Upexi and BIT Mining Increase SOL Holdings Amid Growing Solana Interest

Highlights:

• Upexi grew its Solana tokens by 18,000, while BIT Mining increased significantly.
• SOL trades near $226 as both companies hold millions in crypto value.
• Novogratz calls this period the “Solana season,” signaling stronger institutional crypto adoption.

Solana-focused treasury firms are boosting their SOL holdings amid market momentum. On Thursday, Upexi (UPXI) revealed it added nearly 18,000 SOL, bringing its total to more than 2 million tokens. Meanwhile, BIT Mining (BTCM) nearly doubled its stash, purchasing 17,221 SOL for a total of 44,000 tokens. Bo Yu, Chairman and COO of BIT Mining, said the company wants to grow in the Solana ecosystem. Validator operations will stay key to securing the network and earning staking rewards. BIT Mining is just starting its Solana holdings. Upexi Inc. is already one of the largest corporate Solana holders. 

🚨JUST IN: Solana treasury company @BITMining_BTCM (NYSE: BTCM) has added 17,221 $SOL to its holdings, bringing its treasury to over 44,000 $SOL worth about $9.95M. pic.twitter.com/6xCe2C101y

— SolanaFloor (@SolanaFloor) September 11, 2025

Solana Near $238 as Upexi and BIT Mining Boost Crypto Treasuries

SOL is trading near $237.89, up 6.48%, moving closer to its all-time high above $293, according to CoinMarketCap. Upexi’s crypto treasury is valued at over $456 million, while BIT Mining holds about $9.9 million in SOL. Nasdaq-listed UPXI rose more than 5% to $5.53, giving it a market cap of $291 million. BTCM, listed on the NYSE and soon to be renamed SOLAI Limited, climbed over 6% to $2.93, with a $48 million market cap. Both companies are part of a growing trend called digital asset treasuries (DATs). These firms buy crypto using stock or debt sales, giving investors indirect exposure to digital assets. 

Like mutual funds or ETFs, DATs often calculate net asset value (NAV) per share by dividing total assets minus liabilities by outstanding shares. Upexi reported a “fully loaded” NAV of 1.2x. It bought its Solana tokens at about $151 each, spending a total of $306 million. This gives the company an unrealized gain of $142 million, including price gains and discounts on locked SOL, according to its statement. Digital asset treasuries that hold proof-of-stake tokens like SOL or ETH often lock them to earn staking rewards. Upexi says it earns around $105,000 daily from staking.

Galaxy’s Novogratz Calls It the Season of SOL

Galaxy Digital CEO Mike Novogratz said the crypto market is entering a “season of Solana,” as both market momentum and regulatory signals are now working in the blockchain’s favor. On Thursday, Novogratz told CNBC about Forward Industries raising $1.65 billion in funding.

The round was led by Galaxy Digital, Jump Crypto, and Multicoin Capital to build the world’s largest Solana treasury strategy. He added that crypto treasury companies focused on altcoins are bringing fresh money and energy into the market.

U.S. Securities and Exchange Commission Chair Paul Atkins said the agency is working to “modernize the securities rules and regulations to enable markets to move onchain.” Novogratz called this a “radical departure” from past policy. He said it shows institutional adoption of crypto is growing quickly. Atkins recently said entrepreneurs can raise capital onchain without constant legal issues. He added that most crypto tokens aren’t securities and are outside the SEC’s control. Novogratz said these statements are helping move crypto regulations in the right direction.