Key Highlights

  • Sol Strategies (STKE) climbed as much as 22% to $1.20 on Friday, leading Solana treasury stocks higher as SOL gained 9.7% to $72.60.

  • Forward Industries (FWDI), SkyAI (SKYA), DeFi Development Corp. (DFDV), and Solana Company (HSDT) all rose over 10% intraday, with ETH and Hyperliquid treasury stocks also gaining.

  • Several DATs entered Russell indexes in the June 2026 reconstitution: BMNR and SBET in the Russell 3000, FWDI in both the Russell 2000 and 3000, and UPXI in the Russell Microcap.

Several Solana digital asset treasury (DAT) stocks surged on Friday, with Sol Strategies (STKE) leading the group with a 22% intraday gain to $1.20. The rally came as Solana jumped 9.7% to $72.60, outperforming Bitcoin and Ethereum which traded near flat around $60,100 and $1,500 respectively.

Other Solana treasury names followed higher. Forward Industries (FWDI) rose as much as 12% to $4.03, SkyAI (SKYA) gained 11% to $1.07, DeFi Development Corp. (DFDV) climbed 10% to $2.73, and Solana Company (HSDT) added over 10% to $1.65. DATs tied to other ecosystems also benefited: Hyperliquid Strategies (PURR) rose over 8% and Tron Inc. (TRON) gained more than 5%. The two largest Ethereum DATs, Bitmine (BMNR) and Sharplink (SBET), were up 2.5% and 4.71% respectively.

A significant catalyst was the June 2026 Russell index reconstitution, effective after market close Friday. BMNR and SBET were both added to the Russell 3000. Forward was added to both the Russell 2000 and Russell 3000, while Upexi (UPXI) joined the Russell Microcap. Index inclusion broadens institutional visibility and eligibility for passive fund ownership. "Today's inclusion in the Russell 2000 marks another important milestone for Forward, expanding our visibility across the institutional investment community," the company's leadership noted.

Despite the day's gains, the broader picture remains difficult. Year-to-date, FWDI is down 41%, BMNR is down 49%, and STKE is down 26%. PURR is the exception, up 143% year-to-date, according to market data. Every SOL DAT is also currently trading below a 1.0 mNAV, meaning the market values each company at less than the Solana it holds — a structural discount that mirrors the challenges seen across bitcoin and Ethereum treasury companies as well.