Forward Industries Transfers $32M in SOL to Coinbase Prime
- Forward Industries moved 455,784 SOL worth approximately $31.87 million to Coinbase Prime after a month of inactivity.
- The firm holds a total of 6.83 million SOL, purchased at an average price of $232, resulting in an unrealized loss of about $1.13 billion.
- Forward Industries’ actions have sparked concerns about potential sell-offs due to their significant control over more than 1% of Solana’s circulating supply.
- Previous transfers included sending back roughly 160,900 SOL from Coinbase Prime to the company’s own address, indicating some operational movements rather than outright sales.
- The company has not announced any sale, and past coin returns suggest caution before assuming large-scale selling intentions.
Forward Industries’ recent transfer of $32 million in Solana (SOL) to Coinbase Prime has reignited fears of a potential sell-off due to their substantial holdings and the current weak market conditions. The firm’s strategy involves staking nearly all its SOL while managing a significant paper loss.
With Forward Industries controlling over one percent of Solana’s supply and sitting on a $1.13 billion paper loss, their treasury moves are closely watched by the market for signs of de-risking or asset liquidation strategies.(Source)
