SOL surged to $122 on Friday, its highest level in eight months, and was trading above $120 at press time after gaining more than 14% over the past week. The rebound has lifted Solana-focused digital asset treasuries (DATs), whose valuations and mNAVs weakened sharply during the crypto downturn. mNAV, or market net asset value, compares a company’s market capitalization with the market value of its SOL holdings. Blockworks data puts fully diluted mNAV at 1.63× for SOL Strategies, 1.52× for Solana Company, 1.01× for DeFi Development Corp., 0.82× for Forward Industries and 0.40× for Upexi. Solana treasury companies collectively hold more than 2.95% of SOL’s total supply. Forward Industries recently raised about $25 million through a registered direct offering and said it would use net proceeds primarily to buy SOL, while DeFi Development Corp. expanded its holdings and established a $300 million ATM facility for CHAD preferred shares. Renewed premiums could support further capital raises, but dilution, financing costs, preferred-stock or debt obligations and purchase prices remain important risks. Unlike Bitcoin-focused treasury companies, Solana firms can also earn staking rewards (income from locking tokens to support the network). Ark Invest said in 2025 that some DATs could become more efficient digital-asset wrappers than spot ETFs, although that advantage depends on sustainable mNAV premiums.