On June 5, on-chain data from Lookonchain showed that Forward Industries deposited 455,784 SOL—worth approximately $31.87 million—to Coinbase Prime, marking its first significant on-chain movement after a month of inactivity. This deposit accounts for about 6.7% of the company’s total SOL holdings. Coinbase Prime, an institutional-grade platform for digital asset custody and trading, is commonly used for large-scale transactions.
Forward Industries launched its Solana reserve strategy in September 2025, committing around $1.59 billion to purchase 6.83 million SOL at an average price of $232.08 per token. The firm was among the early publicly traded companies to adopt SOL as a primary reserve asset. At the current SOL price of roughly $67, the holdings' market value has shrunk to just $458.6 million, leaving an unrealized loss of approximately $1.13 billion—a decline of over 70%.
As of now, Forward Industries has not disclosed the purpose behind the transfer. The use of the deposited SOL and its ultimate destination remain unclear, leaving the market to await further signals.