According to CoinGecko data, publicly listed companies that hold Solana (SOL) as a treasury asset have to deal with more than $1.5 billion in unrealised losses. This slump is a result of the wider market repricing of SOL, heavy balance sheets, with the equity markets being the first to adjust to the new reality.
About Solana Treasuries
The rundown is mainly with a handful of US-listed companies that control over 12 million SOL tokens, which is around 2% of the total supply. Forward Industries, Sharps Technology, DeFi Development Corp, and Upexi together make up more than $1.4 billion in disclosed unrealised losses.
Forward Industries, the biggest holder, amassed more than 6.9 million SOL at an average cost of $230, and now it is facing unrealised losses of over $1 billion.
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Equity Markets Decline
Transaction data indicate that SOL accumulation mainly took place during July to October 2025, and there have been no significant new purchases or on-chain sales recorded since then. The top five Solana treasury companies’ stock prices have drastically fallen over the last six months, and their performance has been below that of SOL itself.
The share prices of Forward Industries, DeFi Development Corp, Sharps Technology, and Upexi have dropped from around 59% to 73% within the six-month charts.
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Looking forward
The data illustrate a widening gap between unrealised losses and liquidity constraints. Although these companies have not had to sell their SOL to date, the tightly held net asset value (mNAV) multiples and decreasing stock prices have limited their ability to obtain new funding.
As the market keeps changing, these companies will have to modify their strategies if they want to turn the problems and opportunities of the coming days to their advantage.
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