Solana Drop Hits Forward Industries With $668M Unrealized Loss
Forward Industries, the largest institutional holder of Solana with more than 1.1% of the total supply, currently faces unrealized losses of $668 million. SOL’s price drop has left nearly 80% of its circulating supply underwater, highlighting significant risks for Digital Asset Treasury companies.
This sharp reversal underscores the mounting pressure on institutional crypto strategies amid worsening market conditions.
Forward Industries’ Massive SOL Position Faces Heavy LossesForward Industries (NASDAQ: FWDI) holds 6,910,568 SOL, totaling roughly 1.124% of Solana’s circulating supply. CoinGecko data shows the company’s SOL treasury is now worth $917.42 million, down from a $1.59 billion acquisition cost. Its average purchase price of $230 per SOL has resulted in an unrealized loss of $668.73 million, or 42.2%.
The company initiated its Solana treasury strategy in September 2025. According to an official BusinessWire release, Forward Industries initially bought 6,822,000 SOL at around $232 per token, for a total investment of $1.58 billion. Its holdings have grown slightly, with the latest disclosure on November 15, 2025, confirming 6,910,568 SOL in its treasury.
Source: BeInCrypto
The company’s stock price has dropped alongside its crypto assets, falling from a high of $40 to $8.17. Billions in shareholder value have been erased. Today, Forward Industries’ market capitalization is $706.38 million—less than the value of its SOL holdings.
SOL Market Structure Reveals Widespread PainThese losses are part of a larger market decline. Glassnode data reveals that about 79.6% of SOL’s circulating supply—approximately 478.5 million tokens—is now held at a loss at a price of $126.9. This figure underscores how top-heavy the market had become before the current downturn.
At $126.9, about 79.6% of Solana’s circulating supply (r~478.5M SOL) is now in loss, underscoring how top-heavy the market structure had become before the recent contraction.