A Resource on Equity ways to invest in Solana (SOL)
Content:
- Headline articles on Solana taking the lead in Activity and Revenue Growth
- Galaxy Digital (GLXY*) $27.68
- Seven Solana (SOL) ETFs
- Six Digital Asset Treasury Companies
I: Solana Emerges as Crypto’s Most Active Blockchain Network
According to Grayscale Research’s latest analysis, Solana has distinguished itself as the most active blockchain in the cryptocurrency sector. Solana leads its peers in terms of user engagement, transaction volume, and the amount of network fees generated.
Headline linked to full article Source: Bitcoin.com NEWS, October 25, 2025
II: Strong Revenue Signals a New Growth Phase
Solana’s impressive financial performance has set the stage for its next phase of expansion. The network generated a remarkable $2.85 billion in revenue over the past year. On average, Solana earned $240 million each month, with revenue peaks exceeding $600 million during periods of heightened network activity. This robust protocol revenue is complemented by a highly active developer community, further reinforcing Solana’s position at the forefront of blockchain innovation.
Headline linked to full article source by AMB Crypto – Nov 11, 2025 – two minute read article.
III: Outlook: Poised for a Decade of High-Speed Blockchain Innovation
Overview
- Solana delivers high-speed, low-cost performance ideal for next-generation blockchain applications.
- Institutional adoption is accelerating, including major financial market integrations.
- A rapidly expanding DeFi, gaming, and NFT ecosystem positions Solana for long-term leadership.
Solana has become one of the fastest-growing blockchain platforms in the world, known for extremely high speed and very low fees. Over the last few years, its technology, ecosystem growth, and rising institutional interest have positioned it as a strong candidate to lead the next decade of high-performance blockchain innovation.
Published Nov 19, 2025 full article linked in Headline,
Galaxy Digital $27.68 on Dec 12, 2025 
Web site for Galaxy Digital link
Recent activity:
Galaxy Digital (GLXY*) was a lead investor in a strategic private placement to help Forward Industries build a large Solana treasury.
In September 2025, Galaxy Digital, along with Jump Crypto and Multicoin Capital, announced a $1.65 billion private placement in Forward Industries. The purpose of this investment is to help Forward Industries transition from its traditional business (medical devices) to managing one of the largest Solana treasuries among publicly traded firms.
As part of the agreement, Galaxy Asset Management will provide advisory and risk management services to help manage Forward Industries’ new treasury strategy.
Key Aspects of Galaxy Digital’s Position as a Solana Validator
- Top-Tier Validator: Galaxy is consistently ranked as a major validator on the Solana network, operating high-performance infrastructure at globally distributed points of presence. At one point, they were noted as the 3rd largest.
- Institutional Focus: Galaxy leverages its validator position and deep experience in digital assets to offer institutional-grade services, including staking and on-chain execution, aiming to bring traditional capital markets onto blockchain rails.
- Infrastructure Development: They actively engage with and invest in projects that enhance Solana’s infrastructure. For instance, they are involved in the development and adoption of the DoubleZero decentralized fiber network, which aims to provide lower latency and higher bandwidth for validator networks, directly addressing potential network bottlenecks.
- Ecosystem Integration: Galaxy uses its validator status as part of a broader strategy within the Solana ecosystem, which includes:
- Asset Management: They manage a significant amount of capital, including leading a $1.65 billion investment in Forward Industries to build a large public Solana treasury, using their validator infrastructure for staking and yield generation.
- Tokenization: Galaxy has tokenized its own Class A Common Stock on the Solana blockchain through a partnership with Superstate, demonstrating confidence in the network’s capabilities for traditional financial products.
- Transaction Innovation: They recently executed a landmark U.S. Commercial Paper issuance on the Solana blockchain, in collaboration with J.P. Morgan, highlighting the network’s capacity for complex financial transactions.
In summary, Galaxy Digital is not merely a passive validator but a core strategic participant, utilizing its position to build and institutionalize financial infrastructure on the Solana network.
