Key Takeaways:
Sol Strategies (STKE) jumped 22% to $1.20 on Friday, leading a broad rally in Solana digital asset treasury stocks as SOL climbed 9.7% to $72.60, according to Yahoo Finance data.
"Today's inclusion in the Russell 2000 marks another important milestone for Forward, expanding our visibility across the institutional investment community," Ryan Navi of Forward Industries told The Block.
Forward Industries (FWDI), the largest Solana treasury holder with over 7 million SOL as of March, rose 12% to $4.03. Other Solana DATs followed: SkyAI (SKYA) gained 11% to $1.07, DeFi Development Corp. (DFDV) rose 10% to $2.73, and Solana Company (HSDT) added 10% to $1.65. Upexi (UPXI) climbed 8% after being added to the Russell Microcap index. Sol Strategies, which holds more than 435,000 SOL and operates a validator network with 33,568 delegating wallets, was also added to the Russell 2000 and Russell 3000 indexes in the June reconstitution effective after Friday's close.
The rally extended beyond treasury stocks. Jito (JTO), which operates Solana's largest liquid staking protocol, soared 30%. Solana-based decentralized exchange tokens Raydium (RAY) and Meteora (MET) each gained about 7%, while lending protocol Kamino Finance (KMNO) advanced 9%. The surge was fueled by accelerating tokenized stock trading on Solana, which topped $2.5 billion in weekly volume — 10 times larger than a month ago, according to RWA.xyz, giving the network more than 80% share in tokenized equity trading across all blockchains.
The strong correlation between SOL's spot price and DAT stock performance creates leveraged exposure for traditional investors who cannot hold crypto directly. A 9% SOL rally translated into a 22% gain for Sol Strategies, implying roughly 2.4 times leverage when factoring in staking revenue. However, that leverage cuts both ways: every Solana DAT is trading below a 1 mNAV, meaning corporate valuations trail the value of their underlying token holdings. With SOL still down more than 50% from its October peak of $126,000, the sustainability of preferred dividends and the risk of further dilution from share issuances to fund additional SOL purchases remain open questions for investors.
This article is for informational purposes only and does not constitute investment advice.
