According to TechFlow TechFlow, on February 10th, data from CoinGecko shows that publicly traded companies holding Solana as a treasury asset currently face over $1.5 billion in unrealized losses. These losses are primarily concentrated in a small number of US-listed companies that collectively hold over 12 million SOL tokens, representing approximately 2% of the total supply.
Forward Industries, Sharps Technology, DeFi Development Corp, and Upexi have paper losses exceeding $1.4 billion. As the largest holder, Forward Industries accumulated over 6.9 million SOL at an average price of approximately $230, and at the current price of approximately $84, its unrealized losses exceed $1 billion.
Data shows that these companies' SOL accumulation mainly occurred between July and October 2025, after which all have suspended purchases. Although no company has been forced to sell its SOL holdings, the decline in share price has limited their ability to raise new funds, with the share prices of the top five Solana treasury companies falling between 59% and 80% in the past six months.
