Forward Industries moves $32M in SOL amid $1B paper loss

Written by Christina Combenstaff writerReviewed by Bryan O'Sheastaff editorWritten by Christina Combenstaff writerReviewed by Bryan O'Sheastaff editorForward Industries moves $32M in SOL amid $1B paper lossLatest NewsPublishedJun 5, 2026Forward Industries moved $31.9 million in SOL to Coinbase Prime as its Solana bet sits over 70% underwater, underscoring growing strain on corporate crypto treasuries.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: ArkhamThe 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.Related: Solana open interest drops 30% as altcoins slump: Is $68 SOL next?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 …

Forward Industries moves $32M in SOL amid $1B paper loss

Coins in this story

Related stories

U.S. job growth blows past forecasts, setting stage for Fed rate hikes

Arthur Hayes dumps zcash holdings after Orchard Pool vulnerability revealed

JPMorgan, Bank of America, Citi to start blockchain offensive with shared tokenized network