Prominent crypto analyst Ted Pillows has issued a stark warning that Solana treasury companies are facing more severe struggles than their Bitcoin, Ethereum, and XRP counterparts, with SOL experiencing the largest drawdown among major cryptocurrencies amid the current market downturn.

Solana Treasuries Struggling Worse Than Bitcoin, Ethereum, XRP Treasuries

In an X post, Ted Pillows stated that Solana treasury companies are looking like “Solana memecoins.” He noted that they are already down 80% to 90%, but could go lower before the bottom. Notably, the Bitcoin, Ethereum, and XRP treasury companies have shown greater strength than these Solana treasuries. 

Ted Pillows highlighted the stock performance of the Solana treasury companies, Forward Industries, Sol Strategies, Sharps Technology, and DeFi Development Corporation (DFDV). Forward Industries, which is the largest Solana treasury, has seen its FWDI stock fall from a high above $40 last year to as low as $4. The stock is currently down over 80% in the last six months. 

It is worth noting that Solana has suffered a larger crash than Bitcoin, Ethereum, and XRP from their October 2025 peaks, which could explain why the Solana treasury companies have suffered larger crashes than the BTC, ETH, and XRP treasury companies. The SOL price is down almost 55% in the last six months, while BTC, ETH, and XRP are down less than 50% in the same period. 

Commenting on Ethereum treasury companies, Ted Pillows noted that they are showing some strength at the moment. However, he warned that this doesn’t mean that they have bottomed out, but that they could bring some buying pressure into ETH. The analyst added that after that, both ETH and treasury companies will go to new lows. Tom Lee’s Bitmine is currently the largest Ethereum treasury company and has seen its BMNR stock fall 60% in the last six months. 

Bitmine Is Holding The Largest Loss Among Treasury Companies

Ethereum treasury company Bitmine is currently seeing the largest unrealized loss among the crypto treasury companies. DropsTab data shows that Bitmine currently has an unrealized loss of $6 billion on its ETH holdings. The company has an average purchase price of $3,670 per ETH for its holdings. Despite the unrealized loss, Bitmine has profited from adopting an ETH strategy, with its stock price up 168% in the last year. 

Michael Saylor’s Strategy, which is the largest among the Bitcoin, Ethereum, XRP, and Solana treasury companies, also holds a significant unrealized loss of $1 billion. Strategy had seen an unrealized loss of up to $7 billion at one point as the BTC price dropped into the lower $60,000 range. Meanwhile, the company’s portfolio briefly flipped green yesterday as Bitcoin rose to $76,000, above Strategy’s average purchase price of $75,610.