Live treasury monitor · CESE analytics
Gross token holdings overstate exposure when a company carries debt. The Common Equity Solana Equivalent (CESE) nets out senior claims, then reprices every treasury against the live SOL spot price.
SOL / USD spot
Coinbase SOL/USDCESE matrix
Every step of the math is shown, from SOL held to wipe-out price, so you can check each result against the rows above it. Status follows EV mNAV, which prices the whole balance sheet. Select a company for its sources.
Scenario sandbox
All figures in USD.
Analysis
Debt-heavy issuers look cheap on gross holdings. Pricing the whole balance sheet shows what they really cost, and leverage shows how fast that changes.
Unencumbered SOL against SOL matched by debt and preferred stock.
Gross ignores debt; CESE magnifies the EV premium by leverage.
Unencumbered SOL acquired per $100 of equity.
Strategic takeaways
Figures at $117.98 SOL, the Sep 30, 2026 close. All amounts in US dollars.
The illusion of gross holdings
Upexi holds about 2.34M SOL and is the cheapest name on gross mNAV (0.35x), but $223.7M of debt matches 79% of the treasury. Priced on the whole balance sheet it trades at 1.14x EV, a modest premium. The bigger story is 4.75x leverage: it lifts the CESE mNAV to 1.68x, and equity NAV is wiped out if SOL falls to about $93, roughly 21% lower.
Preferred stock counts too
DFDV's headline SOL per share counts all 2,538,010 SOL. Its new CHAD preferred lifts that figure because no common shares are issued, but $15.8M of CHAD ranks ahead of common shareholders, alongside $126.1M of convertible notes, a $23.0M DeFi loan and 562,000 SOL of SOL loans. Together they match 74% of the treasury: 1.32x EV (DFDV's own dashboard shows 1.27x), 3.83x leverage and a wipe-out price near $78.
Pure unencumbered exposure
SkyAI holds 2,003,676 SOL with no debt and $12.1M of cash, so common shareholders own the whole stack. Even with its 27.9M pre-funded warrants in the market cap, it is the cheapest name at 0.53x EV and the most capital-efficient at 1.52 SOL-equivalent per $100. A quarter of its SOL is locked until the end of 2028.
Leverage vs. liquidity
Forward Industries leads total accumulation with about 8.16M SOL. Net senior claims match just 5% of the treasury (1.05x leverage), so the measures barely diverge: 0.72x gross, 0.77x EV and 0.76x CESE mNAV, all at a discount.
Galaxy Digital (GLXY) is a diversified financial firm whose filings don't break out SOL (about 775,289 SOL per CoinGecko), so a single-asset deduction would misrepresent its capital structure. Yueda Digital (YDKG) announced 749,965 SOL in 2025, but its June 30, 2026 statements show no SOL.
Methodology
Adapted from institutional Bitcoin treasury models. Net senior claims = debt + preferred stock − cash, with any debt owed in SOL valued at the SOL price; net cash counts in shareholders' favor. All figures in US dollars.
01 · Senior claims %
Net senior claims / (Total SOL × SOL price)
The share of the Solana treasury matched by claims that rank ahead of common shareholders.
02 · Common equity SOL
Total SOL − Net senior claims / SOL price
The SOL-equivalent value left for common shareholders once senior claims are paid.
03 · EV mNAV · sets the status
(Market cap + Debt + Preferred − Cash) / (Total SOL × SOL price)
What the whole capital structure pays per $1 of SOL. Leverage doesn't distort it, so it drives the discount and premium labels.
04 · CESE mNAV
Market cap / (Common equity SOL × SOL price) = 1 + (EV mNAV − 1) × Leverage
What shareholders pay per $1 of their own net asset value. Leverage magnifies the EV premium or discount.
05 · SOL per $100
(Common equity SOL × 100) / Market cap = 100 / (CESE mNAV × SOL price)
Like sats per $100: the SOL-equivalent value behind every $100 of stock.
06 · Leverage & wipe-out price
Leverage = SOL value / (SOL value − Net senior claims)
Wipe-out = (USD debt + Preferred − Cash) / (Total SOL − SOL owed)
How much harder equity value moves than SOL, and the SOL price at which it reaches zero.