Forward Industries, the largest corporate holder of Solana, has transferred 455,784 SOL tokens to Coinbase Prime, the institution-focused custody service operated by Coinbase. The deposit, valued at $31.87 million at the time of transfer, came after one month of inactivity from the treasury firm.
The move signals potential pressure on Forward’s underwater Solana position. Since launching its SOL treasury strategy in September 2025, Forward Industries has accumulated 6.83 million SOL tokens at an average purchase price of $232.08 per token, spending approximately $1.59 billion in total. Those holdings are now worth $452 million, representing a loss of over $1.1 billion.
“Since launching its Solana treasury strategy in September 2025, Forward Industries has spent ~$1.59B to buy 6.83M $SOL at $232.08,” according to Lookonchain, an on-chain analyst who tracked the activity.
Forward Industries secured backing from Galaxy Digital, Jump Crypto, and Multicoin Capital when it pivoted to the SOL treasury model. The majority of the firm’s accumulation occurred during the cryptocurrency highs of 2025, before a bearish shift in the sector began in Q4 2025. Solana has declined 19 percent over the past week and is trading at $65.
Broader Treasury Losses Mounting
Forward’s deposit to Coinbase Prime reflects a broader pattern among corporate treasury holders facing significant losses. Strategy, the largest Bitcoin treasury firm, is down more than $11 billion on its holdings and recently broke an accumulation streak that had held since December 2022 by making a BTC sale. Bitmine, an Ethereum treasury firm, is underwater by over $9.58 billion.
Forward did not disclose its official reason for the Coinbase Prime deposit, and the exact transaction date was not provided. Coinbase Prime offers institutional clients custody and settlement services, making it a standard venue for large token holders managing their positions.
The deposit marks a notable shift for Forward Industries, which had been actively accumulating SOL tokens since its September 2025 launch. The one-month gap in treasury activity preceding the Coinbase Prime transfer suggests a potential reassessment of the firm’s Solana strategy as market conditions deteriorate and losses mount.
