Public Companies with Solana Treasuries: $1.5B Unrealized Losses
Publicly traded firms that added significant Solana positions in 2025 are now carrying more than $1.5 billion in unrealized losses on their SOL treasuries, based on disclosed purchase prices and current market levels compiled by CoinGecko.
The losses are concentrated among a small set of United States-listed companies that collectively hold over 12 million Solana (SOL) tokens, representing about 2% of the circulating supply. While these losses remain on paper, equity markets have already adjusted, with most of the firms trading at valuations below the market value of their token holdings. According to CoinGecko, Forward Industries, Sharps Technology, DeFi Development Corp and Upexi account for more than $1.4 billion of the disclosed unrealized losses. The aggregate figure may be conservative, as Solana Company has not fully reported its acquisition costs.
The data underscores a widening disconnect between paper losses and balance-sheet liquidity. None of the companies have disclosed forced SOL sales, but compressed net asset value (mNAV) multiples and declining share prices have limited access to additional capital.
Accumulation stalls across Solana treasuries
Transaction histories compiled by CoinGecko indicate that most SOL accumulation occurred between July and October 2025, when several firms made large, concentrated purchases. Since then, none of the top five Solana treasury holders have reported material new buys, and no on-chain sales have been recorded.
Forward Industries, the largest holder, acquired more than 6.9 million SOL at an average price of roughly $230. With SOL trading near $84, Forward’s position reflects unrealized losses exceeding $1 billion.
Sharps Technology executed a single $389 million purchase close to the market peak. Its SOL is now valued at about $169 million, a decline of over 56% from the acquisition cost.
DeFi Development Corp pursued a more incremental buying strategy and reports comparatively smaller losses, though its equity still trades below the value of its SOL holdings.
Solana Company amassed a 2.3 million SOL position through multiple tranches and has not added to its holdings since October, according to CoinGecko’s transaction data.
Equity markets signal a treasury winter
Share price data from Google Finance shows that the top five Solana treasury companies have posted steep six-month declines, significantly underperforming SOL over the same period. Forward Industries, DeFi Development Corp, Sharps Technology and Solana Company have fallen between 59% and 73% on six-month charts.
CoinGecko data indicates Upexi holds $130 million in unrealized SOL losses. Its shares have dropped more than 80% over the past six months, per Google Finance. Similar to peers, Upexi has not reported new accumulation since September.
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