Shares of listed companies holding large amounts of Solana (SOL) as treasury assets have plunged 75 to 92 percent since the end of 2025, an analysis showed.

BeInCrypto, a blockchain media outlet, reported on April 13 that Solana has fallen 34 percent since the start of the year, pulling down shares of companies concentrated in a single cryptocurrency.

The market is assessing the moves as resembling the sharp drop in Solana network memecoins. Analyst Ted Pillows warned of further declines, comparing the share-price trends of companies holding Solana treasuries to memecoins. "Some stocks have already fallen 80 to 90 percent, but they could drop another 30 to 50 percent before hitting bottom," he said.

Forward Industries, described as the largest institutional holder, holds 6.9 million Solana tokens. Its shares have fallen more than 89 percent from a multi-year high of about $46 recorded in September last year. CoinGecko data put the company’s average purchase price at about $230. With Solana trading at about $82, its unrealised losses exceed $1 billion.

Other companies are in a similar situation. Sol Strategies, which listed on Nasdaq in September last year, has fallen more than 92 percent since listing. Sharps Technology has dropped about 89 percent, with book losses tallied at $225.45 million. DeFi Development Corp has also fallen about 75 percent, with unrealised losses of about $56.43 million.

Amid the trend, some money is also said to be turning its attention to Ethereum (ETH). Pillows said companies holding Ethereum treasuries are showing relative strength in the short term, and buying pressure could flow into Ethereum. He drew a line, saying that does not mean a bottom is forming. He later warned Ethereum and related treasury-holding companies would also head to new lows.

The key point is that weakness in the underlying asset price is directly pressuring corporate balance sheets. If Solana prices recover, the financial burden across the industry could ease. If a rebound is delayed, questions will only grow over whether treasury strategies concentrated in a single cryptocurrency can withstand a prolonged downtrend.

In particular, these companies are not only experiencing a fall in cryptocurrency prices, but are also facing simultaneous valuation losses on holdings and sharp declines in share prices. As a result, the market is reflecting token prices, average purchase prices and the scale of losses more sensitively than the business performance of individual companies. That has left a Solana price rebound as a key variable in halting further declines in related stocks.