On-chain data tracked by Lookonchain reveals that Forward Industries deposited 455,784 SOL to Coinbase Prime after roughly a month of inactivity. The transfer, valued at approximately $31.87 million based on current market prices, marks the company's first major on-chain move since it halted activity earlier this year.
Since launching its Solana treasury strategy in September 2025, Forward Industries has aggressively bought SOL, accumulating 6.83 million tokens at a total cost of around $1.59 billion. The average purchase price stands at $232.08 per SOL. However, the market value of these holdings has since collapsed to just $458.6 million.
The stark difference between acquisition cost and current market value highlights the steep decline in SOL’s price since the company began its accumulation strategy. The latest deposit was directed to Coinbase Prime, an institutional-grade prime brokerage platform that offers trade execution, custody, and prime brokerage services for digital assets.