Solana’s Descent: A Tragic Tale of Treasuries and Tears 📉💸

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Key Takeaways 

What’s next as SOL DAT’s losses surge? 

A potential crypto holdings sell-off due to mNAV collapse could be a key risk to track. Ah, but what is risk but the cruel whisper of fate to the desperate? 😂

How big is the SOL DAT sector? 

The firms collectively held over 16 million SOL or 2.8% of the overall crypto treasury market as of October. A paltry sum, yet enough to make one weep for the future of finance. 🤦♂️

Several Solana [SOL] treasury firms recorded massive unrealized losses following the recent SOL price crash. One might say the market is now a stage for Shakespearean tragedy, with actors in crypto masks. 🎭

One of the top SOL holders, Forward Industries (FORD), for example, saw its unrealized loss increase to 24% after a sharp drop in its holdings value from $1.65 billion to $1.20 billion. A noble house brought low by the whims of a volatile coin. 🤯

Additionally, SOL price was down 33% from the firm’s average purchase price of $232. A price so lofty, it now seems like a dream from a bygone era. 😴

Other top SOL DATs (digital asset treasuries), such as DeFi Corporations (DFDV), also had double-digit unrealized losses. A chorus of woe, echoing through the halls of Wall Street. 🎶

SOL treasury situation gets worse

On top of the losses, the mNAV (market-to-net-asset-value, a tracker for the multiples at which a company trades relative to its crypto assets. A number, a statistic, a cruel mistress to the hopeful. 💔

A discount mNAV makes raising capital difficult and may be construed as bearish, while a premium reading bodes well for bulls. Alas, the bulls have fled, leaving the bears to dance in the ruins. 🐻

As of writing, mNAV has collapsed below 1 for all SOL DAT players except SOLAI (SLAI). A lone survivor in a sea of despair, perhaps a prophet in rags? 🧙♂️

This could evolve into a distress and a risk if mNAV stays below 1 for too long, potentially forcing players to sell their crypto holdings to boost their stocks and mNAV. A Faustian bargain, selling their soul for a flicker of hope. 🕯️

SOL treasury holdings hit record high

Despite the market stress, the total treasury holdings crossed 16 million SOL for the first time in October. A triumph of greed over caution, perhaps? 🤡

Compared to Bitcoin [BTC] and Ethereum [ETH] treasuries, SOL DATs had a 2.8% market share. A modest claim to fame, yet enough to fuel the ego of the desperate. 🤓

The steady accumulation from April was followed by a sharp uptick in price from $130 to over $220. In other words, demand from treasury firms had been steady in H2 2025. A march toward ruin, cloaked in optimism. 🚶♂️

Meanwhile, the top players on the Binance exchange had trimmed long positions from 71% to 65% over the past two weeks amid bearish momentum. A retreat, yes, but a retreat with dignity-or so they tell themselves. 🤵♂️

The cautious positioning was similar to the levels seen during the October 10 flash crash. At that time, longs dropped to 63% before rebounding steadily later. A phoenix rising from the ashes… or a mirage in the desert? 🌞

It remains to be seen whether SOL will mark a bottom at $150 or slide lower to the next key support at $120. A question for the ages, perhaps best answered by a drunkard’s dice roll. 🎲

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2025-11-05 20:23