Forward Industries, the largest company holding a treasury of Solana (SOL), recently restarted selling its SOL assets following a month of inactivity. The moves came as SOL’s price fell below $70, renewing concerns about the financial viability of companies relying heavily on crypto treasuries. The company transferred over 450,000 SOL to cryptocurrency exchanges in two large movements, including a deposit to Coinbase Prime and an unstaking transaction from the Sanctum bridge involving 500,000 SOL.
This sale reflects the broader downturn in the crypto market, with SOL’s value declining substantially since early June. Despite these sales, Forward Industries retains a significant balance of approximately 3.8 million SOL in a self-custodied wallet. The recent price slump has forced the company to reassess its treasury management as it grapples with substantial unrealized losses, having originally acquired SOL near all-time highs at over $230 per token.
The latest transactions also put the spotlight back on the challenges facing decentralized autonomous treasury (DAT) companies. Within the Solana ecosystem, around 20 entities hold SOL treasury reserves, collectively staking over half of those tokens. Nearly 3% of Solana’s total supply is locked in such treasuries, amounting to an estimated 18 million SOL.
Despite SOL’s current market struggles, Solana remains one of the most active blockchain networks, maintaining millions of weekly users and generating significant fee revenue. The network’s weekly fees approach 2.8 million dollars, keeping Solana ranked within the top five productive chains. However, these operational strengths have not shielded treasury holders like Forward Industries from severe financial setbacks, with unrealized losses nearing $1.3 billion—part of a $1.6 billion total acquisition cost.
Forward Industries has seen its Nasdaq stock value plunge by nearly 40% year-to-date and by approximately 90% since mid-2025, underscoring the broader market pressures on treasury companies tied to volatile altcoins. The company also warned that treasury ventures in altcoins present higher risks, highlighting parallels with other major treasury holders suffering from deep unrealized losses.
Nevertheless, the Solana ecosystem showed signs of resilience despite the price slump. In May, it generated over $68 million in application fees, marking a 16% monthly increase. Notably, Solana’s collectible marketplace and tokenized assets segments reached new all-time highs, with tokenized asset trading volumes surpassing one billion dollars for the first time. A steady expansion in the network’s stablecoin supply and growing adoption of tokenized stock trading platforms further illustrate ongoing ecosystem activity.