Solana treasury meme coins crash: Analyst warns of 50% further decline

April 13, 2026 09:43 GMT+3 Reading time:
Companies holding treasuries have seen their stock values decline between 75% and 92% since the end of 2025. The 34% loss in SOL value since the beginning of the year is almost punishing concentrated digital asset strategies.

Analyst Ted Pillows compared these companies' price movements to meme coins on the Solana network and warned investors that the sell-off might not be over.

“They have already fallen by 80-90%, but before a bottom forms, they could drop another 30-50%,” said Ted Pillows.

FWDI
Known as the largest institutional SOL holder with 6.9 million SOL, the company's stock has lost over 89% of its value since the multi-year high of $46 recorded in September.

According to CoinGecko data, the company purchased SOL at an average of around $230. However, the token is currently trading near $82, and the company's unrealized losses exceed $1 billion.

Other companies experiencing similar issues also exist. Sol Strategies (STKE), which started trading on Nasdaq in September, has fallen over 92% since then. Sharps Technology stock (STSS) has lost about 89% of its value, and the company has an paper loss of $225.45 million. DeFi Development Corp (DFDV) has dropped approximately 75%, with unrealized losses at $56.43 million.

Pillows also emphasized that companies holding Ethereum treasuries show a stronger short-term outlook, which could attract buyer interest in ETH.

However, he noted that this could be a temporary relief before new lows for both ETH and related treasury shares.
Ultimately, if a stable recovery occurs in crypto assets, it could ease the sector's balance sheet pressure. But if not, treasury companies will face increasing questions about whether strategies focused on a single asset can withstand prolonged downturns.