2019 (Source: Visa)

Hyperliquid Hits All-Time High Amid Competitive Stablecoin Auction

Hyperliquid (HYPE) continued its stellar year-to-date, hitting another all-time high in price amid a competitive bidding process to gain the right to issue USDH, an upcoming Hyperliquid-native stablecoin that was recently announced.

HYPE validators selected Native Markets, a team native to the Hyperliquid ecosystem, as the clear winner. Other proposers included Paxos and BitGo. The USDH stablecoin aims to be fully backed by cash and U.S. Treasury equivalents, with Native Markets pledging to split reserve yield evenly between HYPE buybacks and USDH distribution efforts.

Importantly, moving forward, other stablecoins will still be able to be launched on Hyperliquid. That said, USDH is expected to garner substantial mindshare and adoption due to its positioning as Hyperliquid's canonical or preferred stablecoin.

Crypto Conference Season Kicking Off

The last few months of the year are loaded with crypto conferences. These events can provide attendees with timely insights about the progress and strategic outlook of various crypto projects. They also double as an opportunity to learn more about the space and to meet other crypto enthusiasts.

As far as project-specific conferences go, the main annual conferences for several of the top cryptocurrencies are still to come. See the table below for more information.

In terms of general crypto conferences, some of the largest ones are still to be held before the year wraps up. These include Korea Blockchain Week, TOKEN2049 Singapore, and the Australian Crypto Convention, the country’s largest annual crypto conference.