Solana Digital Asset Treasuries Halt SOL Purchases as Unrealized Losses Grow

Companies that chose Solana (SOL) arsenic a strategical treasury plus are facing rising losses arsenic SOL terms enactment turned antagonistic successful January. Among them, Forward Industries holds the largest SOL position, accounting for much than 1.1% of the full supply.

However, assurance successful SOL’s semipermanent worth appears unchanged, contempt SOL wiping retired its year-to-date recovery.

Coingecko information shows that Forward Industries presently holds much than 6.91 cardinal SOL. The institution acquired these holdings astatine a full outgo of $1.59 billion, representing astir 1.12% of Solana’s full supply.

With SOL trading astir $128, the existent worth of this concern has fallen to astir $885.59 million. This results successful unrealized losses exceeding $700 million, equivalent to a -46% decline.

Despite these challenges, Forward Industries continues to payment from staking. Since launching its Solana treasury strategy successful September 2025, the institution has earned much than 133,450 SOL successful staking rewards. These rewards helped summation SOL-per-share. Even so, the magnitude remains tiny comparative to the standard of existent losses.

“Since inception, the Company’s validator infrastructure has generated 6.73% gross yearly percent output (APY) earlier fees, outperforming apical adjacent validators. Nearly each of the Company’s SOL holdings are presently staked,” Forward Industries reported.

SOL’s downturn has not lone affected the treasury but has besides dragged down FWDI’s stock price. Since announcing its SOL purchases successful September 2025, the banal has dropped much than 80%. This diminution reflects capitalist concerns implicit fiscal risk.

The sell-off reduced the company’s marketplace capitalization. It besides weakened capital-raising capableness and the credibility of the banal market.

Forward Industries is not an isolated case. Other companies utilizing the integer plus treasury (DAT) exemplary are besides posting dense losses.

Upexi (UPXI) reported unrealized losses of much than $47 cardinal connected its SOL holdings, equivalent to a -15.5% loss. Sharps Technology faces unrealized losses exceeding $133 million, oregon -34%. Galaxy Digital Holdings recorded unrealized losses of much than $52 million, oregon -38%.

These examples item the systemic risks of the DAT model. Price volatility tin undermine firm fiscal foundations.

Analysts pass that conditions could deteriorate further. If SOL breaks beneath the $120 level, a multi-year enactment zone, the terms could autumn toward $70. Such a determination would importantly amplify unrealized losses.