Forward Industries Transfers $31.9 Million of Solana to Coinbase Prime, Raising Sale Concerns
Summary
- Forward Industries deposited 455,784 Solana (SOL) worth about $31.9 million into Coinbase Prime, raising the possibility of a sale.
- Forward Industries is posting steep mark-to-market losses as a result of its strategy of holding Solana as a primary treasury asset.
- The roughly 6.83 million Solana Forward Industries bought at $232.08 each since September 2025 has fallen to about $64, leaving unrealized losses of about $1.15 billion.
Forecast Trend Report by Period
Forward Industries, which uses Solana as its primary treasury asset, transferred about $31.9 million worth of the token to Coinbase Prime.
Cointelegraph reported on June 5 that the company deposited 455,784 Solana into Coinbase Prime, Coinbase's institutional trading platform, the previous day. Based on the market price at the time of the transfer, the deposit was worth about $31.9 million.
Transfers to exchanges are typically interpreted as a sign of potential selling.
Forward Industries is also nursing steep mark-to-market losses tied to its Solana reserve strategy.
The company has been accumulating Solana since September 2025. It bought about 6.83 million tokens at $232.08 apiece at that time. Solana currently trades at about $64, down roughly 72% from that purchase price.
That puts the value of its holdings at about $440 million and its unrealized loss at an estimated $1.15 billion.
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