Forward deposits $32M Solana to Coinbase amid $1.1B loss

Forward Industries deposited 455,784 Solana (SOL), worth about $31.87 million, into Coinbase Prime this week, ending roughly a month of inactivity in the company’s Solana treasury. The company is the largest known corporate holder of SOL.

The transfer into Coinbase Prime was the first significant on-exchange activity from Forward’s Solana holdings in about a month. Exchange deposits can precede sales, but Forward has not announced any plans to sell the tokens.

Forward launched its Solana treasury program in September 2025. Between then and early 2026 the company spent about $1.59 billion to acquire 6.83 million SOL at an average price near $232.08 per token. SOL traded near $66 at the time of the deposit, leaving the holdings worth about $451 million and roughly $1.13 billion below the original purchase cost.

The decline in fair value of those holdings affected reported results. For the quarter ended March 31, 2026, Forward reported a net loss of $283.1 million, driven largely by falls in the value of its Solana assets. Forward stated that the reported fair value losses “do not represent an outflow of cash or impact Forward’s liquidity.”

Other corporations and miners have reduced crypto holdings since last year’s market downturn. In November 2025, Sequans Communications sold about 970 Bitcoin for roughly $100 million. Public Bitcoin miners sold approximately 32,000 BTC in the first quarter of 2026, and MicroStrategy has sold 32 BTC since 2022.

Market participants will monitor activity in the Coinbase account to see whether Forward executes trades, moves assets for custody, or uses them for staking.