Forward Industries deposited roughly $32 million worth of Solana into Coinbase Prime, raising the possibility of a potential sale.
The company moved 455,784 SOL, according to blockchain data from Lookonchain and Arkham Intelligence.
This is the first major movement from the company in a month. It also coincided with the unstaking of 500,000 SOL through the liquid staking protocol Sanctum.
Forward Industries is the largest corporate holder of Solana, with a total of 6.83 million tokens. The company acquired the majority of its position starting in September 2025, spending roughly $1.59 billion.
Its average cost basis is $232.08 per token. At current market prices of around $70, the entire stash is worth about $458 million, representing an unrealized loss of more than $1.1 billion.
Forward Industries, led by Multicoin Capital co-founder Kyle Samani, adopted a treasury strategy modeled after MicroStrategy's Bitcoin playbook. The firm raised $1.65 billion through a private investment in public equity (PIPE) from Galaxy Digital, Multicoin Capital, and Jump Crypto.
The company posted a net loss of $283.1 million for the quarter ending March 31, largely driven by fair-value adjustments on its Solana holdings.