20 minute Video Interview with Mike Novogratz released Dec 11, 2025
Breakpoint 2025: Fireside: Galaxy’s Mike Novogratz: Galaxy (Mike Novogratz), Helius (Mert Mumtaz)
Excellent update on Galaxy’s business activity and forward intent in AI Data centers, Tokenization and Solana
USA-based Spot Solana ETFs
A number of Solana exchange-traded funds (ETFs) are available for purchase in the USA, including both spot Solana ETFs and futures-based Solana ETFs. These funds provide regulated access to Solana exposure through traditional brokerage accounts.
All the listed Solana exchange-traded funds (ETFs) and trusts currently pass through some amount of staking rewards to their shareholders. These rewards are typically reinvested into the fund or distributed as cash, increasing the value of the investment.
Staking Reward Details by ETF
Each product has a different approach to fees and how rewards are passed on:
- Bitwise Solana Staking ETF (BSOL): The fund stakes 100% of its SOL holdings and passes all earned staking rewards to investors, net of a staking service fee (currently waived for the first three months). The rewards are reinvested into the fund, increasing the crypto entitlement per unit daily.
- Franklin Solana ETF (SOEZ): This ETF stakes up to 100% of its holdings and intends to distribute staking rewards quarterly as cash to shareholders. A sponsor fee waiver is in effect until May 31, 2026, or the fund reaches $5 billion in assets.
- 21Shares Solana ETF (TSOL): TSOL holds spot Solana and stakes the assets to generate rewards for investors. It has a competitive total expense ratio of 0.21%.
- Fidelity Solana Fund (FSOL): FSOL aims to stake up to 100% of its SOL holdings. Both the expense ratio and staking reward fees are waived until May 18, 2026.
- VanEck Solana ETF (VSOL): VanEck’s ETF also offers staking rewards, automatically packing them into the net asset value daily. The sponsor fee and third-party staking fee are currently waived for the first $1 billion in AUM or until February 17, 2026.
- Grayscale Solana Trust (GSOL): Grayscale’s product stakes its underlying SOL and distributes approximately 77% of the net staking rewards to investors, compounding returns through the fund’s NAV.
- Canary Marinade Solana ETF (SOLC): SOLC is structured to pass 100% of staking rewards back to investors and uses Marinade as its exclusive staking provider.
- REX-Osprey SOL + Staking ETF (SSK): This ETF is notable for passing 100% of staking rewards to shareholders, with neither REX nor Osprey retaining any portion. It structures the rewards as dividends for monthly distribution to investors.
Largest Solana DAT Companies
The largest publicly traded Solana DATs by SOL holdings as of late 2025 are:
- Forward Industries (FWDI*): The largest Solana DAT, holding more than 6.8 million SOL. The company completed a $1.65 billion private placement in September 2025 to fund this strategy and is actively staking its holdings to generate yield.
- Solana Company (HSDT): Formerly Helius Medical Technologies, the firm rebranded and accumulated over 2.2 million SOL in its reserve.
- DeFi Development Corp. (DFDV): Holds approximately 2.1 million SOL and is an active participant in the ecosystem, operating validators and launching a liquid staking token.
- Upexi (UPXI): Accumulated just over 2 million SOL after pivoting to a digital treasury strategy in April 2025, attracting major VC backing.
- Sharps Technology (STSS): A medical device company that holds approximately 2 million SOL following a major financing round in August 2025.
- Neptune Digital Assets (NPPTF*) Neptune Digital Assets holds a diverse crypto portfolio led by 410 Bitcoin (BTC), 35,460 Solana (SOL). They also hold Cosmos (ATOM), Ethereum (ETH), Polkadot (DOT), Dogecoin (DOGE), Fantom (FTM), Dash (DASH), The Graph (GRT), and Ocean Protocol (OCEAN) Neptune generates returns via mining, staking, and DeFi, plus a notable 32,460 shares of SpaceX. Privately held SpaceX has a value currently estimated at $420 per share.
Accounts related to LOTM own positions in Galaxy Digital (GLXY*), Neptune Digital (NPPTF*) and Forward Industries (FWDI*).
You can assume we will buy and sell names in this report at any time without notice.
#solana #galaxydigital #neptunedigital #forwardindustries #crypto
LOTM Research & Consulting Service
* An account related to LOTM holds a position in this security.
Neither LOTM nor Tom Linzmeier is a Registered Investment Advisor.
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