- Solana treasury firms have dropped 75%–92% as SOL declines
- Analysts warn further downside could still be ahead
- Single-asset crypto strategies are facing growing scrutiny
Solana-linked treasury companies have been hit… hard, and there’s not really a softer way to say it. Since late 2025, many of these firms have lost anywhere between 75% and 92% of their stock value, tracking closely with SOL’s own struggles this year. With the token down about 34% year-to-date, companies heavily exposed to it are feeling the pressure in a very direct way. It’s the downside of concentration—when things go well, it looks brilliant, but when they don’t… it unravels quickly.
“This Might Not Be the Bottom Yet”
Analyst Ted Pillows didn’t sugarcoat things either. He compared the price action of these treasury firms to meme coins on Solana, which, honestly, says a lot about the volatility involved. Even after massive drawdowns of 80% or more, he warned that another 30% to 50% decline isn’t out of the question. That kind of outlook isn’t exactly reassuring, especially for investors hoping the worst is already behind them.
Take Forward Industries, for example. The company holds around 6.9 million SOL, making it one of the largest institutional players in the space. Its stock has collapsed over 89% from a high near $46, and with an average buy price around $230 per SOL, the math doesn’t look great. At current levels—somewhere near $82—that’s over $1 billion in unrealized losses just sitting on the books.
Losses Stack Up Across the Board
And it’s not just one company struggling. Sol Strategies, which only recently made its Nasdaq debut, has seen its stock fall more than 92% since listing. Sharps Technology is down about 89%, carrying roughly $225 million in paper losses, while DeFi Development Corp has dropped around 75%, with tens of millions in unrealized losses piling up.
It’s a pattern, really. Different names, same outcome. Heavy exposure to a single crypto asset during a downturn tends to produce… predictable results, even if investors hoped for something different.
Ethereum Holding Up, For Now
Interestingly, Ethereum-focused treasury firms have been showing a bit more resilience lately. There’s been some rotation, with capital possibly shifting toward ETH as traders look for relative strength. But even that might not last.
Pillows noted that this could just be temporary—a short window before Ethereum and its related equities face similar pressure. If that plays out, then it’s not just a Solana-specific issue, but something broader across crypto treasury strategies.
The Bigger Question Around Strategy
At the core of all this is a bigger, slightly uncomfortable question: can single-asset treasury models actually survive long-term volatility? When markets are rising, the strategy looks clean and focused. But in prolonged downturns, like this one, the risks become very visible, very fast.
A sustained recovery in crypto would ease a lot of that pressure, no doubt. But without it, these companies might need to rethink how they approach exposure. Because right now, the model is being tested… and not exactly passing with confidence.
