Crypto Treasuries Turn Defensive as Solana Upexi’s Buyback Adds to Growing DAT Trend

Publicly listed crypto treasuries are turning defensive as market volatility prompts a wave of corporate share buybacks across the digital asset treasury (DAT) sector.

Recently, Nasdaq-listed Upexi has authorized a $50 million share repurchase program, showing a broader shift toward capital preservation even as firms continue to hold massive Solana reserves on their balance sheets.

Upexi Greenlights Share Buyback Amid 47% Stock Drop

Upexi, a Solana-focused digital asset treasury company and consumer brands operator, said its board approved the buyback to provide “flexibility to purchase shares in the open market” depending on market conditions.

The company emphasized that the program reflects confidence in its long-term strategy while maintaining a strong treasury position.

The CEO, Allan Marshall, also added that the repurchase is a tool to enhance shareholder value and will be executed only when returns are attractive.

The company’s treasury holds roughly 2 million SOL, valued at $283 million, representing about 0.35% of Solana’s total supply.

Source: Sol Treasury

Despite a recent decline in Solana’s price, from about $143 to $134, Upexi’s on-chain reserves remain among the largest institutional holdings in the ecosystem.

The firm’s crypto-backed position has, however, been mirrored by sharp volatility in its own stock, which has fallen nearly 47% over the past month from a high of $6.50 to around $3.43.

Source: Sol Treasury

Upexi’s move comes amid a turbulent period for Solana-linked treasuries. According to institutional reserve data, the top 20 Solana treasury and ETF holders control 24 million SOL worth about $3.4 billion, or 3.5% of the total supply.

Source: Sol Treasury

Around half of these holdings are staked for yield at an average return of 7.7%, while the remainder remains liquid for balance sheet management.

Forward Industries (FORD) leads with 6.8 million SOL valued near $966 million, followed by Solana Company (HSDT), DeFi Development Corp (DFDV), Sharps Technology (STSS), and Upexi rounding out the top five.

These firms account for roughly 76% of all institutional Solana holdings, showing how companies use digital assets strategically.

Solana Treasury Firms Trade Below Asset Value as Institutions Maintain Positions

Market data shows that despite Solana’s price drop of nearly 7% in 24 hours, institutional positions have largely remained intact, with no major liquidations reported.

Analysts view this stability as a sign of long-term confidence in Solana’s network fundamentals and its growing role as a blockchain for corporate treasuries.

Public market valuations differ. Most Solana treasuries are currently trading at a discount to their net asset value (mNAV), indicating investor caution

Upexi’s mNAV stands at 0.68, while Forward Industries sits at 0.82, suggesting cautious sentiment in equity markets despite strong on-chain balance sheets.

The divergence between treasury value and stock performance has been a defining feature of the DAT sector.

Upexi, which reported $66.7 million in net income in its most recent quarter, driven largely by $78 million in unrealized Solana gains, still faces investor skepticism tied to broader crypto market swings.

Its stock previously surged more than 600% after revealing its Solana strategy earlier this year, but has since retraced sharply as digital assets weakened.

Other treasuries act similarly. On November 6, Forward Industries authorized a $1 billion share repurchase program for flexibility amid volatility.

Despite the short-term pullback in prices, the overall trend in corporate Solana holdings remains upward.

The rise of Solana-focused treasuries marks an evolution from the Bitcoin treasury strategies that dominated earlier cycles.

These firms use Solana not only as a store of value but also as a yield-generating asset through staking and validator participation.

Companies like DFDV, which stakes its entire 2.2 million SOL holding, illustrate how treasury management in crypto is becoming more active and income-driven.