Solana Treasury Strategy Fails? US-listed Companies Hold SOL with Over $1.5 Billion Unrealized Loss

Latest data shows that publicly traded companies holding Solana as treasury assets are under significant accounting pressure. According to aggregated disclosed acquisition costs and current market prices from CoinGecko, these companies have an unrealized loss exceeding $1.5 billion. They collectively hold over 12 million SOL, approximately 2% of the total supply, with SOL currently trading around $84.

The losses are mainly concentrated among several U.S.-listed companies, including Forward Industries, Sharps Technology, DeFi Development Corp, and Upexi, with combined unrealized paper losses exceeding $1.4 billion. Since some companies have not fully disclosed their cost basis, the actual losses may be even higher. Although no forced sales have occurred yet, the capital markets have already begun to “price in” the risk, with their stock prices generally below the market value of their held tokens, significantly limiting their financing capacity.

In terms of holdings structure, the concentration of Solana treasury accumulation mainly occurred during the high-price period from July to October 2025. Since then, the top five holders have not disclosed any large new purchases nor shown signs of on-chain reduction. The largest holder, Forward Industries, bought over 6.9 million SOL at an average price of about $230, currently with unrealized losses exceeding $1 billion. Sharps Technology invested $389 million at its peak, and its position’s market value has shrunk by more than half compared to its cost basis.

DeFi Development Corp has built its position gradually, resulting in relatively smaller losses, but its stock price remains below the net asset value of its tokens. Solana Company established a position of about 2.3 million SOL but has also paused accumulation since October last year. Upexi’s SOL paper loss is approximately $130 million, and its stock price has fallen over 80% in the past six months.

The stock market trend is signaling a “treasury winter.” According to Google Finance data, the stock prices of the five companies above have generally declined between 59% and 73% over the past six months, far worse than SOL’s own performance. With mounting accounting pressures and liquidity constraints, the corporate crypto treasury model is facing severe challenges, and the risks associated with Solana are being reevaluated.