Lookonchain
Forward Industries has deposited 455,784 SOL — worth approximately $31.87 million — to Coinbase Prime, breaking a month of complete inactivity. The move comes as the company's Solana treasury strategy sits on a staggering unrealised loss of roughly $1.13 billion.
Why it matters
Since launching its SOL treasury strategy in September 2025, Forward Industries spent approximately $1.59 billion to accumulate 6.83 million SOL at an average cost of $232.08. At current prices, that same stack is worth just $458.6 million — a drawdown of over 71% on cost basis. The deposit to Coinbase Prime, a platform typically used for institutional-grade OTC settlement and custody, raises immediate questions about whether the company is preparing to liquidate a portion of its position or simply rebalancing custody arrangements.
Market impact
A forced or strategic sell of even a fraction of 6.83 million SOL would represent meaningful sell-side pressure on the market. Traders watching the SOL order book should note that Coinbase Prime deposits from distressed corporate treasuries have historically preceded staged liquidations. Until Forward Industries clarifies the purpose of the transfer, the move will be read as a bearish signal for SOL price action in the near term.
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