Forward Industries Moves $31.9 Million of Solana to Coinbase Prime, Stirring Sale Concerns
Summary
- Forward Industries deposited 455,784 Solana (SOL) worth about $31.9 million into Coinbase Prime, according to the report.
- Because exchange deposits are typically interpreted as a precursor to selling, the transfer is fueling speculation of near-term selling pressure.
- Forward Industries is sitting on about $1.15 billion in unrealized losses from its Solana treasury strategy.
Forecast Trend Report by Period
Forward Industries, which has adopted Solana as a primary treasury asset, transferred about $31.9 million worth of SOL to Coinbase Prime.
Cointelegraph reported on June 5 that the company deposited 455,784 SOL into Coinbase Prime, Coinbase's platform for institutional investors, a day earlier. Based on the token's price at the time of the transfer, the deposit was worth about $31.9 million.
Transfers to exchanges are typically interpreted as a sign of potential selling.
Forward Industries has also been posting steep paper losses tied to its Solana treasury strategy.
The company has been accumulating Solana since September 2025. It bought about 6.83 million SOL at $232.08 apiece at that time. Solana now trades at about $64, down roughly 72% from the purchase price.
As a result, the value of its holdings has fallen to about $440 million, implying an estimated unrealized loss of about $1.15 billion.
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