Publicly listed companies holding Solana (SOL) as a treasury asset are collectively sitting on more than $1.5 billion in unrealized losses, according to data compiled by CoinGecko. The losses are concentrated among a small group of U.S.-listed firms that control over 12 million SOL tokens, representing approximately 2% of the total supply.
The four companies bearing the brunt of the losses are Forward Industries, Sharps Technology, DeFi Development Corp, and Upexi, which together account for roughly $1.4 billion of the disclosed paper losses. The total figure is likely understated, as Solana Company has not fully disclosed its acquisition costs.
Data reveals that the bulk of SOL accumulation by these firms occurred between July and October 2025, during which several made large, concentrated purchases. Forward Industries, the largest holder, accumulated over 6.9 million SOL at an average cost of about $230. With SOL trading around $84 at the time of reporting, this translates to unrealized losses exceeding $1 billion for Forward alone.
Sharps Technology made a single $389 million purchase near the market peak, and its SOL holdings are now worth approximately $169 million, representing a decline of over 56%. DeFi Development Corp employed a more gradual accumulation strategy and reports comparatively smaller losses.
Equity markets have already repriced these companies, with their stock prices suffering sharp drawdowns that significantly underperformed SOL itself over a six-month period. Forward Industries, DeFi Development Corp, Sharps Technology, and Solana Company have seen their share prices fall between 59% and 73%. Upexi's shares have fallen more than 80%.
This situation has created a growing gap between paper losses and liquidity pressure. While none of the companies have been forced to sell their SOL holdings, compressed net asset value multiples and falling share prices have constrained their ability to raise fresh capital. Transaction history shows that accumulation of SOL has stalled across all top treasury holders since late 2025.
The episode highlights the risks of corporate "HODLing" strategies adopted after 2020, where companies diversified treasury reserves into cryptocurrencies. Experts note that under U.S. GAAP, cryptocurrencies are typically classified as indefinite-lived intangible assets, meaning once impaired, the value cannot be written back up even if the market price recovers.
This corporate financial strain is likely to influence future regulatory scrutiny, potentially leading to enhanced disclosure requirements for public companies holding digital assets. It also represents a potential source of sell pressure on SOL if companies decide to liquidate positions to shore up their balance sheets.
