The largest Solana treasury company has deposited a notable amount of SOL to Coinbase Prime, a potential sign that the firm is looking to sell.
Forward Industries Has Made A Large Solana Deposit To Coinbase
As highlighted by on-chain sleuth Lookonchain in an X post, Forward Industries has transferred some of its Solana to Coinbase Prime, the institution-focused branch of cryptocurrency exchange Coinbase.
Forward Industries is a design and manufacturing company that pivoted to a SOL treasury strategy model last year. The firm immediately became the largest corporate holder of the cryptocurrency after securing backing from prominent names like Galaxy Digital, Jump Crypto, and Multicoin Capital.
The majority of the company’s accumulation, however, occurred during the highs of 2025. “Since launching its Solana treasury strategy in September 2025, Forward Industries has spent ~$1.59B to buy 6.83M $SOL at $232.08,” noted Lookonchain. Currently, the asset is trading at levels much lower than this level, meaning that the firm is significantly in the red.
More specifically, the 6.83 million tokens purchased by Forward are worth just $452 million today. The company’s treasury being deep in loss may be why it has made a deposit to Coinbase Prime.
The transaction history of Forward Industries | Source: @lookonchain on X
From the above table, it’s visible that this deposit transaction, which involved a total of 455,784 SOL, came after a month of inactivity from the Solana treasury giant. At the time that the transfer occurred, these tokens were worth $31.87 million. While this isn’t a small amount on its own, it’s still just a tiny portion of the firm’s total holdings.
So far, the company has made no official communication regarding the purpose behind the move, but it’s possible that it’s looking to sell the coins, given the bad state that the reserves are in. Forward isn’t the only treasury firm that has been struggling recently. As shared by Lookonchain in another X post, other major corporate holders of digital assets are also significantly underwater.
The top 5 digital asset treasury companies in the world | Source: @lookonchain on X
Strategy, the largest Bitcoin treasury firm, is down more than $11 billion on its holdings. Similarly, Ethereum’s Bitmine is over $9.58 billion in the red. The reason that all these companies are in high losses naturally lies in the bearish shift in the cryptocurrency sector that has followed since Q4 2025.
If the latest move made by Forward is indeed for selling, then it wouldn’t be the only company that has made this decision; Strategy also made a BTC sale recently, breaking an accumulation streak that had held since December 2022.
SOL Price
At the time of writing, Solana is trading around $65, down more than 19% over the past week.
Looks like the price of the coin has been heading down recently | Source: SOLUSDT on TradingView
