Solana has reported an impressive total revenue of $2.85 billion over the last year, as mentioned in a report published by 21Shares. This growth is largely attributed to increased activities on trading platforms.
Between October 2024 and September 2025, Solana’s revenue averaged approximately $240 million monthly, peaking at $616 million in January during the memecoin surge linked to tokens like Official Trump. Even after that period, monthly revenues oscillated between $150 million and $250 million.
Transaction fees earned by Solana validators have supplied this revenue, with income stemming from various sectors, including decentralized finance (DeFi), memecoins, AI applications, decentralized exchanges, DePIN, launchpads, and trading tools.
Trading platforms are cited as the main income source for Solana, representing 39% of the total, equating to $1.12 billion, driven by applications such as Photon and Axiom.
The report highlights that, in comparison to Ethereum’s early revenue, Solana is significantly ahead. Five years after Ethereum’s inception, its monthly earnings were below $10 million, whereas Solana is currently generating 20 to 30 times that amount. The platform’s efficiency and manageable fees have attracted 1.2 to 1.5 million daily active addresses, approximately three times Ethereum’s count at a similar growth phase.
21Shares, based in Switzerland, is a large asset management firm and the pioneer of Solana exchange-traded products (ETPs) in Europe since 2021.
Solana ETFs and Treasuries
As the report indicates, numerous companies have transitioned to become Solana treasury firms this year, aggregating nearly $4 billion in SOL now held on public company accounts.
On September 18, Nasdaq-listed Brera Holdings transitioned to Solmate after a $300 million oversubscribed PIPE raise, aiming to establish a digital asset treasury and infrastructure centering on Solana.
Solmate is currently one of 18 entities that collectively hold 17.8 million SOL tokens, with Forward Industries holding the largest share at 6.822 million SOL, followed by Sharps Technology at 2.14 million SOL.
Several Solana exchange-traded fund (ETF) applications are currently pending approval, contingent on the U.S. government reopening this month. Major deadlines for filings from several firms, including Fidelity and VanEck, lie on Friday, with applications from 21Shares and Bitwise scheduled for review on October 16.
Due to the U.S. government shutdown, decisions may be delayed; however, many anticipate the approval of Solana ETFs once operations resume. Betting on Polymarket suggests a 99% probability that a Solana ETF will be authorized by year-end.
