Public companies holding Solana face $1.5B+ unrealized losses, halt accumulation
Several U.S.-listed companies that accumulated large Solana (SOL) treasuries in 2025 are now sitting on more than $1.5 billion in unrealized losses, based on disclosed acquisition costs and current prices. A small group controls over 12 million SOL (about 2% of supply). Forward Industries is the largest holder with ~6.9 million SOL purchased at an average cost near $230 and now faces over $1 billion in paper losses with SOL trading near $84. Sharps Technology, DeFi Development Corp, Upexi and Solana Company together account for the remainder, with Sharps alone making a $389 million peak purchase and now down over 56%. Most of these firms paused accumulation after October 2025 and have not recorded on-chain sales. Equity markets have repriced these companies sharply: share prices for Forward, DeFi Development, Sharps and Solana Company are down 59%–73% over six months, while Upexi is down over 80%. Compressed market NAV multiples and falling stock prices have limited their ability to raise capital, increasing liquidity risk though no forced liquidations have been reported. Traders should note concentrated corporate exposure to SOL, the halted accumulation that reduces immediate selling pressure signals, and the potential for equity-crypto feedback loops if companies sell to cover funding needs.
Bearish
The news is bearish for SOL and related market sentiment. Large unrealized losses concentrated in a few public companies create overhang risk: if equity financing remains constrained or share prices fall further, firms may be forced to sell SOL to cover liabilities or raise cash, adding downside pressure to SOL. Share-price declines (59%–80%) already show equity repricing of token-heavy balance sheets, reducing investor confidence. Although no on-chain sales have been recorded and accumulation has paused (which limits immediate selling pressure), the risk of a liquidity-driven sell-off remains. Historically, clustered holdings by corporates or funds (e.g., past ETF-like concentration events or venture/treasury liquidations) have increased volatility and amplified price declines when holders need liquidity. Short-term, traders may see increased volatility and downside bias; long-term impacts depend on SOL adoption and whether holders can recapitalize without selling. Monitor on-chain movement from these addresses, equity financing announcements, and SOL order-book liquidity as triggers that could worsen price action.