Crypto treasury companies tied to Solana are facing heavy pressure as their share prices keep sliding. Analyst Ted said these firms “can’t catch a bid,” adding that they are “going down only” while sitting on large losses. In his view, capitulation across these companies could mark a bottom for $SOL.
The weakness is not limited to one name. A group of publicly traded firms linked to the Solana theme has been falling together, suggesting a broader problem across the segment rather than isolated company-specific trouble. Investors are watching valuations erode across the board as risk appetite fades.
Several stocks are tracing the same downward pattern
Charts cited in the report show a steady decline in Forward Industries, Sol Strategies, Sharps Technology, and DeFi Development Corp. over recent months. Each has posted lower highs and lower lows. Forward Industries fell from the low-$30 range to near $4, while Sol Strategies dropped from double-digit levels to below $2.
Sharps Technology showed a similar decline, and DeFi Development remained volatile but still ended lower. The coordinated sell-off points to investors pulling back from smaller, high-risk public companies whose market story is closely tied to crypto exposure, especially under tighter financial conditions.
Operating businesses may have an advantage in consolidation
Beyond stock performance, the broader crypto treasury segment is also facing potential consolidation this year. BTCS chief strategy officer Wojciech Kaszycki said companies with operating businesses hold a financial advantage over firms that mainly sit on crypto assets. Validator services and credit products can generate cash flow. That matters in a weak market.
Kaszycki said, “If you consolidate with another player, sometimes two plus two equals six or more, you can win faster, because everybody in this market trading below net asset value is struggling.” His point is clear: firms with revenue and capital may be able to acquire distressed peers at prices below net asset value.
Treasury stocks weakened before the broader crypto drop
The report also said crypto treasury stocks had started falling before the wider crypto market decline in October 2025. That suggests companies heavily dependent on crypto holdings, but lacking cash flow, are especially exposed when sentiment turns. If this pattern continues, better-capitalized firms with active business lines could end up absorbing weaker players across the sector.