The growing number of Solana-based digital asset treasuries (DATs) is making waves across the crypto space. While this trend boosts visibility and demand for Solana (SOL), it also raises concerns about potential pressure on valuations and the impact on investors and companies holding large amounts of SOL.

The Solana Foundation, a Swiss nonprofit focused on promoting the Solana blockchain, has played a major role in supporting this trend. It’s known for offering SOL tokens at discounted rates to various companies that commit to building DATs, essentially stockpiling SOL as a key business strategy. This move helps grow the ecosystem but has also sparked mixed reactions within the community.

One recent example is Brera Holdings, an Irish company with a background in soccer club ownership. It rebranded as Solmate and launched its own SOL-based treasury, planning to buy discounted SOL from the Solana Foundation. In return, it offered the foundation two board seats and a share of some project revenues.

Other companies have made similar moves. Sharps Technology (STSS) reported in August that it secured a deal to buy $50 million worth of SOL at a 15% discount. Solana Company—formerly Helius Medical Technologies—also struck a deal to buy discounted SOL, although it didn’t disclose the exact terms. These companies now hold hundreds of millions in SOL.

However, not everyone agrees this is a good strategy. Some insiders say backing too many DATs can dilute the value of each one. When fewer DATs existed, their stock prices often traded at a premium compared to the value of their crypto assets. Now, with more players in the game, that premium is shrinking.

In total, at least seven Solana DATs have received direct support from the foundation. Yet not all DATs have gotten deals directly from Solana Foundation. DeFi Development (DFDV), which holds over $430 million in SOL, said it hasn’t bought directly from the foundation but has acquired discounted tokens on the secondary market.

Interestingly, not all DATs see foundation support as a game-changer. One executive said some companies hype their connection with the foundation just to attract investors, even if the actual benefit is just a 15% discount on a one-time purchase.

Despite the potential downsides, many still believe that more DATs are overall good for Solana. Upexi, which holds $442 million in SOL, sees this trend as a “healthy development” for the ecosystem. While more supply could put pressure on valuations, Upexi remains confident that investor demand and understanding will grow over time.

The biggest Solana DAT so far is Forward Industries, which launched with $1.5 billion in SOL. The company reportedly had backing from the Solana Foundation and major crypto firms like Galaxy Digital, Jump Crypto, and Multicoin Capital—all long-time supporters of Solana.

Other major blockchains are doing similar things. The Ethereum Foundation, Dogecoin Foundation, Tron DAO, and Ton Foundation have all supported DATs that hold their respective tokens. Still, Solana seems to be leading in actively pushing this model forward.

Some launches have caused confusion. For example, Mercurity Fintech claimed it had a $200 million credit line with “Solana Ventures Ltd.” But Solana Ventures LLC—part of Solana Labs—denied any involvement with public companies’ funding deals.

A new player in the space is VisionSys AI. The Nasdaq-listed company recently announced plans to build a $2 billion SOL-based treasury, starting with a $500 million acquisition over the next six months. With a market cap of just $127 million, that’s a bold move. VisionSys AI said it has offers to buy discounted SOL from sources outside the foundation and has partnered with Marinade Finance, a major staking protocol on Solana.

A major investor in these treasuries summed up the long-term view: DATs built around leading cryptocurrencies like Bitcoin, Ethereum, and Solana are likely to perform better regardless of market trends. They offer more buying power during bull markets and strategic options during downturns.

As more companies jump on the DAT bandwagon, all eyes are on how this trend will shape the future of the Solana ecosystem—and whether it strengthens or stretches it too thin.