Forward Industries sends 455,000 Solana to Coinbase Prime after month of silence

Forward Industries, the world’s largest Solana treasury company, transfers 455,784 SOL worth $31.87 million to Coinbase Prime. This comes after a month of complete inactivity on the company’s wallets. The Solana price currently stands at $65. a decline of 7.3% in the past 24 hours.

Solana is available at OKX and Bybit.

Heavy loss on the Solana treasury strategy

Forward Industries started a Solana treasury strategy in September 2025 and has since spent a total of approximately $1.59 billion on the purchase of 6.83 million SOL. The average purchase price is $232.08 per SOL. That is significantly higher than the current market price, leaving the company with an unrealised loss of over $1.13 billion.

Forward Industries’ total Solana holdings, now around 7 million SOL, are currently worth just $458.6 million. The company thus holds the dubious honour of being the largest SOL treasury enterprise, but pays a hefty price for it.

No direct sale, but caution advised

Similar large transfers to Coinbase Prime in the past have later turned out to be related to custody or staking, without leading to an actual reduction of the position. Wu Blockchain reports that this may also be the case now, although this has not yet been officially confirmed.

Nevertheless, the transfer has caused a stir in the market, especially given the size of the loss and the fact that it is the first movement after a month of silence. Whether Forward Industries will send more SOL to exchanges in the coming period remains to be seen. On the Solana news page, we will keep track of further developments regarding this case.