Forward Industries Moves $31.9M in SOL to Coinbase Prime After Month of Wallet Dormancy

Forward Industries, the largest publicly traded corporate holder of Solana, moved 455,784 SOL (roughly $31.87 million) to Coinbase Prime on June 5, 2026, according to on-chain data tracked by Arkham Intelligence and reported by Cointelegraph. The transfer was the company's first recorded onchain activity in approximately 30 days.

Coinbase Prime is an institutional-grade platform offering custody, over-the-counter trading, prime brokerage, and other treasury services to corporate and institutional clients. Forward Industries has not issued any public statement explaining the purpose of the transfer.

A $1.59 Billion Position Deep in the Red

Forward began accumulating Solana in September 2025 and has since spent approximately $1.59 billion acquiring 6.83 million SOL at an average cost of $232.08 per token, per SEC 10-Q filings. With SOL trading near $66 at the time of the transfer, the position carried an unrealized loss of roughly $1.13 billion. The company reported a $283.1 million net loss for the quarter ended March 31, 2026, driven by fair value declines on its SOL holdings, and noted that figure "does not represent an outflow of cash or impact Forward's liquidity."

The 455,784 SOL transferred on Thursday represents approximately 6.7% of Forward's total holdings.

How Bitcoin Treasury Firms Have Used Coinbase Prime

Bitcoin treasury companies, including those with positions far larger than Forward's, have routed large digital asset positions through Coinbase Prime for custody, collateral management, and OTC liquidity over the past several years. MicroStrategy, for comparison, currently carries an unrealized Bitcoin loss of approximately $11.2 billion, per Cointelegraph's reporting, and has continued to hold through sustained drawdowns.

Forward shares fell about 6% in premarket trading to $3.97, down from the prior close of $4.22, according to Cointelegraph.

Elsewhere in the corporate SOL space, smaller entrant NewGenIVF (NIVF) recently entered a binding agreement with White Lion Capital to purchase up to 600,000 SOL for its treasury, adding to a position it began building in mid-2025.