SOL Price Surge Drives Solana-Themed Treasury Stocks Higher
According to The Block, as the price of SOL rose approximately 9% on Friday, shares of several companies with significant Solana digital asset treasury holdings rallied sharply. Sol Strategies (formerly CryptoLabs) led the gains, surging as much as 22% intraday to hit $1.20, outpacing other crypto treasury stocks.
Other Solana treasury companies also posted notable gains. Forward Industries rose 12% to $4.03 at its session high, SkyAI gained 11% to $1.07, DeFi Development Corp. climbed 10% to $2.73, and Solana Company added more than 10%, reaching $1.65. These firms hold SOL tokens on their balance sheets, creating a strong correlation between their stock prices and SOL's performance.
Russell Index Inclusion Adds a Catalytic Boost
The rally was further fueled by expectations of inclusion in the Russell indexes. Forward Industries, the largest Solana treasury company, along with several other digital asset treasury firms, will be added to the Russell index after Friday's close. Additionally, two Ethereum treasury companies — Bitmine and SharpLink — are also set to be included in related Russell indexes. The smaller Solana treasury firm Upexi will enter the Russell Microcap Index.
Index inclusion typically triggers passive fund inflows, providing additional buying pressure for the affected stocks. Market analysts note that while this milestone signals growing mainstream recognition for digital asset treasury companies, their share prices remain highly sensitive to the underlying volatility of cryptocurrencies like SOL.