Forward Industries, a Nasdaq-listed firm turned Solana treasury, moved 455,784 SOL ($32 million) to Coinbase Prime this week after a month of inactivity.
As of March 30, the company held over 7 million SOL and equivalents, making it the largest corporate holder of the token. On-chain trackers estimate unrealized losses of roughly $1.1 billion on its Solana position.
The transfer comes amid a prolonged digital asset slump. Solana trades at about $66, down 77% from its January 2025 peak. Large moves to Coinbase Prime can signal intent to sell or reflect custody adjustments.
This is not the first such transfer. In October 2025, Forward sent 993,000 SOL ($192 million) to the exchange, with 250,000 SOL eventually going to Galaxy Digital. The company's investors include Galaxy Digital, Jump Crypto, and Multicoin Capital. Chairman Kyle Samani of Multicoin has increased his personal stock ownership.