Publicly listed companies in the United States holding Solana as a treasury asset are experiencing over $1.5 billion in unrealized losses, based on acquisition costs and current market prices tracked by CoinGecko. According to Cointelegraph, these losses are concentrated among a few companies that collectively control over 12 million Solana (SOL) tokens, representing about 2% of the total supply. Despite these losses being unrealized, equity markets have already adjusted, with most firms trading below the market value of their tokens.
CoinGecko data reveals that Forward Industries, Sharps Technology, DeFi Development Corp, and Upexi account for over $1.4 billion in disclosed unrealized losses. The total figure might be understated, as Solana Company has not fully disclosed its acquisition costs. This situation underscores a widening gap between paper losses and 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 ability to raise new capital.
Transaction data compiled by CoinGecko indicates that the majority of SOL accumulation occurred between July and October 2025, with several companies making large, concentrated purchases. Since then, none of the top five Solana treasury companies have disclosed 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 approximately $230. With SOL trading around $84, Forward faces unrealized losses exceeding $1 billion. Sharps Technology made a single $389 million purchase near the market peak, with its SOL now valued at about $169 million, a decline of over 56% from its acquisition cost. DeFi Development Corp adopted a more gradual accumulation strategy and reports smaller losses, yet 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, according to CoinGecko’s transaction history.
Equity markets have signaled a challenging period for these companies. Data from Google Finance shows that the top five Solana treasury companies have experienced significant drawdowns in the last six months, underperforming SOL itself. Forward Industries, DeFi Development Corp, Sharps Technology, and Solana Company stock prices have decreased between 59% and 73% over this period. CoinGecko data indicates that Upexi has $130 million in unrealized losses on its SOL holdings, with its shares falling more sharply than its peers, down more than 80% over the past six months. Like other Solana treasury firms, Upexi has paused new accumulation since September.