Public companies holding reserves in Solana have encountered unrealised losses exceeding $1.5 billion, according to data from CoinGecko.
The losses are concentrated among a small group of American firms. The combined portfolio of these players exceeds 12 million SOL, approximately 2% of the total coin supply.
The affected companies include Forward Industries, Sharps Technology, DeFi Development Corp., and Upexi. The actual amount of losses could be higher, as Solana Company has not disclosed the full purchase value of the assets.
The largest holder, Forward Industries, accumulated 6.9 million SOL at an average price of $230. The company’s “paper” loss has surpassed $1 billion.
Sharps Technology invested $389 million in a single transaction at the market peak. This package is now valued at $167 million, a decline of 56.9%.
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 fallen by 59-73% over the past six months. Upexi has suffered the most, with its shares plummeting by more than 81%.
The bulk of purchases occurred between July and October 2025. Since then, none of the top five companies have reported significant acquisitions.
Despite this, the firms are not selling their assets. On-chain data shows no movement of funds in wallets, despite liquidity pressures and falling stock prices.
Back in November 2025, Forward Industries’ unrealised profit reached $382 million.
In the same month, DeFi Development Corp. supported proposal SIMD-0411 to accelerate Solana’s disinflation.