Publicly traded companies that hold Solana as a treasury asset face more than $1.5 billion in unrealized losses, according to disclosed acquisition costs and current market prices tracked by CoinGecko.
There are losses concentrated belongs to a tiny group of US-listed companies that collectively control over 12 million Solana (SOL) tokens, representing approximately 2% of the total supply. While losses remain unrealized, equity markets have already revalued the companies, with most of them trading well below the market value of their tokens.
CoinGecko data shows that Forward Industries, Sharps Technology, DeFi Development Corp and Upexi account for more than $1.4 billion in disclosed unrealized losses. This amount is likely an underestimate because Solana Company did not fully disclose the costs of the acquisition.
The numbers highlight the growing gap between paper losses and liquidity pressures. While neither company was forced to sell its SOL business, compressed net asset value (mNAV) multiples and falling share prices confined their ability to raise fresh capital.
Accumulation in Solana’s vaults has stalled
Transaction data collected by CoinGecko shows that the majority of SOL accumulations occurred between July and October 2025, when a few companies made enormous, concentrated purchases.
Since then, none of Solana’s five largest treasury companies has disclosed significant novel purchases and no online sales have been recorded.
Forward Industries, the largest holder, raised over 6.9 million SOL at an average cost of around $230. With SOL trading around $84, Forward did just that would-be losses exceeding one billion dollars.
Sharps Technology made a single $389 million purchase near market highs. The company’s SOL is currently worth approximately $169 million, down over 56% of the purchase price.
DeFi Development Corp followed follows a more gradual accumulation strategy and reports lower losses, but its shares still trade below the value of its SOL holdings.
Solana company, which built According to CoinGecko’s transaction history, a 2.3 million SOL position in several tranches of purchases has also paused accumulation since October.
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Stock markets signal treasury winter
Share price data from Google Finance shows that Solana’s five largest treasury companies have seen keen declines over the past six months, significantly underperforming SOL itself.
Share prices of Forward Industries, DeFi Development Corp, Sharps Technology and Solana Company fell 59% to 73% on the six-month charts.
CoinGecko data can be seen that Upexi has unrealized losses of $130 million on its SOL holdings. However, its shares fell more than those of other companies.
Upexi shares have fallen over 80% in the last six months, According to to Google Finance. Like other Solana treasury companies, Upexi has been suspending novel accumulation since September.
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