Forward Industries deposited 455,784 SOL worth approximately $31.87 million on Coinbase Prime on Friday after a month of inactivity, according to on-chain tracker Lookonchain.
The transfer is the first major move of the company’s treasury portfolios in more than four weeks and lands amid a sharp Solana drop that has seen the token drop 18.5% for the week.
The company launched its Solana treasury strategy in September 2025, spending approximately $1.59 billion to accumulate 6.83 million SOL at an average price of $232.08 per token. Solana is now trading at $66.51, putting those same holdings at $458.6 million.
Currently, the position is underwater around $1.13 billion, a paper loss of over 70% per token.
A deposit on Coinbase Prime doesn’t necessarily mean the tokens will be sold, but it puts them within reach of a sale and reverses a month of inactivity that had kept the SOL position immobile.
Forward Industries is one of the most aggressive Solana treasury copycats from the bitcoin playbook, and its cost base above $230 leaves it among the most exposed corporate holders if the current drawdown continues.
