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Publicly listed companies holding Solana as treasury stock are sitting on losses of no more than $1.5 billion, based on disclosed acquisition costs and current market prices tracked by CoinGecko.
The losses were concentrated among smaller companies listed in the United States, which control more than 12 million Solana (SOL) tokens, about 2 percent of the total supply. While losses remain unseen, equity markets have bought companies, many of which trade below the market value of their tokens.
According to data from CoinGecko, Forward Industries, Sharps Technology, DeFi Development Corp and Upexi put more than $1.4 billion in undisclosed losses. The total may be lower because Solana Company has not disclosed the full acquisition cost.
The figures show a growing gap between paper losses and liquid pressure. While none of the companies were forced to sell SOL, compressed net asset value (MNAV) multiples and falling stock prices limited their ability to raise fresh capital.
The stock will stop at the Solana Treasury
Transaction data compiled by CoinGecko shows that the majority of SOL accumulation occurred between July and October 2025, when several companies made large and focused acquisitions.
Since then, none of Solana's top five treasury companies have announced any meaningful new acquisitions, and no chain sales have been recorded.
Forward Industries, the largest holder, accumulated 6.9 million SOL at an average of 230 dollars. With SOL trading around $84, Forward has more than $1 billion in undisclosed losses.
Sharps Technology made a $389 million acquisition near the top of the market. The company's SOL is now valued at about $169 million, a more than 56 percent reduction from its acquisition cost.
Defy Development Corp. followed a gradual accumulation strategy and reported smaller losses, but its shares still traded below the value of SOL holdings.
The Solana company, which built a 2.3 million SOL position on several purchases, has stopped accumulating since October, according to CoinGecko's trading history.
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Equity markets point to a Treasury winter
According to Google Finance's equity value data, Solana's five treasury companies have experienced significant declines over the past six months, significantly underperforming SOL itself.
Forward Industries, DeFi Development Corp, Sharps Technology and Solana Company share prices showed a decrease between 59% and 73% in the six-month charts.
According to CoinGecko data, Upexi has $130 million in unexpected losses on SOL holdings. However, the shares fell significantly more than their peers.
Upexy shares have fallen more than 80 percent in the past six months, according to Google Finance. Like other Solana treasury companies, Upexi has paused new stock since September.
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