#Solana Treasury Companies Face $1.5B Paper Losses


Public companies holding $SOL as treasury assets are carrying more than $1.5 billion in unrealized losses based on disclosed #acquisition costs compared to current market prices. The losses are concentrated among a small group of U.S.-listed firms controlling over 12 million tokens.


Forward Industries, Sharps Technology, #DeFi Development Corp, and Upexi account for over $1.4 billion of the disclosed losses. Total industry exposure likely exceeds this amount because Solana Company has not fully revealed its purchase costs.


Equity investors have repriced these firms significantly. Most companies now trade well below the market value of their #token holdings, with compressed net #asset value multiples limiting their ability to raise additional capital.


Transaction records indicate companies accumulated the majority of their $SOL between July and October 2025. No major purchases have been disclosed since then, and blockchain data shows no sales from the top five treasury holders.


Forward Industries holds over 6.9 million $SOL acquired at an average price of around $230. With Solana trading around $84, the company faces unrealized losses exceeding $1 billion as the gap between cost basis and market value widened.


Sharps Technology executed a single $389 million purchase near the market peak. The position is now valued at approximately $169 million, representing a decline of more than 56% from the original investment.

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February 10, 2026 at 8:29 PM
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