According to Protos, the world's largest publicly traded Solana treasury company Forward Industries has an unrealized loss of nearly $1 billion on its SOL holdings. Despite earning about 6.7% in staking rewards, it still cannot offset the decline in SOL's price. Forward Industries launched its Solana treasury strategy in September 2025, purchasing SOL through a $1.65 billion private placement led by Galaxy Digital, Jump Crypto, and Multicoin Capital, when SOL was approximately $206; currently, SOL is about $91. The company holds 6,979,967 SOL, with an average cost of around $232, resulting in an unrealized loss of approximately $955 million. The financial report shows that the company had a net loss of $585.65 million in Q4 2025, of which $560.2 million came from unrealized losses on digital assets, with staking income only $17.4 million. Forward Industries' stock price also dropped from a high of $46 in September 2025 to about $4.71.

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