Forward Industries deposited 455,784 Solana (SOL) worth $31.87 million into Coinbase Prime, breaking a month of treasury inactivity and reviving speculation that the largest corporate SOL holder may finally trim a position deep in the red.
The transfer landed while Solana prices left Forward roughly $1.13 billion below its purchase cost. Exchange deposits often precede sales, though the company has not confirmed any intent to sell.
A $1.59 Billion Solana Bet Underwater
Forward launched its Solana treasury strategy in September 2025. Since then, it has spent roughly $1.59 billion buying 6.83 million SOL at an average entry near $232.08.
Solana now trades far below that level. BeInCrypto Markets data showed that the cryptocurrency has fallen nearly 19% over the past week, trading at $66.
The holdings are now worth about $451 million, a drop of more than $1.1 billion from the original outlay.
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The paper damage has already hit the reported results. Forward posted a $283.1 million net loss for the quarter ended March 31, 2026, driven by fair value declines on its SOL stack. The company stressed the loss “does not represent an outflow of cash or impact Forward’s liquidity.”
Treasury Firms Head for the Exits
Since the October market crash, many corporate holders have trimmed or dumped their digital asset holdings. In November 2025, Sequans Communications sold 970 Bitcoin worth roughly $100 million.
Bitcoin miners also participated in the retreat. Public miners sold about 32,000 BTC in the first quarter, more than in all of 2025.
Even MicroStrategy broke ranks. The largest corporate holder of Bitcoin (BTC) has sold 32 BTC since 2022.
Forward’s Coinbase deposit may reflect routine staking or custody moves. Yet with the position so far in the red, the coming days will show whether the largest Solana treasury joins the wave of sellers.
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