Other SOL-focused digital asset treasury firms also face significant unrealized losses amid SOL’s downtrend.
Forward Industries’ CIO says the company aims to become the “Berkshire Hathaway of the Solana ecosystem,” even as its treasury approaches $1 billion in unrealized losses.
The statement comes as SOL has declined nearly 30% year-to-date, a drop that is impacting balance sheets across major Solana-focused digital asset treasury (DAT) firms.
Forward Industries is the largest institutional holder of Solana. The company began accumulating SOL in September 2025 after raising approximately $1.65 billion through a private investment in public equity (PIPE), backed by Galaxy Digital, Jump Crypto, and Multicoin Capital.
According to the latest data from CoinGecko, it holds over 6.9 million SOL. The firm acquired its position at an average price of around $230 per token, implying a total cost basis of roughly $1.59 billion.
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With the altcoin trading near $87, the company’s stake is now worth approximately $605.2 million. That represents an unrealized loss of nearly $1 billion, or roughly 62% from its average entry price.
Furthermore, FWDI shares have fallen from over $39 to roughly $5 since the company started buying SOL. According to Google Finance data, the stock price declined by 31.47% in 2026 alone.
Despite the drawdown, the firm’s conviction remains strong. Company leadership has outlined an ambitious long-term vision that transcends short-term volatility.
“Our longer-term aspiration is to be the Berkshire Hathaway of the Solana ecosystem. We believe Solana is best positioned as the blockchain for the future of internet capital markets,” Forward Industries’ CIO Ryan Navi said.
According to CoinGecko treasury data, Forward Industries is not alone. Firms like DeFi Development Corp, Upexi, and Sharps Technology are also sitting on significant unrealized losses as Solana’s price continues to slide.
The losses extend well beyond Solana-focused firms. Bitmine’s Ethereum (ETH) holdings have produced unrealized losses exceeding $7 billion. Meanwhile, Strategy’s Bitcoin (BTC) position carries paper losses of roughly $5 billion, according to Saylortracker data.
The broader DAT model, in which publicly listed companies hold crypto assets as their primary balance sheet instrument, is showing its vulnerabilities as a synchronized market decline compresses asset values while equity investors reprice risk.
Despite price struggles, ecosystem developments have continued. Yesterday, the team introduced Solana Payments, a new initiative to accelerate on-chain payment adoption.
According to the network, major players, including Visa, PayPal, Stripe, Western Union, and Fiserv, are running live products on the network, not just pilots. It also stated that the network has processed over 480 billion transactions and facilitates approximately $2 trillion in stablecoin transfers per quarter.
“Payments.org has everything you need to start building: Live payment simulator. Developer docs. Case studies from the biggest names in finance,” the post read.
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Thus, while ecosystem development continues and institutional narratives remain ambitious, prolonged price weakness is testing balance sheets and investor confidence alike. Forward Industries’ bet on SOL’s long-term value may yet prove correct, but the timeline and the market’s patience for it remain open questions.
