Key facts
- Forward Industries transferred 455,784 SOL to Coinbase Prime.
- The transfer occurred after one month without reported treasury activity.
- Forward Industries holds approximately 6.83 million SOL.
- The average purchase price for the SOL holdings was $232.08.
- The current valuation of the SOL holdings is significantly below the purchase cost.
Forward Industries has deposited 455,784 SOL, valued at approximately $31.87 million, to Coinbase Prime. This move follows a month of no reported treasury activity and comes as the company's broader Solana holdings, estimated at 6.83 million SOL worth about $458.6 million, are significantly below their acquisition cost. The company began its Solana treasury strategy in September 2025, spending approximately $1.59 billion to acquire the tokens at an average price of $232.08 each. The current market price implied by the valuation is around $67 per SOL, resulting in an unrealized loss of nearly $1.13 billion, or about a 71% drawdown. The transfer to Coinbase Prime, a prime brokerage, could precede various actions including custody changes, collateral use, or sales, though it does not confirm a sale without further data. This transfer represents about 6.7% of Forward Industries' total reported Solana holdings. The movement also occurs amidst commentary referencing a 40% decline in Forward Industries' quarterly revenue, increasing focus on liquidity management.