Corporate Solana holders freeze accumulation as prices collapse
Publicly listed firms that added Solana to their treasury reserves are now sitting on more than $1.5 billion in unrealized losses, based on disclosed acquisition costs and current prices tracked by CoinGecko.
The losses are concentrated among a small group of U.S.-listed companies holding over 12 million SOL, roughly 2% of the total supply, reports Cointelegraph.
While these losses remain on paper, equity markets have already reacted, with most of the firms trading far below the market value of their token holdings. Forward Industries, Sharps Technology, DeFi Development Corp, and Upexi account for more than $1.4 billion of the disclosed drawdown, with the true total likely higher due to incomplete reporting from Solana Company. The situation highlights how crypto-treasury strategies can create liquidity strain even without forced selling. Falling share prices have also reduced these companies’ ability to raise new capital, tightening the pressure further.
Accumulation pauses after heavy buying near the peak
CoinGecko transaction data shows most Solana treasury accumulation occurred between July and October 2025, when several firms made large, concentrated purchases. Since then, none of the top holders have disclosed meaningful new buys, and no major onchain sales have been recorded either. Forward Industries, the largest holder, accumulated roughly 6.9 million SOL at an average cost near $230, leaving it with losses above $1 billion at today’s ~$84 price.
Sharps Technology made a single $389 million purchase close to the market top, and its position is now worth about $169 million, down more than 50%. DeFi Development Corp took a slower approach and reports smaller losses, though its shares still trade below the value of its SOL holdings. Solana Company, which built a 2.3 million SOL position through multiple tranches, has also stalled accumulation since October. The pause suggests treasury demand has cooled sharply amid the downturn.
Equity markets price in a “treasury winter”
Stock performance across the major Solana treasury firms has deteriorated even more than SOL itself, signaling investor skepticism toward the model. Google Finance data shows Forward Industries, Sharps Technology, DeFi Development Corp, and Solana Company shares are down 59% to 73% over the past six months. Upexi, which holds an estimated $130 million in unrealized losses, has seen its stock fall more than 80%, the steepest decline among peers.
With mNAV multiples compressing and capital markets less receptive, these firms face growing constraints despite not liquidating their crypto reserves. The widening gap between token value and equity pricing underscores how quickly treasury-driven strategies can shift from bullish signal to balance-sheet burden.
Recently we wrote that major Solana-linked ETFs recorded their largest daily outflows on record, with nearly $12 million in redemptions as prices declined, pointing to reduced institutional participation.
Latest Solana News
-
Afghanistan
-
Albania
-
Algeria
-
Angola
-
Argentina
-
Armenia
-
Australia
-
Austria
-
Azerbaijan
-
Bahamas
-
Bahrain
-
Bangladesh
-
Belarus
-
Belgium
-
Bolivia
-
Botswana
-
Brazil
-
Brunei
-
Bulgaria
-
Cambodia
-
Cameroon
-
Canada
-
Chile
-
China
-
Colombia
-
Congo
-
Costa Rica
-
Cote d'Ivoire
-
Croatia
-
Cuba
-
Cyprus
-
Czechia
-
DR Congo
-
Denmark
-
Dominican Republic
-
Ecuador
-
Egypt
-
El Salvador
-
Estonia
-
Eswatini
-
Ethiopia
-
Finland
-
France
-
Georgia
-
Germany
-
Ghana
-
Greece
-
Haiti
-
Hong Kong
-
Hungary
-
India
-
Indonesia
-
Iran, Islamic republic
-
Iraq
-
Ireland
-
Israel
-
Italy
-
Jamaica
-
Japan
-
Jordan
-
Kazakhstan
-
Kenya
-
Korea
-
Kuwait
-
Kyrgyzstan
-
Laos
-
Latvia
-
Lebanon
-
Lesotho
-
Libya
-
Lithuania
-
Luxembourg
-
Madagascar
-
Malaysia
-
Malta
-
Mauritius
-
Mexico
-
Moldova
-
Mongolia
-
Montenegro
-
Morocco
-
Mozambique
-
Myanmar
-
Namibia
-
Nepal
-
Netherlands
-
New Zealand
-
Nigeria
-
North Macedonia
-
Norway
-
Oman
-
Pakistan
-
Palestine
-
Panama
-
Papua New Guinea
-
Paraguay
-
Peru
-
Philippines
-
Poland
-
Portugal
-
Puerto Rico
-
Qatar
-
Reunion
-
Romania
-
Rwanda
-
Saudi Arabia
-
Serbia
-
Singapore
-
Slovakia
-
Slovenia
-
Somalia
-
South Africa
-
Spain
-
Sri Lanka
-
Sweden
-
Switzerland
-
Syria
-
Taiwan
-
Tajikistan
-
Tanzania
-
Thailand
-
Trinidad and Tobago
-
Tunisia
-
Turkey
-
UAE
-
Uganda
-
Ukraine
-
United Kingdom
-
United States
-
Uruguay
-
Uzbekistan
-
Venezuela
-
Vietnam
-
Yemen
-
Zambia
-
Zimbabwe
- Forex
- Crypto
