Solana Treasury Stocks Reflect Meme Coin Decline, Analyst Warns of 50% More Drop

Solana treasury company
SOLUSD
has lost between 75% and 92% of their stock value since late 2025, due to a 34% decrease in the token's price since the beginning of the year, impacting concentrated crypto asset strategies.

Analyst Ted Pillows compares the price movements of these companies to meme coins on the Solana network, warning investors that this sell-off may not be over yet.

“Currently, they have already dropped 80%-90%, but could fall another 30%-50% before truly hitting bottom,” he said.

Forward Industries
F
FWDI
, the largest institutional holder of SOL with 6.9 million tokens, has seen its stock price plummet more than 89% from multi-year highs around US$46 in September.

CoinGecko data shows that the company bought SOL at an average price of around US$230. However, with the token price now around US$82, the company faces unrealized losses of over US$1 billion.

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Other companies have also experienced similar fates. Sol Strategies (STKE), which was newly listed on Nasdaq in September, has already fallen more than 92% since then. Shares of Sharps Technology (STSS) declined about 89%, with the company holding paper losses of over US$225.45 million. Meanwhile, DeFi Development Corp (DFDV) has dropped around 75%, with unrealized losses of US$56.43 million.

Pillows also highlights that Ethereum treasury companies show relatively strength in the short term, potentially attracting buying pressure toward ETH.

However, he warns that this may only be a temporary pause before ETH and related treasury stocks also fall to new lows.

Ultimately, sustained crypto asset recovery will ease pressure on sector-wide balance sheets. Without a recovery, treasury companies will continue to face questions about whether a single-asset investment strategy can survive prolonged correction phases.

$SOL ‌

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