Solana Treasury Companies Mirror Meme Coin Drop, Analyst Warns of Another 50% Down Potential

Solana treasury companies
SOLUSD
have lost between 75% and 92% of their share value since late 2025, as a 34% drop in the price of the token since the beginning of the year has hit concentrated crypto asset strategies.
Analyst Ted Pillows compares the price movements of these companies with meme coins on the Solana network, and he warns investors that this sell-off may not be over yet.
“Right now they’ve already dropped 80%-90%, but they could still fall another 30%-50% before truly reaching a bottom,” he said.
Forward Industries
F
FWDI
, the largest institutional holder of SOL with 6.9 million tokens, has seen its share price plunge by more than 89% from the multi-year peak around US$46 last September.
CoinGecko data shows that the company bought SOL at an average price of about US$230. But with the token price now in the range of US$82, the company faces unrealized losses of more than US$1 billion.
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Other companies have suffered similar fates as well. Sol Strategies (STKE), which was newly listed on Nasdaq in September, has already fallen more than 92% since then. Shares of Sharps Technology (STSS) are down about 89%, with the company holding paper losses of over US$225.45 million. Meanwhile, DeFi Development Corp (DFDV) has dropped about 75%, with unrealized losses of US$56.43 million.
Pillows also points out that Ethereum treasury companies show relatively strength in the short term, potentially drawing buy pressure toward ETH.
However, he reminds that this is likely only a temporary pause before ETH and the related treasury stocks also fall to new lows.
In the end, sustained recovery of crypto assets will ease pressure on financial statements across the sector. Without a recovery, treasury companies will continue to be haunted by the question of whether a single-asset investment strategy can survive a prolonged correction phase.
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