Solana treasury stocks drop 75%–92%; analyst warns more pain

Public companies that built treasuries around the Solana token have seen their share prices fall between 75% and 92% since late 2025, while SOL has declined roughly 34% year-to-date.

Forward Industries, the largest institutional holder among the group with about 6.9 million SOL tokens, has seen its stock fall more than 89% from a multi-year high near $46 in September. The company bought SOL at an average price near $230; with SOL trading around $82, Forward carries more than $1 billion in unrealized losses.

Other listed treasury firms reported similar declines. Sol Strategies, which began trading on Nasdaq in September 2025, is down more than 92% since listing. Sharps Technology’s stock has fallen roughly 89%, leaving the company with about $225.45 million in paper losses. DeFi Development Corp.’s shares are down about 75%, with roughly $56.43 million in unrealized losses.

Analyst Ted Pillows wrote on social media on April 12, 2026 that the shares could fall further. “They are already down 80%–90%, but could go down another 30%–50% before the bottom,” he wrote. He also said some Ethereum treasury names have shown short-term strength that could draw buying into ETH, but that any support might be temporary.

The declines reflect concentrated holdings of a single token by these firms. Large drops in SOL’s price have translated directly into steep unrealized losses on company balance sheets for firms that purchased significant amounts at higher prices.

Market participants are watching whether any inflows to Ethereum-related treasuries provide temporary relief to crypto markets and the affected stocks. Analysts note that a sustained recovery in major cryptocurrencies would be required to reduce the writedowns on these treasuries.