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BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
06/05/2026

Forward Industries Moves $32M in SOL to Coinbase Prime Amid $1.13B Paper Loss

What happened: Forward Industries, a Nasdaq-listed firm and the largest corporate holder of Solana, transferred 455,784 SOL (worth $31.

Forward Industries Moves $32M in SOL to Coinbase Prime Amid $1.13B Paper Loss

What happened: Forward Industries, a Nasdaq-listed firm and the largest corporate holder of Solana, transferred 455,784 SOL (worth $31.9 million) to Coinbase Prime on or around June 5, 2026. The company’s Solana treasury, launched in September 2025 with $1.65 billion in capital, now sits at a paper loss of approximately $1.13 billion, as SOL trades more than 70% below its average acquisition price of $232.08. This follows a previous deposit of $201 million in SOL to Coinbase Prime about a month earlier.

Why it matters: Such large transfers to exchanges are often interpreted as precursors to potential sales, especially amid deep unrealized losses. While Forward Industries could be moving assets for custody, collateral, or staking infrastructure, the timing and scale of these deposits have fueled speculation about possible liquidation and broader concerns over the sustainability of corporate crypto treasury strategies. The move underscores the risks of concentrated bets in volatile digital assets.

Source: Cointelegraph