Rebecca Cruz Public firms holding Solana face over $1.5 billion in paper losses as token prices drop. Market data reveals stalled accumulation across Solana treasuries amid declining equity valuations.
Solana treasuries face a deep paper loss dilemma
Solana treasuries are facing a steep downturn with public companies collectively sitting on more than $1.5 billion in paper SOL losses. The data reveals a sharp correction in the value of their holdings as equity markets reprice exposure to Solana’s volatile performance. Several United States listed firms that accumulated Solana in 2025 now find themselves in a tight liquidity environment as their market valuations plummet far below their asset values.
According to CoinGecko data, the group of Solana treasury holders including Forward Industries, Sharps Technology, DeFi Development Corp, and Upexi collectively hold over 12 million SOL, representing about two percent of the token’s total supply. Their aggregate unrealized losses exceed $1.4 billion, and the figure could be even higher once undisclosed purchase costs from Solana Company are factored in.
The mounting paper losses illustrate the widening gap between balance sheet exposure and real liquidity. Although these firms have not yet been forced to liquidate their Solana positions, their diminished market value and falling share prices have limited their ability to raise new funds. This has effectively frozen accumulation across Solana treasuries since late 2025.
Accumulation slows across Solana treasuries
CoinGecko’s transaction data shows that the most aggressive phase of accumulation in Solana treasuries took place between July and October 2025. During that period, several publicly traded firms made large concentrated buys aimed at diversifying digital asset exposure and aligning with blockchain trends.
However, the momentum has cooled dramatically. None of the top five Solana treasury holders have reported meaningful new acquisitions since October. Likewise, blockchain records confirm that no onchain selling activity has occurred either, indicating a collective pause rather than panic selling.
Forward Industries holds the largest position with more than 6.9 million SOL accumulated at an average cost of around $230 per token. With Solana now trading near $84, the company faces over $1 billion in unrealized losses. Sharps Technology’s exposure tells a similar story as its $389 million Solana purchase near the market peak has depreciated to about $169 million in value.
DeFi Development Corp pursued a more cautious accumulation strategy, spreading its entries over time. Still, its market capitalization now trades below the mark-to-market value of its Solana holdings. Solana Company, which added 2.3 million SOL in multiple tranches, has also halted accumulation since October, reflecting a broader pause across Solana treasuries.
Equity markets mirror Solana’s decline
While the Solana price correction has been sharp, equity markets tied to these treasuries have fallen even harder. Stock data from Google Finance shows that the leading Solana treasury companies have suffered significant drawdowns in the last six months, underperforming even Solana itself.
Forward Industries, DeFi Development Corp, Sharps Technology, and Solana Company have seen their stock prices tumble between 59 and 73 percent during this period. The declining confidence reflects how investors are discounting the sustainability of balance sheets heavily exposed to Solana’s volatility.
Upexi presents an even more extreme case. Despite holding smaller quantities of Solana, its shares have collapsed by over 80 percent within six months. With $130 million in unrealized losses on its Solana holdings, Upexi has joined its peers in pausing new accumulation since September.
The repricing of these equities underscores a deep correlation between token performance and corporate sentiment. For investors, it signals that treasury-backed exposure to Solana may amplify risk rather than provide diversification during downturns.
Market sentiment and the road ahead for Solana treasuries
The broader impact of these paper losses goes beyond short-term accounting adjustments. For Solana treasuries, the psychological and financial toll of holding depreciated assets can hinder future capital raises and innovation plans. Lower market valuations often restrict a company’s ability to issue new shares or secure debt financing, especially when much of their balance sheet strength depends on volatile crypto assets.
While none of these firms have been forced to liquidate, the frozen accumulation trend suggests that treasury diversification into Solana has entered a holding pattern. Analysts expect that only a sustained recovery in Solana’s price above major cost bases could revive confidence.
At the same time, the Solana ecosystem continues to expand with new decentralized applications and strong developer momentum. This fundamental progress may eventually translate into long-term value recovery, but for now, Solana treasuries are grappling with what many in the industry are calling a “treasury winter.”
For investors and market observers, this serves as a case study in how rapid token appreciation can encourage concentrated balance sheet strategies that later become liquidity traps. As the market recalibrates, Solana treasuries remain a high-stakes bet on future recovery rather than present profitability.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards.
