Forward Industries says it did not make a 1.78 million SOL transfer to Coinbase cbBTC$63,940.70-4.3% Prime that on-chain trackers attributed to its treasury. The transfer itself happened; who controlled the wallets that sent it is disputed.
On-chain tracker Lookonchain posted at 00:49 UTC on 15 November 2026 that Forward (Nasdaq: FWDI) had deposited 1.78 million SOL, about $123 million, into Coinbase Prime an hour earlier. The post linked Arkham's Forward Industries entity page, where Arkham groups the addresses it attributes to the company. About 70 minutes later, Forward's official account replied: "This activity is not $FWDI and we did not execute this transaction."
What the Solana stake-account records show
Solana's public records confirm that 1.78 million SOL was withdrawn from stake accounts on 14 November, The Defiant reported, while ownership of those accounts remains disputed.
On Solana, SOL delegated to a validator sits in a stake account and earns a share of the rewards that validator collects. Moving that SOL out takes a withdrawal signed by the key that controls the account, so the records show which key signed. Matching that key to a company is the job tracking firms like Arkham do with labels, and Forward's denial disputes that attribution.
The detail, as relayed by cryptonews.net citing The Defiant, runs as follows:
- At 23:41 UTC on 14 November, about 1.03 million SOL and 749,000 SOL were withdrawn from two stake accounts that Arkham attributes to Forward, together the 1.78 million in Lookonchain's post.
- A third withdrawal of about 102,000 SOL came in the same second.
- Fifty seconds later, about 1.88 million SOL went to an address Arkham labels "Coinbase Prime Deposit".
The same report says the records identify which wallets authorised the withdrawals but do not on their own show that Forward controlled them. Nothing in the reporting shows the SOL being sold.
Forward Industries' 8.73 million SOL treasury
Forward reported holding 8,727,694 SOL on 9 November in its 10 November update, a count that includes SOL, its fwdSOL liquid staking token and pledged SOL. In the same release, which we covered when it landed, Forward said SOL pledged against a new $50 million bank credit facility "remains staked and continues to earn native staking yield".
Lookonchain's figures of 8.73 million SOL and $600 million match that release, where $600 million is Forward's net asset value after $187.5 million of debt. The disputed 1.78 million SOL would be about 20% of Forward's reported holdings, by our arithmetic.
SOL's slide and an earlier Coinbase Prime transfer tied to Forward
Lookonchain's $123 million value puts SOL near $69. The flag came during a two-week decline: by our SOL price data, the daily close fell from $94.41 on 1 November to $70.97 on 14 November. It closed at $86.61 on 9 November, the same price Forward used to value its treasury that day.
SOL's daily close fell from $94.41 on 1 November to $70.97 on 14 November, the day of the disputed transfer.
View on Solana Compass โTrackers have tied Forward to a Coinbase Prime deposit before. On 4 June 2026, Arkham data showed 455,784 SOL, about $31.9 million, moving from wallets it attributes to Forward to Coinbase Prime, Cointelegraph reported. Cointelegraph's report carried no comment from Forward. Our June report covered the same move. This time Forward answered within about an hour of the post.
Arkham labels and Forward's next holdings update
A change to Arkham's labels on the stake accounts behind the transfer, or anyone naming who controls them, would settle the ownership question. Forward's next holdings disclosure will also show its SOL count after 9 November. By the morning of 15 November (UTC), Forward, Lookonchain and Arkham had posted nothing further on X about the transfer.
