Public companies holding reserves in Solana have faced unrealized losses exceeding $1.5 billion, according to data from CoinGecko.
Source: CoinGecko.The losses are concentrated among a small group of American firms, whose combined portfolio exceeds 12 million SOL—about 2% of the total supply of the coin.
Among the affected companies are Forward Industries, Sharps Technology, DeFi Development Corp., and Upexi. The actual loss amount may be higher, as Solana Company has not disclosed the full cost of acquiring these assets.
The largest holder, Forward Industries, accumulated 6.9 million SOL at an average price of $230, resulting in a "paper" loss exceeding $1 billion.
Source: CoinGecko.Sharps Technology invested $389 million in a single transaction at the market peak. This investment is now valued at $167 million, reflecting a decline of 56.9%.
Source: CoinGecko.Market Reaction
The stock market has already reassessed the value of these companies. Shares of Forward Industries, DeFi Development Corp., Sharps Technology, and Solana Company have dropped by 59-73% over the past six months, with Upexi suffering the most, as its stock plummeted by over 81%.
Source: Google Finance.The majority of purchases occurred between July and October 2025, and since then, none of the top five companies have reported significant acquisitions.
Despite the pressure from liquidity and falling stock prices, these firms have not sold their assets. On-chain data indicates no movement of funds in their wallets.
It’s worth noting that in November 2025, Forward Industries had unrealized profits of $382 million.
In the same month, DeFi Development Corp. supported the SIMD-0411 proposal to accelerate Solana's deflation.