Forward Industries Transfers $32 Million in Solana as Treasury Losses Deepen

Forward Industries transferred approximately $31.9 million worth of Solana (SOL) to Coinbase Prime, marking the company’s first recorded onchain transaction in nearly a month. Arkham data shows that 455,784 SOL tokens were moved to the institutional trading platform, a step often associated with liquidity management or potential trading activity.

While the transfer does not confirm that the company intends to sell its holdings, the move has drawn attention as Solana continues to trade far below levels seen when the firm built its position.

Solana Investment Faces Significant Unrealized Losses

Forward Industries adopted a Solana-focused treasury strategy in September 2025 and became one of the largest corporate holders of the cryptocurrency. The company disclosed that it acquired roughly 6.83 million SOL for about $1.59 billion, paying an average price of $232.08 per token.

Since then, Solana has declined by around 72%, trading near $64.63. Based on current market prices, the value of those holdings has fallen to roughly $441 million, leaving the company with an estimated unrealized loss of about $1.15 billion.

Corporate Crypto Treasury Strategies Under Pressure

The latest transfer highlights growing challenges facing public companies that built large cryptocurrency treasury positions during stronger market conditions. Investors are increasingly monitoring balance-sheet exposure as digital asset prices remain under pressure.

Forward Industries remains one of the largest publicly traded holders of Solana, with more than 7 million SOL reportedly under its control. The company’s shares declined in pre-market trading following news of the transfer, reflecting investor concerns about potential asset sales and ongoing market volatility.