Forward Industries moves $32M in SOL amid $1B paper loss
Forward Industries moved $31.9 million in SOL to Coinbase Prime as its Solana bet sits over 70% underwater, underscoring growing strain on corporate crypto treasuries.
Forward Industries transferred roughly $31.9 million worth of Solana tokens to Coinbase Prime Thursday, according to blockchain data, marking its first onchain activity in a month.
Data from Arkham Intelligence shows a wallet tied to the Nasdaq-listed company moved 455,784 SOL to the institutional trading platform. The transfer comes as the firm sits on steep unrealized losses tied to its large-scale bet on the token.
The deposit to Coinbase Prime does not necessarily confirm an immediate sale but is commonly interpreted as a precursor to trading activity, particularly for institutional holders seeking liquidity or risk reduction.