$1.1 Billion Solana Loss
Forward Industries transfers $31.9M Solana to Coinbase Prime amidst $1.1B loss
Forward Industries, the Nasdaq-listed company that uses Solana as a treasury asset, transferred about 455,784 SOL (roughly $31.9 million) to Coinbase Prime after a month of inactivity, its first on-chain move in that period. The deposit has prompted speculation that the firm may be preparing to sell, reduce risk, or adjust custody and staking operations, though none of the coverage confirms that any on-chain sale has occurred. The transfer arrives as the company’s large Solana position is deeply underwater: it bought about 6.83 million SOL in its 2025 accumulation campaign at an average cost near $232 per token, leaving an estimated unrealized loss of about $1.1 billion as SOL trades around the mid-$60s. Several reports tie the heightened pressure to the broader decline in corporate crypto treasury strategies and increasing focus on balance-sheet risk. Forward’s earlier fundraising for the strategy involved cash and stablecoin commitments led by Galaxy Digital, Jump Crypto, and Multicoin Capital, and its investor base includes other prominent crypto firms. Even as the company earns staking income, the mark-to-market decline continues to dominate investor attention following the Coinbase Prime transfer.
Key Points
Coinbase Prime deposit reports were flagged after a month of inactivity from the tracked wallet, and Lookonchain’s update places the accumulated position at 6.83 million SOL bought at an average $232.08—information used to estimate an unrealized loss near $1.13 billion at current mid-$60s SOL prices.
Arkham Intelligence data cited by Coinpedia indicated Forward also “unstaked 500,000 SOL through Sanctum” roughly 9 hours before the Coinbase Prime transfer—an additional on-chain move that could signal custody/operational changes even if no sale is confirmed.
One report notes a prior related transfer: Forward previously moved about 993,000 SOL to Coinbase Prime in late 2025 (about $192 million at the time). It said that transaction resulted in “a portion being allocated to Galaxy Digital,” suggesting repeated treasury routing through institutional venues.
Forward’s own treasury disclosures (as summarized by CryptoAdventure) included specific staking and holdings metrics: in January it reported liquid SOL of more than 6.97 million with nearly all staked and validator infrastructure generating 6.73% gross APY (before fees); by March 31 it reported 7.04 million SOL in liquid holdings, 201,201 SOL in staking rewards, and a 6.5%–7.2% gross APY range since inception.
Market reaction around the transfer was also reported: Forward shares were down about 6% in pre-market trading at roughly $3.97 versus Thursday’s $4.22 close, according to Yahoo Finance data cited in one roundup.
Sentiment
Mostly NegativePublishers
10
Articles
11
Reach
21
