Solana has reported a remarkable revenue of $2.85 billion during the previous year, as confirmed by a report from 21Shares.

This success is largely attributed to activities on various trading platforms. From October 2024 to September 2025, Solana averaged $240 million monthly, hitting as high as $616 million in January during the memecoin surge driven by tokens like Official Trump (TRUMP). Despite the increase, the monthly revenue maintained between $150 million and $250 million thereafter.

Revenue is generated by Solana validators from transaction fees across the ecosystem, including decentralized finance (DeFi), memecoins, AI applications, and trading tools.

Trading platforms represent 39% of Solana’s revenue, accounting for nearly $1.12 billion, with popular applications like Photon and Axiom leading the charge.

Solana’s 12-month revenue by sector. Source: 21Shares

The report emphasizes that Solana is significantly ahead of Ethereum at a similar developmental stage. Five years post-launch, Ethereum generated under $10 million in monthly revenue, while Solana now produces 20-30 times more. Its competitive efficiency and lower fees have attracted approximately 1.2-1.5 million daily active addresses, tripling Ethereum’s numbers at the same point.

21Shares, a major asset management firm from Switzerland, has been pivotal in this growth narrative, notably introducing Europe’s first Solana (SOL) exchange-traded product back in 2021.

Solana ETFs and Treasuries

The report further reveals that many companies have transitioned into Solana treasury organizations within the year, culminating in close to $4 billion in SOL now held by public companies.

On September 18, Brera Holdings transformed into Solmate following a $300 million oversubscribed PIPE funding, with ambitions of establishing a treasury platform focused on digital assets based on Solana.

Solana treasury companies’ holdings. Source: StrategicSolanaReserve.org

Solmate is one of 18 entities documented holding a total of 17.8 million SOL tokens, with Forward Industries at the forefront, holding 6.822 million SOL.

Additionally, several applications for Solana exchange-traded funds (ETFs) could gain approval anytime if the US government returns to regular operations this month.

According to previous information, a series of spot Solana ETF applications await the US SEC’s decisions in October. Critical deadlines for Fidelity, VanEck, Grayscale, Canary, and Franklin Templeton fall on Friday, with submissions from 21Shares and Bitwise earmarked for review on October 16.

In light of the US government shutdown, many believe that those decisions might be indefinitely postponed. However, once the government resumes, the consensus leans towards the approval of Solana ETFs.

Market predictions suggest a 99% likelihood of ETF approval for Solana by year-end.Image Source

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