Forward Industries moves $32M in Solana to exchange after nursing nine-figure losses
Forward Industries grapples with billion-dollar losses as it moves Solana assets to Coinbase Prime.
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Add us on Google by Vivian Nguyen Jun. 5, 2026Forward Industries, a Nasdaq-listed company that spent six decades designing and manufacturing products before converting itself into a publicly traded Solana treasury vehicle, moved 455,784 SOL worth about $32 million to Coinbase Prime this week after a month of inactivity, according to on-chain data.
Forward Industries disclosed holdings exceeding 7 million SOL and SOL equivalents as of March 30, making it the largest corporate holder of the seventh-largest digital asset.
AdvertisementLookonchain estimates that the company’s Solana treasury is carrying about $1.1 billion in unrealized losses.
The announcement arrives amid a prolonged slump across digital assets, with Solana yet to fully recover from recent market weakness. SOL changed hands at about $66 at press time, down approximately 77% from its record peak set last January, per CoinGecko.
What the transfer might mean
Coinbase Prime is a platform used by institutional investors for custody, trading, and settlement. Large transfers to exchanges can signal an intent to sell, but they can also mean repositioning, staking adjustments, or simply moving assets between custodians.
This isn’t the first time Forward Industries has sent tokens to Coinbase Prime. In October 2025, on-chain trackers flagged a much larger deposit of roughly 993,000 SOL, worth about $192 million at the time. Of that batch, around 250,000 SOL ended up with Galaxy Digital, one of the company’s backers.
Forward Industries’ investor base includes Galaxy Digital, Jump Crypto, and Multicoin Capital. The company’s chairman, Kyle Samani of Multicoin Capital, has been publicly vocal about increasing his personal exposure to the stock. In February 2026, he secured an in-kind redemption of FWDI stocks and warrants, demonstrating his commitment to grow his ownership in FWDI and implicitly SOL.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.
