Just noticed something wild - these Solana treasury companies are getting absolutely wrecked, almost like they're moving down together with meme coins on the network. We're talking 75-92% losses since late 2025. Forward Industries, the biggest SOL holder with 6.9M tokens, went from $46 down to basically nothing. They bought at $230 per coin and now it's trading around $86, so yeah, over a billion in paper losses for them.

Other firms aren't doing much better. Sol Strategies dropped 92% since its September listing, Sharps Technology is down 89%, and DeFi Development Corp fell about 75%. One analyst was comparing the price action to meme coin crashes and thinks there's still another 30-50% downside coming before we hit bottom.

Interesting part though - Ethereum treasury stocks are holding up relatively better right now, which might be pulling some buying pressure into ETH. But the analyst warns it's probably temporary. Once ETH moves, those treasury companies will likely follow it down to new lows. Without a real crypto recovery, these concentrated single-asset strategies are gonna keep facing serious pressure.