$SOL Associated Treasury Forward Industries just released its Q1 2026 financial report.

Revenue surged by $13 million year over year, up 319% YoY, and it was basically all made from SOL staking.
However, it couldn’t withstand SOL’s 33.7% drop this quarter, and it directly set aside more than $200 million in digital asset losses plus more than $85 million in impairments—ending with a net loss of $283 million, compared with only a $1.5 million loss last year. The gap is massive.
The company holds 7.04 million SOL, and most of it is staked. To weather the pressure, it borrowed $40 million from Galaxy; while cutting costs, it also repurchased shares and reduced the share count to harden its hedge against the risk of coin-price volatility.
Forward’s huge short-term losses have weighed on SOL sentiment, but since 7.04 million SOL are essentially all staked and locked, there’s no risk of a sell-off. In the medium to long term, it actually indirectly reduces the circulating supply.
This big Solana treasury holder makes money from staking and loses money from the coin price dropping. Bad news may reduce institutional confidence, but fortunately it isn’t selling tokens for now, so SOL’s sell-pressure is limited.
In the short term, the news of the major holder’s massive losses is adding pressure. However, the big holder chose to rescue itself by taking out a loan rather than selling, and locking up the chips is actually somewhat positive for the market.