Forward Industries deposited 455,784 SOL worth roughly $31.87 million to Coinbase Prime on Friday after a month of dormancy, according to onchain tracker Lookonchain.
The transfer is the first sizeable movement from the company’s treasury wallets in more than four weeks and lands in the middle of a sharp Solana drawdown that has pushed the token down 18.5% on the week.
The company launched its Solana treasury strategy in September 2025, spending roughly $1.59 billion to accumulate 6.83 million SOL at an average price of $232.08 per token. Solana is now trading at $66.51, which puts those same holdings at $458.6 million.
The position is currently around $1.13 billion underwater, a more than 70% paper loss per token.
A deposit to Coinbase Prime does not necessarily mean tokens will be sold, but it puts them within reach of a sale and reverses a month of inactivity that had kept the SOL position immobile.
Forward Industries is one of the most aggressive Solana-treasury imitators of the Strategy bitcoin playbook, and its cost basis above $230 leaves it among the most exposed corporate holders if the current drawdown continues.