Key Takeaways
Now that SOL DAT’s losses are increasing sharply, what’s next?
A potential sell-off in crypto investments following the mNAV collapse could be a key risk to monitor.
How big is the SOL DAT sector?
The companies collectively controlled more than 16 million SOL or 2.8% of the total crypto-treasury market as of October.
Several Solana [SOL] Treasury companies recorded huge unrealized losses after the recent crisis SOL price crash.
For example, one of the largest SOL holders, Forward Industries (FORD), saw this not materialize loss rising to 24% after a sharp decline in asset values from $1.65 billion to $1.20 billion.
Additionally, the SOL price fell 33% from the company’s average purchase price of $232.
Other top SOL DATs (digital asset treasuries), such as DeFi Corporations (DFDV), also had double-digit unrealized losses.
SOL’s treasury situation is getting worse
On top of the losses, the mNAV (market-to-net-asset-value), a tracker for the multiples at which a company trades against its crypto assets.
A discounted mNAV makes it difficult to raise capital and can be interpreted as bearish, while a premium bodes well for bulls.
At the time of writing, mNAV has that collapsed below 1 for all SOL DAT players except SOLAI (SLAI).
Source: Blokwerken
This could develop into a problem and risk if mNAV remains below 1 for too long, potentially forcing players to sell their crypto holdings to boost their stocks and mNAV.
SOL government bonds reached a record high
Despite market tensions, total government bonds exceeded the SOL 16 million mark for the first time in October. Compared to Bitcoin [BTC] And Ethereum [ETH] SOL DATs had a market share of 2.8% in government bonds.
The steady accumulation from April was followed by a sharp price increase from $130 to over $220. In other words: demand from treasury companies was stable in the second half of 2025.
Source: Blokwerken
Meanwhile, top players on the Binance exchange had cut their long positions from 71% to 65% over the past two weeks amid bearish momentum.
The cautious positioning was similar to the levels observed during the October 10 flash crash. At that point, the longs fell to 63% before steadily recovering later.
Source: CoinGlass
It remains to be seen whether SOL will mark a bottom at $150, or drop to the next key support at $120.