As equity markets adjust SOL-heavy balance sheets, public companies who bought a lot of Solana in 2025 have ceased buying additional. CoinGecko’s tracking of acquisition costs and current market values shows that publicly quoted companies that own Solana as a treasury asset have lost more than $1.5 billion that they haven’t realised.
The losses are mostly happening to a small number of firms listed in the United States that together own more than 12 million Solana SOL $83.92 tokens, which is around 2% of the total supply. Even though losses haven’t happened yet, equity markets have already changed the prices of the companies, and most of them are selling for less than the market worth of their tokens.
CoinGecko says that Forward Industries, Sharps Technology, DeFi Development Corp, and Upexi have reported unrealised losses of more than $1.4 billion. The number is probably lower than it should be because Solana Company hasn’t completely revealed how much it spent to buy the company.
The figures demonstrate that the difference between paper losses and liquidity pressure is getting greater. All of the companies have been able to keep their SOL, but it has been harder for them to attract additional money because their mNAV multiples are low and their share values are decreasing.
Buying activity stalls after concentrated accumulation phase
According to CoinGecko’s transaction data, most of the SOL building took place between July and October 2025, when many businesses made large, focused acquisitions.
Since then, none of the top five Solana treasury corporations have made any big new purchases, and no on-chain deals have been reported. Forward Industries, the biggest holder, bought more than 6.9 million SOL at an average price of nearly $230 Forward has lost more than $1 billion on paper because SOL is trading at approximately $84.
At the market high, Sharps Technology bought one thing for $389 million. The company’s SOL is now worth roughly $169 million, which is more than 56% less than what it paid for it.
DeFi Development Corp used a slower accumulation method and has lost less money, but its shares are still worth less than the value of its SOL holdings.
According to CoinGecko’s transaction history, Solana Company has stopped buying more SOL since October, when it built up a 2.3 million SOL holding over numerous acquisitions.
Equity markets signal sustained pressure on SOL treasuries
Google Finance’s data on equity prices shows that the top five Solana treasury firms have lost a lot of value in the last six months, doing far worse than SOL itself.
The stock prices of Forward Industries, DeFi Development Corp, Sharps Technology, and Solana Company have dropped between 59% and 73% in the last six months. According to CoinGecko, Upexi has $130 million in unrealised losses from its SOL holdings. However, its stock has dropped more than those of its competitors.
Google Finance says that Upexi shares have lost more than 80% of their value in the last six months. Since September, Upexi, like other Solana treasury companies, has stopped adding to its holdings.