Forward Industries has moved 1.8 million SOL amid a nearly 29% Solana price drop, raising sell-off worries.
Forward Industries, the largest corporate holder of Solana (SOL), has transferred 1.8 million SOL to Coinbase Prime.
The move coincides with SOL’s nearly 29% decline over the past month. Investors are now watching carefully and are questioning whether this is a sign of a large-scale sell-off or internal restructuring.
Forward Industries’ Solana Strategy and Treasury Update
Forward Industries is attempting to enhance shareholder value through a Solana treasury strategy. This includes staking SOL, participating in decentralised finance (DeFi) and lending.
Despite the strategy, SOL’s falling price has pressured the firm’s treasury.
CoinGecko reports that Forward Industries’ SOL holdings dropped from $1.59 billion to $908 million. The company now faces unrealised losses of $677 million after buying SOL at an average price of $232 just two months ago.
🚨 BREAKING
LARGEST SOLANA TREASURY JUST STARTED SELLING 6,800,000 $SOL WORTH $1.65 BILLION
FORWARD INDUSTRIES BOUGHT SOLANA JUST 2 MONTHS AGO, BUT NOW ALREADY DUMPING IT ALL AT A MASSIVE LOSS.
WHY IS EVERY FUND SELLING CRYPTO?
IS IT REALLY OVER?? pic.twitter.com/GTHoiK3oPe
— 0xNobler (@CryptoNobler) November 17, 2025
Analysts tracked three transfers totalling 1.8 million SOL to Coinbase Prime, valued at roughly $237.6 million.
Shortly after, about 160,900 SOL returned to Forward Industries’ wallet, leaving the company with 4.129 million SOL valued at $552.21 million. These movements indicate that the transfers may be part of a routine restructuring rather than outright liquidation.
Solana Price Drops Amid Bearish Patterns
Solana has faced strong selling pressure in recent weeks. CoinMarketCap data shows SOL fell nearly 29% over the past month, after reaching levels last seen in late June.
At the time of writing, SOL traded at $137.47 and is down 3.5% in the last 24 hours.
Technical charts indicate a developing head-and-shoulders pattern, which is a bearish setup that shows weakening buyer strength. Analysts are warning that a breakdown below the neckline could lead to further declines.
Investors are now alert as technical indicators continue to point to downward risk.
Forward Industries’ Treasury and Staking Efforts
Forward Industries continues to stake most of its SOL holdings. Its validator infrastructure has achieved a 6.82% gross annual yield before fees. The company also reported $334 million in reset notional value and spent $51,600 through tax-loss harvesting to offset future liabilities.
The firm recently announced a $1 billion share repurchase program. Forward Industries also updated its NASDAQ ticker from FORD to FWDI. Its treasury strategy is supported by investors such as Galaxy Digital, Jump Crypto, and Multicoin Capital.
Chairman Kyle Samani noted that the company aims to increase SOL per share while deploying capital through staking and validator operations. These actions aim to enhance shareholder value despite volatile market conditions.
Related Reading: VanEck Taps SOL Strategies to Stake Its Solana ETF
Market Implications of Corporate SOL Movements
Large-scale SOL transfers by corporate holders often create uncertainty in the market. Forward Industries’ movement of 1.8 million SOL raised issues, especially during a period of strong crypto market volatility.
However, partial token returns and ongoing staking activities indicate that the firm is not liquidating its position entirely.
Recent trends indicate that some digital asset treasury firms have reduced their crypto holdings to manage convertible debt. This has added to market caution and contributed to price declines across major altcoins, including Solana.
On-chain data also shows whale accumulation. This indicates that institutional buyers may be stepping in during the downturn and average order sizes in spot markets point to heavy purchases.