Publicly listed companies that hold Solana as a treasury asset are sitting on more than $1.5 billion in unrealized losses, based on acquisition costs and current market prices as determined by Kongeco.
These losses are concentrated in a small group of US-listed companies that collectively control more than 12 million Solana (Sol) tokens, which is about 22% of the total supply. Although the losses are unreal, equity markets have already restocked firms, with most trading below the market value of their tokens.
Congico data shows that Forward Industries, Sharp Technologies, Defy Development Corp. and Apexy accounted for more than $1.4 billion in unrealized losses. The total is likely lower, as Solana Co. has not fully disclosed its acquisition costs.
The data highlights the widening gap between paper losses and liquidity pressures. While none of the companies have been forced to sell their assets, compressed net asset value (MNAV) multiples and falling share prices have limited their ability to raise fresh capital.
The collection stalls in Solana’s treasury
Transaction data compiled by Kongiko shows that most of the SOL accumulation occurred between July and October 2025, when several companies made large, concentrated purchases.
Since then, none of the Solana treasury companies have disclosed meaningful new purchases, and no long sales have been recorded.
Forward Industries, the largest holder, accumulated more than 6.9 million over the year at an average cost price of $230. With civil trading around $84, the forward has unrealized losses of more than $1 billion.
Sharps Technology made a $389 million purchase near the market peak. The company’s net worth is now about $169 million, which is less than 56 percent of its acquisition cost.
Defy Development Corp. pursued a more gradual accumulation strategy and reported smaller losses, but its shares still trade below the value of its civil holdings.
Solana Co., which has built up a 2.3 million civil position across multiple floors of purchases, has also stopped collecting since October, according to Kongeco’s transaction history.
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Equity markets signal a Treasury winter
Equity price data from Google Finance shows that Solana’s first treasury companies have suffered the fastest declines over the past six months, underperforming themselves significantly.
Forward Industries, Defy Development Corp., Sharp Technologies and Solana Co.’s stock prices are up between 59% and 73% on the six-month chart.
Kongiko figures show that Apexy has $130 million in unrealized losses on its civil holdings. However, its shares have fallen faster than its peers.
Shares of Apexy are down more than 80 percent over the past six months, according to Google Finance. Like other Solana treasury firms, Apexy has halted new deposits since September.
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