The sharp decline in Solana’s price has hit companies holding SOL tokens on their balance sheets. Over the past 30 days, the asset’s price has dropped by about 40%, leading to a significant reduction in the value of corporate reserves.
Against this backdrop, investors are once again discussing the risks of the ‘crypto treasury’ strategy, where digital assets become a key part of public companies’ balance sheets.
Corporate SOL Reserves Are Rapidly Losing Value
According to on-chain data, 19 companies using Solana as a treasury asset collectively hold about 18.5 million SOL. At current prices, their value is estimated at approximately $1.54 billion.
Over the month, the combined valuation of these reserves has decreased by 39.1%. This directly reflects Solana’s dynamics, which has remained under pressure since early January.
At the time of publication, SOL is trading near $83.9, down more than 3% in the past 24 hours. During the day, the price fell to $70, followed by a technical rebound.
Which Companies Suffered the Most
The most significant losses were recorded by companies for which SOL became a key balance sheet asset. For example, Forward Industries faced a drop in the value of its reserves by about 64%. Solana Company lost about 65%, and DeFi Development Corp — about 42%.
Upexi and Sharps Technology experienced a less severe but still significant decline by public company standards. At the same time, the market capitalization of the issuers themselves in many cases is already lower than the value of their crypto reserves, increasing pressure from investors.
Mass Liquidations Increased Price Pressure
The decline in SOL’s value coincided with a wave of forced liquidations in the derivatives market. Over the past 24 hours, more than $300 million in long positions have been closed. The largest single liquidation exceeded $6.6 million.
According to analysts, these sell-offs became one of the key factors in the price drop. With a high share of leveraged positions, the market was not ready to absorb increased volatility, which accelerated the decline.
For companies with large SOL reserves, this meant an immediate deterioration in balance sheet indicators.
Forward Industries Remains the Largest SOL Holder
Despite the losses, Forward Industries remains the largest corporate holder of Solana. It holds about 6.9 million SOL on its balance sheet, which at current prices is equivalent to about $580 million.
Next is Solana Company with 2.3 million SOL worth more than $190 million. DeFi Development Corp owns 2.2 million SOL, and Upexi and Sharps Technology hold about 2 million and 1.9 million SOL, respectively.
At the same time, the market capitalization of the companies themselves is significantly lower than these values, making them especially sensitive to further declines in Solana’s price.
Betting on Solana Despite the Drop
Amid the sell-off, one of Solana’s most prominent supporters remains optimistic. Kyle Samani, chairman of Forward Industries and co-founder of Multicoin Capital, said he intends to increase his stake in the company.
According to him, he remains confident in the long-term potential of the crypto industry and Solana in particular. Samani emphasized that he sees the current decline as an opportunity to increase exposure to the asset.
He also linked his optimism to expectations of regulation in the US. In his view, the adoption of the CLARITY Act could lead to an influx of new participants and accelerate institutional adoption of digital assets.
ETF and Institutional Interest Send Mixed Signals
Alongside the price drop, on-chain data shows inflows into spot ETFs for Solana. On one of the recent trading days, such funds attracted about $2.8 million.
The largest inflow was recorded by the Fidelity fund, which received about $1.9 million. Bitwise showed the second result, increasing total inflows to $682 million. This indicates that some institutional investors see the decline as an entry point.
The Solana Foundation Calls for a Return to the Core Blockchain Idea
Amid market volatility, Solana Foundation President Lily Liu called on the industry to focus on the original mission of blockchains — financial applications. According to her, attempts to present blockchains as a universal replacement for the internet have distracted the market from real use cases.
This signal coincided with a period of risk reassessment, as investors are once again paying attention to the fundamental value of networks and their economic models.
What's Next?
Solana’s 40% drop in a month has been a serious test for companies that chose to hold SOL in reserves. The wave of liquidations and high volatility sharply reduced the value of corporate balance sheets.
At the same time, some investors and institutional players continue to believe in the ecosystem’s long-term potential. The coming months will show whether the current decline becomes a stabilization point or just a stage in a deeper risk reassessment.
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