According to blockchain data, Forward Industries transferred about $31.9 million worth of Solana tokens to coinbase Prime on Thursday, marking its first Onchain activity in a month.

Data from Arkham Intelligence shows A wallet linked to the Nasdaq-listed company transferred 455,784 SOL to an institutional trading platform. The transition occurs when the firm sits on unrealized losses associated with its massive bet on the token.

Depositing in Coinbase Prime does not necessarily confirm an immediate sale but is generally considered a precursor to trading activity, especially for holders of institutions seeking liquidity or risk reduction.

Forward Industries had shares. below It traded at $3.97 in premarket Friday after the transfer, down from Thursday’s close of $4.22, according to Yahoo Finance data.

Forward Industries transfers 455,784 SOL to Coinbase Prime. Source: Arkham

The move comes as publicly listed companies that adopted crypto-treasury strategies face mounting pressure from the sector’s prolonged downturn, with many firms sitting on unrealized losses and investors increasingly focused on balance sheet risk.

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

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

According to CoinGecko, SOL’s price has since fallen by about 72 percent. Datawas trading at around $64.63 at the time of writing. This would value the company’s original holdings at approximately $441 million, with an unrealized loss of approximately $1.15 billion.

Since September 2025, the price of Solana has decreased by 72%. Source: Quingueco

As of the most recent, Forward Industries remains the largest publicly listed Solana holder with more than 7 million SOLs. Data available

Corporate crypto-treasuries are facing increasing pressure.

The move comes amid broader signs of tension in corporate crypto-treasury strategies. On Thursday, publicly listed digital asset firm FG Nexus reportedly sold an additional $17.8 million in Ether, adding to a series of disposals across the sector.

Strategy, the largest corporate bitcoin holder, is also under increasing pressure after the recent decline in bitcoin pushed unrealized losses on its holdings to about $11.2 billion.

The company revealed this week that it sold 32 BTC for about $2.5 million, its first bitcoin sale since December 2022, when it sold 704 BTC as part of a tax-loss harvesting transaction before buying back more bitcoin days later.

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