US-listed firms holding Solana sit on over $1.5B in unrealized losses

Publicly listed United States 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 that together controls more than 12 million SOL, roughly 2% of the total supply.

Forward Industries, Sharps Technology, DeFi Development Corp and Upexi account for over $1.4 billion of the disclosed shortfall, and the total may be understated because Solana Company has not fully disclosed its acquisition costs. Most accumulation took place between July and October 2025, when several firms made large, concentrated purchases; since then the top five Solana treasury companies have reported no meaningful new buys and no onchain sales have been recorded.

Forward Industries, the largest holder, picked up about 6.9 million SOL at an average cost near $230 and now shows unrealized losses exceeding $1 billion with SOL trading around $84.

United States

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