Forward Industries, the Nasdaq-listed company that bills itself as the largest corporate holder of Solana, says it was not behind a transfer of more than 1.8 million SOL to Coinbase Prime that on-chain trackers attributed to it over the weekend. The move, worth about $130 million, was flagged by trackers late on Saturday UTC as a possible sign the company was preparing to sell, and it spread quickly while SOL traded near its lowest level since June.
What the company said
Forward replied to the alerts early on Sunday with one line: “This activity is not $FWDI and we did not execute this transaction.” The company did not say who controls the wallets involved, whether any of them are custody accounts held on its behalf, or why analytics tools had linked them to Forward. It had posted nothing further by Sunday morning.
The denial came about two hours after the first tracker alert, by which time the claim had already done the rounds. Lookonchain wrote that Forward, “which holds 8.73M $SOL ($600M), deposited 1.78M $SOL ($123M) into #CoinbasePrime” and asked whether the company was “planning to dump.” Chinese-language tracker EmberCN put the figure at 1,882,812 SOL and $130 million. Both posts pointed to the same Arkham Intelligence entity page for Forward Industries, and both were still up on Sunday morning, with no correction attached.
What the chain shows
The transfer itself is real. AltcoinReporter pulled the transactions from a public Solana RPC node. Three stake accounts were emptied within about two seconds late on Saturday UTC, sending a combined 1,882,812.14 SOL to one address that Arkham labels as a Coinbase Prime deposit address:
- about 1,031,936 SOL from stake account 6W72b
- about 748,631 SOL from stake account Foa3X
- about 102,245 SOL from stake account Cd6H7
Less than a minute later, the deposit address passed the full amount on to a wallet Arkham tags as a Coinbase Prime hot wallet, in a single 1,882,812 SOL transaction.
That breakdown explains why the two trackers disagreed. On a screenshot of the Arkham page EmberCN shared, only the first two stake accounts carry a “Forward Industries” label. Together they released 1,780,567 SOL, which is Lookonchain’s 1.78 million. The third account is unlabeled, and adding it gives EmberCN’s 1.88 million.
The move was also planned in advance. Solana stake has to be deactivated and wait out an epoch before it can be withdrawn, and the largest of the three accounts was deactivated on Friday, the day before the withdrawal. Each withdrawal was signed by a different authority key and used a durable nonce, a feature custody platforms often rely on to sign transactions offline. None of that identifies the owner. It does mean whoever controls these accounts started unwinding the stake more than a day before the transfer reached Coinbase.
What Forward has disclosed
Forward’s own treasury figures put its holdings at 8,727,694 SOL as of Nov. 9, up 226,396 SOL from its previous update, with a net asset value of $600.3 million. At Sunday’s Coinbase price of about $69.76, those holdings are worth roughly $609 million. The company has not published a newer count. Its next update will show whether the balance changed at all.
If the two labeled accounts did belong to Forward, the transfer would equal about a fifth of its stated holdings, which is why the alert drew so much attention. The company’s statement says that reading is wrong. Arkham had not publicly changed the label by Sunday morning, and Forward had not said whether it asked for a correction.
Why a mislabel matters in this market
Crypto treasury companies have been under pressure as prices fall, and traders watch their wallets for signs of forced selling. SOL fell to $67.37 on Coinbase early on Sunday, its lowest since late June, before bouncing above $70. A large holder sending coins to an exchange is read as a likely sale, even though a deposit to Coinbase Prime can also mean custody changes, collateral posting or over-the-counter settlement.
The site has covered similar alarms before: when US government wallets sent $288 million in seized crypto to Coinbase Prime in July, the transfer was quickly read as a possible sale before anyone confirmed one. In Forward’s case the dispute is more basic: who owns the wallets in the first place. Entity labels from analytics firms are inferences built from past transactions, and they can be wrong or out of date. Labels showing the source as a known treasury company carry extra weight with traders.
What to watch next: whether Arkham revises or removes the Forward tags on the stake accounts, whether Forward names the custodian or owner, and the company’s next holdings update. Further transfers out of the Coinbase Prime hot wallet will not settle the question, because exchange wallets pool many clients’ funds.
FAQ
Did Forward Industries sell 1.88 million SOL?
There is no evidence of a sale. The SOL went to a Coinbase Prime deposit address, and Forward says the activity was not its own and that it did not execute the transaction.
Why did trackers report different amounts?
Lookonchain’s 1.78 million SOL counts only the two stake accounts Arkham labels as Forward’s. EmberCN’s 1.88 million includes a third, unlabeled account that was withdrawn at the same moment.
How much SOL does Forward say it holds?
Its website lists 8,727,694 SOL as of Nov. 9, 2026, worth about $609 million at Sunday’s price.
Disclaimer: This article is for informational purposes only and does not constitute financial advice.
