Public companies that built their balance sheets around Solana (SOL) have lost 75% to 92% of their stock value since late 2025, with analyst Ted Pillows warning the selloff may not be over.
SOL Treasury Stock Losses
Forward Industries (FWDI), the largest institutional SOL holder with 6.9 million tokens, has watched its stock drop over 89% from a multi-year high near $46 recorded in September. CoinGecko data showed the company bought SOL at an average price of roughly $230.
With the token now near $82, Forward Industries carries more than $1 billion in unrealized losses.
Other firms face comparable damage.
Sol Strategies (STKE), which listed on Nasdaq in September, has fallen over 92%. Sharps Technology (STSS) is down about 89%, holding $225.45 million in paper losses. DeFi Development Corp (DFDV) has declined around 75%, with $56.43 million in unrealized losses.
Pillows compared the price action to Solana meme coins and said the bottom may still be far off. "They are already down 80%-90%, but could go down another 30%-50% before the bottom," he said.
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Ted Pillows on Ethereum Strength
Pillows noted that Ethereum (ETH) treasury firms are showing relative near-term strength and could attract buying pressure into ETH. But he cautioned this is likely a temporary reprieve. Both ETH and its associated treasury stocks will move to new lows afterward, he said.
SOL's 34% year-to-date decline has punished concentrated single-asset strategies across the board. Without a sustained recovery, these firms face growing questions about whether such approaches can survive prolonged drawdowns.
Solana Meme Coin Collapse
The treasury stock rout mirrors a broader unraveling across the Solana ecosystem. Meme coin trading volume on Solana-based DEXs cratered 62% in three weeks during early 2026, falling from $118.2 billion to $44.5 billion. Pump.fun volume was cut nearly in half, while Meteora collapsed 83%.
Token launches on the network dropped 42% from their mid-January peak. By late 2025, meme coins already accounted for less than 10% of daily DEX volume — down from over 70% in Dec. 2024 — after a wave of rug pulls, including the LIBRA token scandal, eroded trader confidence.
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