How Is the World’s Largest Solana Treasury Firm Down $1B in SOL Crash?
Forward Industries is facing a large unrealized loss on its Solana treasury after building one of the biggest listed corporate SOL positions near much higher market prices. The company holds nearly 6.98 million SOL, acquired at an average cost of about $232 per token. With Solana trading near $91 in mid-May, the position is worth roughly $637 million, compared with a purchase cost near $1.59 billion. That leaves Forward Industries with an estimated paper loss close to $983 million. The loss remains unrealized because the company has not sold the full position. However, the lower market value has already affected reported financial results through digital asset impairment charges. of $585.6 million, with $560.2 million tied to digital asset markdowns. Source: Forward became the largest listed Solana-focused treasury after raising capital through a $1.65 billion private investment in public equity. The PIPE was backed by major crypto investors including Galaxy Digital, Jump Crypto and Multicoin Capital. The company used that financing to build a large Solana reserve during a period of stronger market sentiment. Solana Price Drop Drives Treasury Loss Forward‘s Solana treasury has been hit mainly by the decline in SOL’s market price. The company accumulated its holdings at an average level far above current trading