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Forward Industries moved 455,784 SOL worth about $31.87 million to Coinbase Prime on Friday, its first large treasury movement in more than four weeks.
The transfer came as the company’s Solana position carried an estimated paper loss of roughly $1.13 billion. A deposit to Coinbase Prime does not confirm a sale, but it gives Forward a way to sell, custody or reposition tokens during a weak stretch for SOL.
455,784 SOL Moved After Month of Silence
On-chain trackers said the transfer was the first large move from Forward’s treasury wallets after a month of inactivity. The timing came during a sharp Solana drawdown, with SOL trading near $65.95 after touching an intraday low of $64.19.
Some earlier transfers were returned from Coinbase Prime to wallets linked to Forward. That means the latest move may be operational rather than a direct exit.
Forward Bought SOL Near $232
Forward launched its Solana treasury strategy in September 2025 after closing a $1.65 billion private placement led by Galaxy Digital, Jump Crypto and Multicoin Capital. The company said it bought 6.83 million SOL at a net cost of $232.08 per token, for about $1.59 billion.
Forward later reported liquid SOL holdings of 7.04 million as of March 31, with nearly all of its holdings staked. It also said its validator infrastructure had generated 201,201 SOL in staking rewards since inception.
Paper Loss Tops $1B at Recent SOL Prices
At recent prices, Forward’s original SOL purchase is worth far less than its cost basis. That leaves the company with a paper loss above $1 billion before accounting for staking rewards, tax moves or later balance changes.
The gap has increased scrutiny of Forward’s Solana treasury strategy. The transfer drew attention because Forward is the largest public Solana treasury company and built its market identity around holding and staking SOL.
No Sale Announced After Coinbase Prime Transfer
Forward has not announced a sale. Until it does, the Coinbase Prime transfer should be treated as a wallet movement rather than confirmed liquidation. The next signal will come from company disclosure or further on-chain activity.
If the SOL returns to Forward-linked wallets, the move will look more like custody management. If the tokens remain at Coinbase Prime or move further, traders will watch for additional evidence before treating it as a sale.
