According to The Block, the price of SOL climbed approximately 9% on Friday, triggering a sharp rally among several Solana digital asset treasury companies. The upward momentum reflects both the strength of SOL itself and growing mainstream capital interest in the crypto treasury sector.
Solana Treasury Stocks Shine: Sol Strategies Leads
Among the companies holding significant SOL positions, Sol Strategies stood out with an intraday surge of 22%, reaching $1.20 per share and outpacing other crypto treasury stocks. Other Solana-focused treasury firms also posted substantial gains: Forward Industries rose as much as 12% to $4.03; SkyAI advanced 11% to $1.07; DeFi Development Corp. gained 10% to $2.73; and Solana Company climbed over 10% to a high of $1.65. These companies typically maintain SOL as a core treasury asset, making their share prices highly correlated with SOL's market moves.
Index Inclusion Fuel: Russell Series in Focus
In addition to SOL's own buying pressure, the rally was significantly boosted by expectations of index inclusion. Multiple digital asset treasury companies, including the largest Solana treasury firm Forward Industries, will be added to the Russell indices after Friday's close. The Russell index series is widely used by institutional investors as a benchmark; inclusion triggers automatic passive fund allocations, creating sustained buying demand. Notably, two Ethereum treasury companies — Bitmine and SharpLink — will also join relevant Russell indices, while the smaller Solana treasury firm Upexi will be included in the Russell Microcap index. This development signals that, despite ongoing debates about crypto assets, digital asset treasury companies are gaining broader mainstream capital recognition through index-based allocation.
Overall, the combination of SOL's price momentum and the structural catalyst of index inclusion drove a powerful rally in Solana treasury stocks on Friday. Moving forward, market participants will watch whether SOL can hold its current levels and the actual inflow of passive funds after index rebalancing, both of which will determine the sustainability of these treasury stocks' performance.