Several publicly listed companies in the United States are reporting more than $1.5 billion in unrealized losses on Solana (SOL) treasury holdings, reflecting sharp declines from 2025 acquisition levels. The concentrated losses involve firms holding over 12 million SOL tokens, about 2% of the total supply. While the losses are paper-based, equity markets have repriced these companies’ valuations, leaving most trading below the current market value of their SOL assets.
Forward Industries, Sharps Technology, DeFi Development Corp, Upexi, and Solana Company account for the bulk of disclosed losses. Forward Industries alone, with 6.9 million SOL purchased near $230, faces over $1 billion in unrealized losses as SOL trades around $84. Despite the paper losses, none of these firms have sold significant SOL, indicating a pause in accumulation and ongoing exposure to token price volatility.
The market response underscores a broader “treasury winter” for companies heavily invested in digital assets. Falling stock prices and compressed net asset value multiples have constrained capital-raising abilities, signaling that equity investors are pricing in SOL exposure risk even as firms retain long-term positions.
