Forward Industries Faces $668M Loss After Solana Price Falls Below $130

TLDR

Table of Contents

Forward Industries owns 1.124% of Solana’s supply, now worth $917M vs. $1.59B invested.
Nearly 80% of Solana’s circulating supply is held at a loss, the purchased $126.9.
Forward moved 1.727M SOL to custody before restaking, signaling no sell-off.
Company stock dropped from $40 to $8.17, below SOL holdings’ current value.

Forward Industries (NASDAQ: FWDI), the largest institutional holder of Solana (SOL), is facing $668 million in unrealized losses as SOL trades well below its purchase price of $230 per token. With 6.91 million SOL in its treasury, the company’s holdings have dropped in value to $917.42 million. As nearly 80% of SOL’s supply is now at a loss, pressure mounts on institutional crypto strategies like Forward’s.

Forward Industries’ Treasury Suffers Heavy Unrealized Loss

Forward Industries, the largest institutional holder of Solana, holds 6,910,568 SOL tokens. These holdings were acquired for $1.59 billion at an average cost of $230 per token. As of November 24, 2025, their value stands at $917.42 million. The company now faces an unrealized loss of $668.73 million.

The company began accumulating SOL in September 2025, purchasing 6.82 million tokens at about $232 each. It has since slightly increased its position. According to its latest disclosure dated November 15, 2025, the firm now holds 6.91 million SOL.

The share price of Forward Industries has dropped from $40 to $8.17, wiping out a large portion of shareholder value. Its market capitalization is now $706.38 million, which is less than the value of its Solana holdings.

SOL Market Faces Broad Pressure as Supply Turns Unprofitable

Glassnode data shows that 79.6% of Solana’s circulating supply is currently underwater. Around 478.5 million SOL are held at a loss, with the token trading at approximately $126.9.

Solana reached an all-time high of $263.2 in November 2024. It has since lost more than 50% of its value. Many investors bought in during the 2024 rally, leaving the market with heavy unrealized losses.

Despite this drop, Solana posted strong usage numbers in late 2024. The network surpassed Ethereum in monthly fees, generating over $200 million. Its total value locked rose to $11.4 billion, making it the second-largest blockchain by TVL.

Portfolio Movement Suggests Staking Strategy, Not Liquidation

On-chain data revealed a large transfer of 1.727 million SOL by Forward Industries. The tokens, worth $219.32 million at the time, were moved to a custody wallet, raising speculation about a possible sale.

However, the tokens were later returned to the company’s staking address. This suggested that the move was part of internal portfolio management rather than a liquidation. Blockchain data showed no selling activity.

The company continues to generate yield through staking while maintaining its SOL position. In October 2025, Forward Industries added 38,968 SOL to its holdings.

Comparing Digital Asset Treasury Performances

Forward Industries’ situation contrasts with other digital asset treasury firms. Strategy, for instance, holds 649,870 BTC at an average cost of $74,433 and has an unrealized profit of $6.15 billion.

Meanwhile, Bitmine has seen a $4.52 billion unrealized loss on its Ethereum holdings. The company bought 3.56 million ETH at around $4,010 each, and ETH prices have since fallen.

Digital asset treasuries collectively manage over $100 billion. Galaxy Research reports that bitcoin-focused firms hold about $93 billion, while Ethereum-focused firms hold over $4 billion.

Market Outlook Remains Cautious Amid Price Stabilization

Solana futures open interest has stabilized at 8 million contracts. The market shows signs of consolidation, with reduced volatility and cautious trading.

Forward Industries remains committed to its Solana strategy. Chairman Kyle Samani has made no public statements regarding any change in direction. The company appears focused on long-term positioning despite the unrealized losses.