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Forward Industries, Solana’s largest institutional holder with more than 1.1% of the total offering, currently faces $668 million in unrealized losses. The drop in SOL’s price has left around 80% of its circulating supply underwater, highlighting significant risks for digital asset custodians.
This sharp reversal highlights the growing pressure on institutional crypto strategies in the worst of market conditions.
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Forward Industries’ huge position in SOL is facing significant losses
Forward Industries (NASDAQ: FWDI ) holds 6,910,568 SOLs, which make up about 1.124% of Solana’s outstanding shares. appears CoinGecko data The value of SOL’s treasury is now at $917.42 million, from the purchase cost of $1.59 billion. The median purchase price of $230 per SOL resulted in an unrealized loss of $668.73 million, or 42.2%.
The company begins its Solana treasury strategy in September 2025. according to a release Official from BusinessWireForward Industries initially purchased 6,822,000 SOL at a price of approximately $232 per token, for a total investment of $1.58 billion. His holdings increased slightly, as the last disclosure on November 15, 2025 confirmed that he had 6,910,568 SOL in the treasury.
The company’s stock price fell along with its digital assets, from a peak of $40 to $8.17. Billions in shareholder value have been wiped out. Today, Forward Industries’ market capitalization is $706.38 million – less than the value of its SOL holdings.
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The structure of the SOL market reveals widespread pain
These losses are part of a larger market decline. reveal Glassnode data About 79.6% of SOL’s circulating supply – about 478.5 million tokens – is now trading at a loss at $126.9. These numbers highlight how significantly oversupplied the market was before the current downturn.
Many investors and institutions joined the SOL rally in late 2024 and early 2025. An all-time high for Solana $263.2 in November 2024, according to Search OakAn increase of 41.4% in that month. However, the price has fallen by more than 50% from its peak.
The move comes despite Solana showing strong fundamentals. In November 2024, Solana surpassed Ethereum in monthly fee revenue for the first time, with fees growing by 171% to around $200.69 million. Total closed value increased by 73% to $11.4 billion, making Solana the second largest blockchain in the world in terms of TVL.
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The governor’s move is raising speculation
Recent activity in blockchain has raised questions about Forward Industries’ approach. The company executed a large joint transaction with Solana, transferring 1,727 million SOL worth approximately $219.32 million to the 552ptg wallet address. However, these funds were soon returned to the account of the company, indicating that no sale had taken place.
Market watchers saw this as a portfolio restructuring, not a capitulation. The company continues to mortgage SOL, generating revenue while maintaining its position. Although it added 38,968 SOL last month, Forward Industries did not significantly change its strategy in … The closet.
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The case of Forward Industries differs drastically from other treasurers of digital assets. Show up Market data Strategy’s 649,870 BTC, purchased for an average of $74,433, has an unrealized gain of $6.15 billion – a gain of 12.72%. At the same time, Bitmine has 3,559,879 ETH, purchased at an approximate price of $4,010 each, an unrealized loss of $4.52 billion or 31.67%.
This discrepancy highlights the volatility that custodians can face for digital assets. You point Galaxy Search DATCOs hold more than $100 billion in digital assets, with Bitcoin-focused companies holding $93 billion and Ethereum-focused companies holding more than $4 billion. On the other hand, it can Increase These companies are very volatile because of their large exposures, sometimes with leverage.
Market dynamics and future prospects
Open interest in Solana futures has stabilized around 8 million contracts after periods of volatility, indicating a consolidation phase. When open interest is flat and prices fall, this often indicates a lack of conviction and potential liquidations. As a result, it seems Merchants Warn them, waiting for the possible units to repay.
Forward Industries, led by president Kyle Samani and headquartered in the United States, continues to adhere to Solana’s treasury strategy despite significant losses. The company’s future depends on Solana’s ability to recover and establish new support.
