Forward Deposits $31.9M in SOL to Coinbase as Losses Grow

Forward Industries transferred 455,784 SOL, about $31.87 million, to Coinbase Prime, ending a month of treasury inactivity. The deposit arrived as Solana traded near $66, a level that leaves Forward’s Solana holdings far below their purchase cost.

Forward began its Solana treasury strategy in September 2025, spending roughly $1.59 billion to buy about 6.83 million SOL at an average price near $232.08 per token. At current prices those holdings are worth about $451 million, a decline of roughly $1.13 billion from the firm’s original outlay.

The paper losses affected Forward’s reported results. For the quarter ended March 31, 2026, the company posted a net loss of $283.1 million, driven by fair-value declines on its Solana holdings. Forward reported that the loss “does not represent an outflow of cash or impact Forward’s liquidity.”

Deposits to exchanges can precede sales, but firms also move assets for staking, custody consolidation or operational reasons. Forward has not disclosed any intent to sell the deposited SOL.

Since the October 2025 market shock, some corporate treasuries and miners have reduced crypto positions. In November 2025 one listed company sold about 970 Bitcoin for roughly $100 million, and public miners sold about 32,000 BTC in the first quarter of 2026.

The purpose of the Coinbase Prime transfer-whether a custody change, staking arrangement or sale-has not been made public.