Forward Industries (FWDI), a Nasdaq-listed company with a Solana-centric treasury strategy, is currently sitting on a significant unrealized loss after the sharp decline in SOL prices. The firm holds close to 7 million SOL acquired at an average cost of around $232. With Solana trading near $85, the value of those holdings has dropped to roughly $600 million, translating into an estimated $1 billion paper loss.
The impact has been clearly reflected in FWDI’s equity performance. Shares of the company have fallen more than 87% from last year’s peak near $40, now trading just above $5. While several digital asset treasury firms have struggled amid the broader crypto downturn, FWDI stands out due to the sheer size and concentration of its Solana exposure.
Despite the drawdown, FWDI maintains a key structural advantage: it operates with no corporate debt and does not rely on leverage. According to CIO Ryan Navi, this balance sheet position allows the company to remain flexible during periods of market stress, rather than being forced into defensive actions. Navi has emphasized that scale combined with an unlevered structure enables FWDI to act opportunistically while others are constrained.
The firm’s position was built in 2025 following a $1.65 billion private placement led by Galaxy Digital, Jump Crypto, and Multicoin Capital. That raise propelled FWDI to the top of the Solana-focused treasury space, with holdings exceeding those of its next three competitors combined. Beyond passive holding, FWDI generates yield by staking SOL at rates between 6% and 7% and has introduced fwdSOL, a liquid staking token developed alongside Sanctum, which can be deployed as collateral across DeFi protocols.
Management continues to frame the strategy as long-term in nature. Navi has stated that FWDI is not operating a trading desk, but rather building a permanent Solana treasury designed to compound over time. The firm has also signaled interest in consolidating smaller digital asset treasuries that may come under pressure during prolonged market weakness.
Notably, Multicoin Capital co-founder Kyle Samani, who recently stepped down from his managing director role, remains chairman of FWDI and elected to take his exit compensation in company shares and warrants. That decision has been viewed by some as a signal of continued long-term alignment despite near-term volatility.
As Solana and the broader crypto market stabilize, FWDI’s ability to withstand drawdowns without forced selling may prove decisive. For now, the firm represents one of the clearest examples of how conviction-driven treasury strategies can amplify both upside and downside in crypto cycles.