Solana treasury losses are mounting for public companies that amassed large positions in 2025, now sitting on over $1.5 billion in unrealized losses. Publicly listed companies holding Solana (SOL) as a treasury asset face significant challenges as equity markets reprice SOL-heavy balance sheets.
According to data tracked by CoinGecko, these losses are concentrated among a small group of United States-listed companies that collectively control over 12 million Solana tokens, representing approximately 2% of the total supply. While these losses are currently unrealized, the equity markets have already adjusted the valuations of these firms, with most trading considerably below the market value of their SOL holdings.
CoinGecko data indicates that Forward Industries, Sharps Technology, DeFi Development Corp, and Upexi account for over $1.4 billion in disclosed unrealized losses. This total is likely an understatement, as Solana Company has not fully disclosed its acquisition costs.
The figures highlight a growing disparity between paper losses and actual liquidity pressure. Although none of these companies have been compelled to sell their SOL holdings, compressed net asset value (mNAV) multiples and declining share prices have limited their capacity to raise additional capital.
Accumulation Stalls Across Solana Treasuries
Transaction data compiled by CoinGecko reveals that the majority of SOL accumulation occurred between July and October 2025, during which several companies made substantial, concentrated purchases. Since then, none of the top five Solana treasury companies have disclosed any significant new acquisitions, and no on-chain sales have been recorded.
Forward Industries, the largest holder, accumulated over 6.9 million SOL at an average cost of roughly $230. With SOL currently trading around $84, Forward has unrealized losses exceeding $1 billion.
Sharps Technology made a single $389 million purchase near the market peak. The company’s SOL is now worth about $169 million, down over 56% from its acquisition cost.
DeFi Development Corp followed a more gradual accumulation strategy and reports smaller losses; however, its shares still trade below the value of its SOL holdings.
Solana Company, which built a 2.3 million SOL position over several tranches of purchases, has also paused accumulation since October, based on CoinGecko’s transaction history. Stay informed with related Crypto news.
Equity Markets Signal a Treasury Winter
Equity price data from Google Finance indicates that the top five Solana treasury companies have experienced sharp drawdowns in the last six months, significantly underperforming SOL itself.
Forward Industries, DeFi Development Corp, Sharps Technology, and Solana Company stock prices are down between 59% and 73% in the six-month charts.
“Equity markets are reflecting the significant paper losses incurred by these companies holding large Solana treasuries.”
CoinGecko data shows that Upexi has $130 million in unrealized Solana treasury losses on its SOL holdings. However, its shares have fallen more sharply than its peers.
Understanding Solana Treasury Losses
The current situation highlights the risks associated with holding volatile crypto assets as part of corporate treasuries. While the potential for gains is significant, the downside risk can be equally substantial, impacting company valuations and investor confidence. These Solana treasury losses serve as a cautionary tale for companies considering similar strategies.
Upexi shares are down more than 80% over the past six months, according to Google Finance. Like other Solana treasury firms, Upexi has paused new accumulation since September.
Source: Cointelegraph
