Forward Industries Sends $32M in Solana to Coinbase as Treasury Losses Top $1B

Forward Industries transferred roughly $31.9 million worth of Solana tokens to Coinbase Prime Thursday, according to blockchain data, marking its first onchain activity in a month.

Data from Arkham Intelligence shows a wallet tied to the Nasdaq-listed company moved 455,784 SOL to the institutional trading platform. The transfer comes as the firm sits on steep unrealized losses tied to its large-scale bet on the token.

The deposit to Coinbase Prime does not necessarily confirm an immediate sale but is commonly interpreted as a precursor to trading activity, particularly for institutional holders seeking liquidity or risk reduction.

Shares of Forward Industries were down about 6% in the pre-market on Friday following the transfer, trading at $3.97, down from Thursday’s close of $4.22, according to Yahoo Finance data.

Forward Industries moves 455,784 SOL to Coinbase Prime. Source: Arkham

The move comes as publicly listed companies that adopted crypto treasury strategies face mounting pressure from the sector’s prolonged downturn, with several firms sitting on significant unrealized losses and investors increasingly focused on balance sheet risk.

Forward Industries began accumulating Solana in September 2025 as part of a treasury strategy that positioned it as the largest corporate holder of the asset, according to a December shareholder update.

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The company said it had purchased about 6.83 million SOL for approximately $1.59 billion at an average cost of $232.08 per token.

The SOL price has since fallen by roughly 72%, according to CoinGecko data, trading at around $64.63 at the time of writing. That would value the company’s original holdings at about $441 million, implying an unrealized loss of roughly $1.15 billion.

Solana price has slumped 72% since September 2025. Source: Coingecko

Forward Industries remains the largest publicly listed Solana holder with more than 7 million SOL, according to the most recent data available.

Corporate crypto treasuries face mounting pressure

The move comes amid broader signs of strain across corporate crypto treasury strategies. On Thursday, publicly listed digital asset firm FG Nexus reportedly sold an additional $17.8 million in Ether, adding to a series of disposals across the sector.

Strategy, the largest corporate Bitcoin holder, is also facing mounting pressure after Bitcoin’s recent decline pushed the unrealized loss on its holdings to about $11.2 billion.

The company disclosed this week that it sold 32 BTC for roughly $2.5 million, its first Bitcoin sale since December 2022, when it sold 704 BTC as part of a tax-loss harvesting transaction before repurchasing more Bitcoin days later.

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