According to blockchain data, Forward Industries transferred approximately $31.9 million worth of Solana tokens to Coinbase Prime on Thursday, marking the first onchain activity in a month.

Arkham intelligence data can be seen a portfolio associated with a Nasdaq-listed company transferred SOL 455,784 to the institutional trading platform. The transfer comes at a time when the company is incurring huge, unrealized losses associated with a large-scale bet on the token.

A deposit on Coinbase Prime does not necessarily confirm an immediate sale, but is commonly interpreted as an introduction to trading activity, particularly for institutional holders seeking liquidity or risk reduction.

Forward Industries stock was down The company was up about 6% on the pre-transfer market on Friday after the acquisition, trading at $3.97, compared with Thursday’s close of $4.22, according to Yahoo Finance data.

Forward Industries is moving 455,784 SOL to Coinbase Prime. source: Arkham

The move comes as publicly traded companies that have adopted cryptocurrency strategies face mounting pressure from the prolonged downturn in the sector, with several companies facing significant unrealized losses and investors increasingly focusing on balance sheet risk.

Forward Industries began accumulating Solana in September 2025 as part of a treasury strategy that positioned it as the largest corporate asset holder, according to a December shareholder update.

Related: Solana Open Coin Interest Drops 30% as Altcoins Drop: Will $68 SOL Be Next?

The company said it purchased approximately 6.83 million SOL for approximately $1.59 billion, at an average cost of $232.08 per token.

According to CoinGecko, the price of SOL has since fallen by approximately 72%. datawhich is priced at approximately $64.63 at the time of writing. This would value the company’s original holdings at approximately $441 million, which would represent an unrealized loss of approximately $1.15 billion.

Solana’s price has fallen by 72% since September 2025. Source: Coingecko

According to the latest report, Forward Industries remains the largest publicly traded holder of Solana with over 7 million SOL. data available.

Corporate crypto treasures face mounting pressure

The move comes amid broader signs of strain in corporate cryptocurrency strategies. On Thursday, publicly traded digital asset company FG Nexus reportedly sold an additional $17.8 million in Ether, adding to a series of sector-wide sales.

Strategy, the largest corporate holder of Bitcoin, is also facing mounting pressure after the recent decline in Bitcoin’s value resulted in an unrealized loss on its holdings of approximately $11.2 billion.

This week, the company revealed that it sold 32 BTC for approximately $2.5 million, marking its first Bitcoin sale since December 2022, when it sold 704 BTC in a tax-loss harvesting transaction and then repurchased more Bitcoin a few days later.

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