Solana treasuries sitting on over $1.5B in paper SOL losses
Public companies that amassed large Solana positions in 2025 have paused accumulation as equity markets reprice SOL-heavy balance sheets.
Publicly listed companies that hold Solana as a treasury asset are sitting on more than $1.5 billion in unrealized losses, based on disclosed acquisition costs and current market prices tracked by CoinGecko.
The losses are concentrated among a small group of United States-listed companies that collectively control over 12 million Solana (SOL) tokens, about 2% of the total supply. While losses remain unrealized, equity markets have already repriced the companies, with most trading well below the market value of their tokens.
CoinGecko data shows that Forward Industries, Sharps Technology, DeFi Development Corp and Upexi account for over $1.4 billion in disclosed unrealized losses. The total is likely understated, as Solana Company has not fully disclosed its acquisition costs.