Solana’s ecosystem is expanding through tokenized equities and corporate treasury strategies. Wallet addresses holding tokenized equities surpassed 1 million, although addresses do not represent verified individuals, and Solana accounts for roughly 95% of on-chain tokenized-equity activity. Tokenized-equity supply reached a record $684 million in mid-September, while 30-day real-world-asset transaction volume reached $3.3 billion. Separately, tracked public companies hold more than 17 million SOL, worth over $2 billion when SOL trades near $120. Forward Industries (NASDAQ: FWDI) leads with between 7.55 million and 8.16 million SOL and announced a $25 million common-stock offering on September 23 to buy more. Solana Company (NASDAQ: HSDT) holds approximately 2.06 million to 2.3 million SOL after raising around $500 million through a 2025 PIPE transaction, but reported a $130.1 million net loss for the first half of 2026, driven by unrealized losses on SOL holdings. DeFi Development Corp. (DFDV) holds roughly 2.39 million to 2.49 million SOL, while Upexi holds between 2.17 million and 2.34 million. HSDT and Sol Strategies (STKE) trade above 1.5× mNAV, a market-value-to-net-asset-value measure, while DFDV is at 0.99×; DFDV and FWDI have raised funds to purchase additional SOL. More companies could enter the market if valuations remain at current levels. U.S. spot Solana ETFs have attracted more than $200 million, while analysts’ SOL price targets range from $130 to $500. The developments show increasing institutional use of Solana alongside risks from wallet-count limitations, volatile token prices and potential forced selling by concentrated corporate holders.