Public companies that accumulated Solana (SOL) tokens in 2025 for their treasuries have suffered over $1.5 billion in unrealized losses due to the sharp decline in the asset’s value. The majority of the losses were incurred by Forward Industries, whose portfolio shrank by more than $1 billion.
This is reported by Business • Media
Losses and SOL Holdings Structure
According to CoinGecko, a group of companies whose shares are listed on U.S. exchanges controls over 12 million SOL — nearly 2% of the total token issuance. The total reserves of public crypto treasuries reach 18.3 million SOL, and their market value has fallen by nearly 40% in one day, reflecting both the decline in the asset’s price and changes in the holders’ portfolios.
Most companies are only reporting paper losses; however, this has already impacted their stock prices, which are trading below the market value of the crypto assets on their balance sheets. The largest losses have been reported by Forward Industries, Sharps Technology, DeFi Development Corp, and Upexi — their combined losses exceed $1.4 billion. However, the actual amount may be higher, as Solana Company has not disclosed the exact costs of acquiring SOL.
“None of the companies have been forced to sell the asset yet, but compressed net asset value (mNAV) multiples and falling stock prices have limited their ability to attract new capital.”
According to updated data from CoinGecko, 19 public companies own over 18.3 million SOL, and the total valuation of their reserves is approximately $1.54 billion. In the last day, the market price of the portfolios has decreased by 39.5%.
Purchases Halted: New Strategies and Market Reaction
The main wave of SOL acquisitions lasted from July to October 2025. During this period, several companies made significant purchases. Since then, none of the five largest Solana treasuries have announced any substantial new purchases, and no sales of the asset through the blockchain have been recorded.
Forward Industries, the largest public owner of Solana, acquired over 6.9 million tokens at an average price of around $230. At the current price of approximately $84, the company’s losses exceed $1 billion. Sharps Technology invested $389 million in SOL near the market peak, and now its portfolio is valued at $169 million — more than 56% less than the purchase price. DeFi Development Corp acted more cautiously, but its shares are also trading below the value of the crypto assets on its balance sheet. Solana Company, which owns 2.3 million SOL, also halted purchases at the end of October 2025.
As of February 2026, Solana (SOL) is trading at $84.33.
Despite the financial pressure, some institutional investors remain optimistic about the long-term prospects of the Solana network. Matt Hougan, Chief Investment Officer at Bitwise Asset Management, previously noted that the technological characteristics of the blockchain could make Solana a key component of the future infrastructure for tokenized finance.
