On Friday, Nasdaq-listed Solana (SOL) treasury firm Forward Industries’ shares plunged 1.26 percent in pre-market hours, as the company moved SOL worth more than $32 million to Coinbase Prime, raising concerns that it might be preparing to liquidate its holdings amid strained financial health.
Forward Industries preparing to dump SOL?
For the uninitiated, Forward Industries is, by far, the largest publicly-traded SOL treasury firm. According to data from Coingecko, the company holds more than 7 million SOL on its balance sheet, worth $463.5 million per prevailing market prices.
However, the recent carnage observed in the wider crypto market has had a clear impact on SOL too – as the token has fallen from $149 in January 2026, to $64.6 as of Friday (June 5) – representing a price pullback of 56.6 percent.
Data from Arkham Intelligence shows that a wallet linked to Forward Industries moved a sizable portion of its holdings – about 455,784 SOL – to Coinbase Prime. The timing of the transfer is interesting as it comes at a time when the firm is reeling under steep unrealized loss stemming from its bet on the token.
While the deposit to Coinbase Prime, in itself, is not a sure-shot guarantee of the firm liquidating its holdings, the market often sees such moves as a precursor to trading activity – especially for institutional holdings looking to reduce their risk quotient.
To recall, Forward Industries began accumulating SOL back in September 2025 as part of a digital asset strategy. According to a December 2025 shareholder update, it had purchased 6.83 million SOL for around $1.59 billion, at an average price of $232.08 per token.
Data from Coingecko shows that SOL prices have fallen more than 72 percent from Forward Industries’ purchase level, implying a mammoth unrealized loss of roughly $1.15 billion.
Corporate adoption of crypto under scrutiny
While both equities and precious metals like gold and silver have performed spectacularly well in 2026, the first half of the year hasn’t been quite as generous toward cryptocurrencies. The pain is now starting to show in companies’ stance toward digital assets.
Crypto analyst Ted Pillows made the observation on Friday. Pillows posted on X, how the top corporate holders of Bitcoin (BTC) and Ether (ETH) are currently sitting on major unrealized losses.
On Monday, Strategy, the top corporate holder of Bitcoin sold BTC worth $2.5 million for the first time in years, marking a radical departure from its pro-crypto stance it has maintained over the years.
