A small group of U.S.-listed companies controls over 12 million SOL (~2% of supply) and, based on disclosed acquisition costs vs. CoinGecko prices, are sitting on more than $1.5 billion in unrealized losses. Losses are concentrated at Forward Industries (~6.9M SOL acquired near $230 avg), Sharps Technology, DeFi Development Corp and Upexi. Most accumulation occurred between July–October 2025 and has largely paused; no on-chain sales have been recorded. Equity markets have repriced these firms—shares of the top five treasury companies have fallen sharply (many down 59–73% over six months, Upexi >80%)—compressing mNAV multiples and limiting their ability to raise capital. Solana Company has not fully disclosed acquisition costs, so total losses may be understated.

Facts: >12M SOL held by a few U.S.-listed firms (~2% of supply); disclosed acquisition costs vs. CoinGecko show >$1.5B unrealized losses; Forward accumulated ~6.9M SOL at ~ $230 avg and faces >$1B paper loss with SOL trading near $84; accumulation mostly July–Oct 2025 and has paused; no on-chain sales recorded; shares of top treasury firms fell sharply (many down 59–73%, Upexi >80%), compressing mNAV and limiting capital raises; Solana Company hasn’t fully disclosed costs (losses may be understated).