Solana Digital Asset Treasuries Halt SOL Purchases as Unrealized Losses Grow
Companies that selected Solana (SOL) as a strategic treasury asset are dealing with rising losses as SOL worth motion turned adverse in January. Among them, Forward Industries holds the biggest SOL place, accounting for greater than 1.1% of the whole provide.
However, confidence in SOL’s long-term worth seems unchanged, regardless of SOL wiping out its year-to-date restoration.
Forward Industries Faces Over $700 Million in Unrealized Losses as SOL Slides
Coingecko knowledge exhibits that Forward Industries at the moment holds greater than 6.91 million SOL. The firm acquired these holdings at a complete price of $1.59 billion, representing roughly 1.12% of Solana’s whole provide.
With SOL buying and selling round $128, the present worth of this funding has fallen to roughly $885.59 million. This leads to unrealized losses exceeding $700 million, equal to a -46% decline.
Despite these challenges, Forward Industries continues to profit from staking. Since launching its Solana treasury technique in September 2025, the corporate has earned more than 133,450 SOL in staking rewards. These rewards helped increase SOL-per-share. Even so, the quantity stays small relative to the dimensions of present losses.
“Since inception, the Company’s validator infrastructure has generated 6.73% gross annual share yield (APY) earlier than charges, outperforming high peer validators. Nearly the entire Company’s SOL holdings are at the moment staked,” Forward Industries reported.
SOL’s downturn has not solely affected the treasury however has additionally dragged down FWDI’s share worth. Since asserting its SOL purchases in September 2025, the inventory has dropped more than 80%. This decline displays investor considerations over monetary danger.
The sell-off lowered the corporate’s market capitalization. It additionally weakened capital-raising capability and the credibility of the inventory market.
Other SOL DATs Also Suffer Losses and Pause SOL Accumulation
Forward Industries is just not an remoted case. Other firms utilizing the digital asset treasury (DAT) mannequin are additionally posting heavy losses.
Upexi (UPXI) reported unrealized losses of more than $47 million on its SOL holdings, equal to a -15.5% loss. Sharps Technology faces unrealized losses exceeding $133 million, or -34%. Galaxy Digital Holdings recorded unrealized losses of more than $52 million, or -38%.
These examples spotlight the systemic dangers of the DAT mannequin. Price volatility can undermine company monetary foundations.
Analysts warn that circumstances might deteriorate additional. If SOL breaks under the $120 stage, a multi-year assist zone, the value might fall towards $70. Such a transfer would considerably amplify unrealized losses.
This outlook seems justified. Solana ETFs have recorded their first outflows in four weeks, signaling weakening investor confidence.
Additional knowledge exhibits that firms have stopped buying SOL over the previous two months. Total SOL gathered by DATs has stalled at 17.7 million.
The slowdown in purchases displays rising warning amid rising market concern.
Even so, Forward Industries stays optimistic. The firm believes 2026 can be Solana’s 12 months. It factors to essentially the most aggressive improve roadmap within the community’s historical past, spanning consensus and infrastructure. The objective is to remodel Solana right into a “decentralized Nasdaq.”
At the identical time, Token Terminal stories that Solana’s staking ratio has reached 70%, an all-time high. Total staked worth stands at roughly $60 billion, strengthening community safety.
These constructive elements might clarify why the market has not but seen a wave of promoting amongst SOL DATs. SOL’s worth motion within the coming days might supply clearer perception into how these firms will reply.
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