Largest Corporate Solana Holder Transfers 1.8 Million SOL To Coinbase—Is a Sell-Off Coming?

Forward Industries, the biggest company holder of Solana (SOL), has despatched over $200 million price of SOL to Coinbase Prime, elevating issues about potential sell-offs.

The transfer comes because the altcoin has slid practically 29% over the previous month, falling under the agency’s common acquisition value.

Is The Digital Asset Treasury Strategy Unraveling?

Forward Industries started buying SOL in September 2025, executing a $1.65 billion Private Investment in Public Equity deal to construct its holdings. According to the most recent replace, the corporate held roughly 6.9 million SOL. This represents round 1.119% of SOL’s whole provide.

“Forward Industries’ Total Holdings Rise to six.9 Million SOL as of November 15, 2025. We stay targeted on our purpose of accelerating SOL per share,” the staff posted.

The agency’s technique is to maximise shareholder worth by way of on-chain actions like staking, lending, and DeFi participation. However, this strategy is going through challenges as SOL’s value continues to fall.

According to CoinGecko, its reported treasury worth has plunged from $1.59 billion to $908 million. The NASDAQ-listed firm now sits on unrealized losses of $677 million after accumulating SOL at a median value of $232 simply two months in the past.

At the identical time, analysts seen important actions from Forward Industries’ wallets. According to information from Arkham Intelligence, the agency transferred 1.8 million SOL valued at roughly $237.6 million at present market costs to Coinbase Prime. The motion was executed by way of three separate transfers.

“Forward Industries purchased Solana simply 2 months in the past, however is now already dumping it at a large loss. Why is each fund promoting crypto? Is it actually over?” an analyst stated.

However, the state of affairs seems extra advanced. Shortly after the outbound transfers, on-chain information revealed that round 160,900 SOL have been despatched again from Coinbase Prime’s hot wallet to Forward’s address. Following these actions, the corporate’s pockets now holds 4.129 million SOL valued at roughly $552.21 million.

Whether these transfers sign deliberate gross sales or are a part of routine inside restructuring stays unclear. Forward Industries has not issued any assertion suggesting an intention to liquidate its place.

Still, the issues about a potential sell-off are not unfounded. The crypto market has been underneath heavy strain all through This fall.

Earlier this month, BeInCrypto reported that a Bitcoin-focused digital asset treasury agency had liquidated practically 30% of its BTC holdings in an effort to cut back its convertible debt.

Bearish Pattern Emerges as Solana Price Plunges Nearly 29%

Meanwhile, Solana has been facing mounting promote strain of its personal. BeInCrypto Markets information confirmed that SOL has dropped practically 29% over the previous month, deepening its downward pattern.

The altcoin has pulled again to ranges final seen in late June. At press time, SOL was buying and selling at $132.47, marking a 5.4% decline previously 24 hours.

Adding to the bearish sentiment, an analyst pointed to a growing head-and-shoulders sample on SOL’s chart. This is a bearish setup that typically indicates fading purchaser power and the danger of a deeper correction once the neckline offers approach.

“Just about testing neckline on this massive head and shoulders. People get upset with me for posting charts like this when actually they need to be pleased that I present an early warning for exit when value was nonetheless high,” he wrote.

With Solana underneath heavy market strain and technical indicators turning bearish, buyers can be watching intently to see what comes subsequent for the asset.

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