最新数据显示，持有 Solana 作为财库资产的上市公司正承受巨额账面压力。根据 CoinGecko 汇总的已披露收购成本与当前市场价格测算，这些公司合计未实现亏损已超过15亿美元。它们共持有逾1200万枚 SOL，约占总供应量的2%，而SOL现价在84美元附近。
亏损主要集中在几家美国上市公司，包括 Forward Industries、Sharps Technology、DeFi Development Corp 与 Upexi，四者账面浮亏合计超过14亿美元。由于部分公司尚未完整披露建仓成本，真实损失规模可能更高。虽然尚无强制抛售发生，但资本市场已率先“定价”风险，其股价普遍低于所持代币的市值，融资能力明显受限。
从持仓结构看，Solana 国库集中增持主要发生在2025年7月至10月的价格高位阶段。此后，前五大持有方均未披露新的大额买入，也没有链上减仓迹象。最大持有者 Forward Industries 以约230美元均价购入逾690万枚 SOL，目前未实现亏损超过10亿美元。Sharps Technology 在高点投入3.89亿美元，其持仓市值已较成本缩水逾一半。
DeFi Development Corp 采用分批建仓方式，损失相对较小，但其股价依然低于代币净值。Solana Company 建立了约230万枚 SOL 的仓位，但自去年10月以来同样暂停增持。Upexi 的SOL账面亏损约1.3亿美元，而其股价在半年内跌幅超过80%。
股市走势正在释放“国库寒冬”信号。谷歌财经数据显示，上述五家公司近六个月股价跌幅普遍在59%至73%之间，远差于SOL本身的表现。随着账面压力与流动性约束叠加，企业加密国库模式正面临严峻考验，Solana 相关风险也因此被重新评估。
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