Solana Treasury Firms Reeling as SOL Crashes 40% in a Month

Solana's sharp correction is turning treasury strategies into a bloodbath.

The Portfolio Wreckage

A 40% nosedive in thirty days doesn't just sting retail wallets—it carves deep into the balance sheets of funds and institutions holding SOL as a treasury asset. That paper profit from last quarter? Evaporated. The hedges? Probably not fast enough. It's a brutal reminder that crypto volatility spares no one, not even the suits with 'risk-adjusted' in their pitch decks.

Beyond the Price Chart

The real damage isn't just the mark-to-market loss. It's the cascading effect. Leveraged positions get liquidated, lending collateral gets called, and strategic roadmaps built on a rising asset get tossed out the window. Suddenly, that 'digital gold' narrative for altcoin treasuries feels more like fool's gold—another finance fad that looked genius until the tide went out.

This is crypto winter's bite: separating the resilient from the reckless. Solana's tech may be fast, but its price drop was faster. For treasury managers, the only thing plunging harder than SOL right now is their credibility.

Did recent SOL liquidations trigger a drop in Solana Treasuries holdings?

Solana treasury companies know only one way, and that’s down.

No signs of reversal, and this is why $SOL has been underperforming large caps. pic.twitter.com/pAMZy9D7mE

— Ted (@TedPillows) December 28, 2025

The drop in Solana’s price mirrors the huge SOL liquidations seen on Friday. On-chain data revealed that more than $300 million in long positions have been liquidated in the last 24 hours. The single largest liquidation was approximately $6.69 million.

The liquidations explain why SOl holdings held by treasury companies have dropped significantly in the previous few weeks. On-chain data for 19 Solana treasury entities showed the DATs hold around 18.5 million SOL. The firms’ holdings amount to approximately $1.54 billion, a 39.1% drop in the last 30 days.

Forward Industries currently has 6.9 million SOL on its balance sheet, valued at around $580 million, followed by Solana Company with 2.3 million SOL, valued at more than $192 million. DeFi Development Corp holds 2.2 million SOL, worth about $184 million, while Upexi and Sharps Technology hold around 2 million ($169 million) and 1.9 million ($167.6 million), respectively.

The total market cap of Forward Industries as of Thursday was $415 million, followed by DeFi Development with $96 million. Solmate Infrastructure had a market cap of $88 million, followed by Solana Company at $82 million. Upexi and Sharps Technology recorded a market cap of $70 million and $38 million, respectively.

As of Friday, DeFi Development had the most 24-hour trading volume at more than $10.7 million, followed by Forward Industries with $8.5 million. Upexi recorded a 24-hour trading volume of $5.1 million, while Solmate Infrastructure and Solana Company had $1.5 million and $1.12 million, respectively.

Can Samani’s optimism on Solana pay off?

Despite the drop in SOL treasuries, Kyle Samani, Co-Founder of Multicoin Capital, revealed on Thursday that he WOULD be doubling down on his investment in Forward Industries. The initiative aims to increase his indirect exposure to Solana.

The crypto mogul said he was still optimistic about Solana and the broader crypto industry. He plans to boost his exposure to SOL through his personal investments and as Chairman of Forward Industries.

“After nearly a decade in crypto, I’m more confident than ever that crypto is going to fundamentally rewire the circuitry of finance. I remain bullish on crypto, specifically Solana, and intend to continue making personal investments in the space and supporting Multicoin portfolio companies.”

–Kyle Samani, Chairman of Forward Industries.

Samani also revealed that his Optimism about crypto stems from his belief that the CLARITY Act will unlock a tidal wave of new entrants into the market. He also believes that the legislation will spur the adoption of digital assets in the future. The crypto investor stepped down from his role at Multicoin, arguing that he needs to explore new areas of technology.

On-chain data revealed that SOL spot ETFs attracted more than $2.82 million on Thursday. The Fidelity Solana ETF saw the highest total net inflows of around $1.86 million. The fund’s cumulative net inflows also reached $158 million. Bitwise followed with the second-highest inflows at $1.48 million, bringing its cumulative net inflow to $682 million.

As SOL treasuries continue to decline, Solana Foundation President Lily Liu recently urged the crypto industry to return to blockchains’ original focus: finance. She urged the industry to refrain from the years of attempts to frame blockchains as a generalized replacement for the modern internet.

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