Solana treasury companies sit on over 1.5 billion in unrealized SOL losses

Based on figures tracked by CoinGecko, a small group of U.S.-listed firms collectively hold more than 12 million SOL, about 2% of the circulating supply. With SOL trading around $84 on 10 February 2026, the market value of those holdings has fallen sharply versus the companies reported cost bases, while share prices have also been repriced by investors.

CoinGecko transaction histories indicate most accumulation occurred between July and October 2025, when several issuers executed large, concentrated buys. Since then, none of the top holders have disclosed meaningful additional purchases and the trackers cited have not recorded onchain sales, suggesting positions have largely been held through the drawdown.

Forward Industries is the largest disclosed holder, with more than 6.9 million SOL acquired at an average cost of about $230, implying paper losses above $1 billion at current prices. Sharps Technology disclosed a roughly $389 million purchase near the market peak, and the SOL position is now valued around $169 million, a decline of more than 56% versus cost. CoinGecko data also attribute more than $130 million of unrealized losses to Upexi, while DeFi Development Corp shows smaller losses after a more gradual accumulation approach. The total unrealized loss estimate may be understated because Solana Company has not fully disclosed its acquisition costs.

Equity prices have moved even harder than the token. Six-month charts on Google Finance show Forward Industries, DeFi Development Corp, Sharps Technology and Solana Company down roughly 59% to 73%, while Upexi has fallen more than 80%. The gap between paper losses and liquidity pressure has widened as compressed net asset value multiples and lower share prices constrain these companies ability to raise fresh capital without significant dilution.

As GNcrypto wrote on 2 February 2026, Solana DEX aggregator Jupiter integrated Polymarket and added an in-app Prediction feature that lets users trade event contracts inside the Jupiter app on Solana. The earlier report noted rising prediction-market activity in January, with Polymarket posting $7.66 billion in volume and Kalshi reaching $9.16 billion for the month.