Solana (SOL) treasury companies have shed between 75% and 92% of their stock value since late 2025, as the token’s 34% year-to-date decline punishes concentrated digital asset strategies.
Analyst Ted Pillows compared the price action of these firms to that of meme coins on the Solana network, warning investors that the selling may not be over.
“They are already down 80%-90%, but could go down another 30%-50% before the bottom,” he said.
Forward Industries (FWDI), the largest institutional SOL holder with 6.9 million tokens, has seen its stock plunge over 89% from a multi-year high near $46 recorded in September.
CoinGecko data showed that the company purchased SOL at an average price of around $230. Yet, with the token now trading near $82, the company carries over $1 billion in unrealized losses.
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Other firms face similar pain. Sol Strategies (STKE), which was listed on Nasdaq in September, has dropped over 92% since then. Sharps Technology’s stock (STSS) is down roughly 89%, with the company carrying $225.45 million in paper losses. DeFi Development Corp (DFDV) has fallen around 75%, with $56.43 million in unrealized losses.
Pillows also highlighted that Ethereum treasury firms are showing relative near-term strength, potentially attracting buying pressure into ETH.
However, he cautioned that this is likely a temporary reprieve before both ETH and its associated treasury stocks also move to new lows.
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Ultimately, sustained crypto asset recovery would ease balance-sheet pressure across the sector. Without one, treasury firms face growing questions about whether concentrated single-asset strategies can survive prolonged drawdowns.
