Public Crypto Treasuries on Solana Face Over $1.5 Billion Losses and Halt Asset Purchases

In the volatile world of cryptocurrency, public companies that accumulated Solana (SOL) tokens as treasury assets are currently facing significant financial challenges. As of now, they have recorded over $1.5 billion in unrealized paper losses. This figure represents the difference between the declared purchase price and the current market value of their holdings.

Concentration of Losses Among Public Companies

The bulk of these losses is concentrated among a small group of companies whose shares are traded on U.S. exchanges. Collectively, they control over 12 million SOL tokens, which accounts for approximately 2% of the total supply. Despite the fact that these losses remain unrealized, stock markets have already reassessed these businesses; most trade significantly below the market value of their crypto assets on balance sheets.
According to analyses from CoinGecko, Forward Industries, Sharps Technology, DeFi Development Corp, and Upexi form more than $1.4 billion in declared unrealized losses. However, this figure might be conservative since there’s limited information on Solana Company’s acquisition costs.

Impact on Market Dynamics and Liquidity

This situation highlights a growing gap between “paper” losses and liquidity pressures. Although no company has been forced to liquidate its holdings yet, compressed Net Asset Value Multipliers (mNAV) and falling stock prices have constrained their ability to raise new capital.
Currently, as per CoinGecko data at the time this article was prepared, 19 companies collectively own more than 18.3 million SOL tokens with a combined value around $1.54 billion—marking a 39.5% decrease in just one day due to both price fluctuations and changes in holding volumes.

Halted Accumulation Activities

Transaction data reveals that major accumulation activities occurred from July to October 2025 when several firms made large concentrated purchases. Since then, none of the top five Solana treasuries reported any significant new acquisitions; no on-chain sales have been recorded either.
Forward Industries stands out as the largest holder among public companies with more than 6.9 million SOL acquired at an average price close to $230 per token—leading to unrealized losses surpassing $1 billion given today’s trading price near $84.
Sharps Technology made a notable investment worth $389 million near market peak but now values its portfolio at around $169 million—over 56% lower than its purchase cost.
DeFi Development Corp adopted a gradual accumulation strategy reporting smaller losses; however even their shares trade below balance sheet valuations for Solana (SOL).
Solana Company managed to build up its position through several stages acquiring about 2.3 million SOL yet halted further accumulation after October according to transaction history tracked by CoinGecko.
As we write this piece today’s price for Solana (SOL) stands at approximately $84 according TradingView charts available online via Binance exchange platform links provided throughout our coverage herewith…
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