Forward Industries transferred roughly $31.9 million worth of Solana tokens to Coinbase Prime Thursday, according to blockchain data. A wallet linked to the Nasdaq-listed firm moved 455,784 SOL to the institutional platform.
Forward Industries moves 455,784 SOL to Coinbase Prime. Source: Arkham
The deposit does not confirm an immediate sale, but it is often seen as a precursor to trading for institutional holders seeking liquidity or risk reduction. Shares of Forward Industries fell about 6% in pre-market trading Friday.
The company began buying Solana in September 2025, accumulating 6.83 million SOL at an average cost of $232.08 per token. Solana has since dropped roughly 72%, trading around $64.63, leaving the company with an unrealized loss of about $1.15 billion on its original holdings.
Solana price has slumped 72% since September 2025. Source: Coingecko
Forward Industries remains the largest publicly listed Solana holder with more than 7 million SOL. The move comes as other firms like FG Nexus and Strategy also face heavy unrealized losses on their crypto treasury holdings.