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Publicly listed corporations that maintain Solana as a treasury asset are sitting on greater than $1.5 billion in unrealized losses, primarily based on disclosed acquisition prices and present market costs tracked by CoinGecko.

The losses are concentrated amongst a small group of United States-listed corporations that collectively management over 12 million Solana (SOL) tokens, about 2% of the whole provide. Whereas losses stay unrealized, fairness markets have already repriced the businesses, with most buying and selling properly beneath the market worth of their tokens. 

CoinGecko information exhibits that Ahead Industries, Sharps Know-how, DeFi Improvement Corp and Upexi account for over $1.4 billion in disclosed unrealized losses. The entire is probably going understated, as Solana Firm has not absolutely disclosed its acquisition prices.

The figures spotlight a rising hole between paper losses and liquidity strain. Whereas not one of the corporations have been compelled to promote their SOL, compressed web asset worth (mNAV) multiples and falling share costs have constrained their capability to boost contemporary capital.

Accumulation stalls throughout Solana treasuries

Transaction information compiled by CoinGecko exhibits that the majority of SOL accumulation occurred between July and October 2025, when a number of corporations made massive, concentrated purchases. 

Since then, not one of the high 5 Solana treasury corporations have disclosed significant new buys, and no onchain gross sales have been recorded. 

Ahead Industries, the most important holder, amassed over 6.9 million SOL at a mean value of about $230. With SOL buying and selling round $84, Ahead has unrealized losses of over $1 billion. 

Sharps Know-how made a single $389 million buy close to the market peak. The corporate’s SOL is now value about $169 million, down over 56% from its acquisition value. 

DeFi Improvement Corp adopted a extra gradual accumulation technique and experiences smaller losses, however its shares nonetheless commerce beneath the worth of its SOL holdings.

Solana Firm, which constructed a 2.3 million SOL place over a number of tranches of purchases, has additionally paused accumulation since October, in keeping with CoinGecko’s transaction historical past.

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Fairness markets sign a treasury winter

Fairness worth information from Google Finance exhibits that the highest 5 Solana treasury corporations have suffered sharp drawdowns within the final six months, considerably underperforming SOL itself. 

Ahead Industries, DeFi Improvement Corp, Sharps Know-how and Solana Firm inventory costs are down between 59% and 73% within the six-month charts. 

CoinGecko information exhibits that Upexi has $130 million in unrealized losses on its SOL holdings. Nonetheless, its shares have fallen extra sharply than its friends. 

Upexi shares are down greater than 80% over the previous six months, in accordance to Google Finance. Like different Solana treasury companies, Upexi has paused new accumulation since September.