Public companies that actively accumulated Solana (SOL) tokens as treasury assets in 2025 are currently facing unrealized losses exceeding $1.5 billion. According to CoinGecko, these losses reflect the difference between the purchase price of the tokens and their current market value.
This is reported by Finway
Significant Losses Concentrated Among Key Players
The lion’s share of the losses was incurred by Forward Industries, which lost over $1 billion. In total, large public companies own more than 18.3 million SOL tokens, accounting for approximately 2% of the total supply. Over the past day, the value of their reserves has decreased by nearly 40%, and the total asset value now stands at around $1.54 billion.
Among the largest holders are Forward Industries, Sharps Technology, DeFi Development Corp, and Upexi, which together account for over $1.4 billion in unrealized losses. At the same time, actual losses may be even greater, as Solana Company has not fully disclosed its acquisition costs for the tokens. Although these losses currently remain only “on paper,” the market valuation of these companies’ stocks has already significantly dropped compared to the nominal value of their crypto assets.
Analysts note that there is a substantial gap between unrealized losses and the liquidity of the companies. The decline in stock prices and the compression of net asset value multiples have limited the ability to attract new capital, although none of the companies have yet been forced to liquidate their holdings.
“Solana is the new Wall Street,” and the speed and technological characteristics of the blockchain could make it a center for tokenized finance.
Halting of Solana Purchases by Large Companies
According to transaction data, the main wave of SOL accumulation lasted from July to October 2025, during which companies made large purchases. Since then, none of the five largest Solana treasuries have reported any new significant acquisitions, nor have there been large sales recorded on the blockchain.
Forward Industries is the largest holder of Solana among public companies: it acquired over 6.9 million tokens at an average price of $230. At the current price of around $84, its unrealized losses exceed $1 billion. Sharps Technology invested $389 million near the market peak, and its portfolio is now valued at $169 million, which is 56% lower than the initial value. DeFi Development Corp adopted a gradual acquisition strategy, but its shares are also trading below the value of the tokens on its balance sheet.
Solana Company, which accumulated 2.3 million SOL in several stages, also halted purchases in October 2025. At the time of writing, Solana (SOL) is trading at $84.33 according to TradingView.
Despite significant pressure on balances, some institutional investors maintain long-term optimism regarding the future of the Solana network. Bitwise Asset Management’s Chief Investment Officer Matt Hougan expressed confidence in its key role in the financial infrastructure of the future.
