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The company is still the largest publicly listed holder of Solana with more than 7 million SOL, and it accumulated roughly 6.83 million SOL at an average price of $232.08 per token. With Solana trading near $64.63, the firm's holdings are currently valued far below their purchase price, resulting in an estimated unrealized loss of around $1.15 billion. Forward Industries Sparks Selloff Fears Forward Industries turned some heads after transferring approximately $31.9 million worth of Solana (SOL) to Coinbase Prime, according to on-chain data from Arkham Intelligence . The transaction involved 455,784 SOL and was the company's first recorded blockchain activity in nearly a month. The transfer attracted attention because Coinbase Prime is commonly used by institutional investors for trading, custody, and liquidity management. While the movement of funds does not necessarily indicate that Forward Industries intends to sell its holdings, deposits to institutional trading platforms are often seen as a potential signal that a company is preparing to reduce exposure or rebalance its portfolio. Forward Industries adopted a Solana-focused treasury strategy in September of 2025 and quickly became one of the largest corporate holders of the cryptocurrency. According to a shareholder update that was released in December, the company accumulated approximately 6.83 million SOL at a total cost of about $1.59 billion, paying an average price of $232.08 per token. However, the prolonged downturn in the cryptocurrency market has impacted the value of that investment. Solana declined by 70% since the company began building its position, with the token trading near $66.35 at press time. Based on current market prices, the original holdings would now be worth approximately $441 million, leaving the company with an estimated unrealized loss of around $1.15 billion. SOL’s price action over the past year (Source: CoinCodex) The transfer comes at a time when publicly traded companies that embraced cryptocurrency treasury strategies are facing more scrutiny from investors. Many firms that accumulated digital assets during stronger market conditions are now dealing with huge paper losses, raising questions about balance sheet risk and long-term treasury management strategies. Despite the recent transfer, Forward Industries is still the largest publicly listed holder of Solana, with more than 7 million SOL reportedly under its control. Whether the movement of tokens is a strategic portfolio adjustment, liquidity management, or the beginning of a larger sell-off remains unclear.