Forward Industries Transfers $32 Million in SOL After $1 Billion Loss

According to blockchain data, Nasdaq-listed Forward Industries transferred Solana tokens worth approximately $31.9 million to the Coinbase Prime platform on Thursday. Arkham Intelligence analysis shows that 455,784 SOL tokens were sent from a wallet owned by the company to the institutional trading platform. This marks the company's first on-chain activity in the past month. Cointelegraph.com reports .

While the funds transferred to Coinbase Prime do not necessarily imply an immediate sale, such moves typically indicate trading activities by institutional investors aimed at providing liquidity or reducing risks. Following this transaction, Forward Industries shares dropped 6% to $3.97 in Friday's pre-market trading, according to Yahoo Finance data.

The company began accumulating Solana assets in September 2025 as part of its treasury strategy. According to a December report, Forward Industries became the largest corporate holder of this asset. The company disclosed that it had purchased a total of 6.83 million SOL tokens at an average price of $232.08, for a total of $1.59 billion.

However, according to CoinGecko data, the price of Solana has since fallen by nearly 72%, currently trading around $64.63. This means the value of the company's initial investments has dropped to $441 million, with unrealized losses reaching approximately $1.15 billion.

Currently, Forward Industries remains the largest publicly traded holder of this cryptocurrency, with over 7 million SOL. Amid the prolonged downturn in the crypto market, public companies holding digital assets on their balance sheets are facing significant pressure from investors.