A striking shift has unfolded in the Solana ecosystem over the past four months. Between the official Treasury entities and the growing wave of Spot ETF issuers, institutional capital has consolidated significantly—now commanding 5.06% of total $SOL supply. This concentration represents both the deepening institutional adoption and a notable shift in how major holders are structured. Twenty Treasury-affiliated companies alongside nine ETF platforms have become key players in the SOL market landscape, signaling accelerating mainstream integration.