Companies holding Solana (SOL) in the treasury have lost between 75% and 92% of their share value since the end of 2025, as the SOL Token has fallen 34% since the beginning of the year, making strategies focused on digital assets difficult.
Analyst Ted Pillows compared the price movements of these companies to meme coins on the Solana network, and warned retail investors that the sell-off may not be over yet.
"The stock price has fallen 80%-90%, but it could fall another 30%-50% before hitting Dip," he Chia .
Forward Industries (FWDI), the largest holder of SOL among institutions with 6.9 million Token, has seen its stock plummet more than 89% from its multi-year high of nearly $46 in September 2025.
Data from CoinGecko shows that the company purchased SOL at an Medium price of around $230. However, with the SOL Token now trading around $82, the company is incurring unrealized losses of over $1 billion.
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Many other companies are in a similar situation. SOL Strategies (STKE), which went public on Nasdaq in September 2025, has fallen more than 92% since then. Sharps Technology (STSS) shares have plummeted approximately 89%, with the company reporting an unrealized loss of $225.45 million. DeFi Development Corp (DFDV) has dropped about 75%, with a book loss of $56.43 million.
Pillows also highlighted that companies holding Ethereum treasuries are showing relative strength in the short term, which could stimulate a flow of money into ETH.
However, he cautioned that this might only be a temporary recovery before ETH and related Treasury stocks could also establish new Dip .
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Ultimately, if the digital asset market recovers steadily in the near future, financial pressure is expected to ease across the industry. Otherwise, treasury companies will continue to face doubts about their viability when pursuing a strategy of focusing on a single asset over a prolonged period of price decline.
