Forward 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.
Lookonchain 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
