Forward Industries resumes SOL dump, revives Treasury fears

Forward Industries, the biggest Solana treasury company, has resumed selling some of its SOL. As the asset dipped below $70, the viability of treasuries is once again questioned. 

Forward Industries deposited 455,784 SOL to exchanges after a month of inactivity. In the past day, the company made two large transfers, one to Coinbase Prime and one unstaking transaction from the Sanctum bridge for 500K SOL. 

The recent slide of SOL to as low as $66 triggered the need to reassess the treasury’s needs. The sale happened as SOL sank by 19.3% since the beginning of June, reflecting the broader negative sentiment on the crypto market.

Forward Industries still holds 3.787M SOL in its self-custodied wallet. The SOL was sent to a Coinbase Prime deposit. On-chain data shows the company also continued with moving another 500K SOL from its staking operations, but so far, the second tranche has not been sent to an exchange. 

Are SOL treasury companies viable?

The recent treasury moves once again test the viability of DAT companies. In the case of Solana, a total of 20 entities hold SOL, staking a bit more than half the amount. Around 2.94% of the SOL supply is locked in treasuries, or around 18M tokens.  

Solana is still one of the most active networks, with 8M weekly users. The network produces 2.79M in weekly fees, and is still in the top 5 of the most productive chains. Despite this, the market price of SOL undermines the reserves. Forward Industries acquired SOL at $232.08, near its all-time highs, leaving the company with around $1.3B in unrealized losses. 

In total, Forward Industries spent nearly $1.6B to acquire SOL. As Cryptopolitan reported earlier, the company reported smaller losses at the end of 2025, just before SOL entered the more protracted bear market in 2026. 

As a result of the SOL losses, Forward Industries stock (Nasdaq: FWDI) lost nearly 40% in the year to date, and is down by 90% from the summer of 2025, the peak market for DAT companies. Forward Industries revealed that altcoin treasuries may be even riskier, following a similar path of unrealized losses as Strategy, the leading BTC treasury holder. 

Solana ecosystem got a boost in May

While SOL traded near two-year lows, the Solana ecosystem remained robust. In total, Solana produced over $68M in app fees in May, up 16% month-on-month.

Solana in four charts:

1. Solana apps generated $68M in revenue in May, up 16% MoM.

2. Collectible marketplace & gacha @collectorcrypt reached $9M in monthly revenue (an ATH).

3. Tokenized asset volumes hit a new ATH in May at over $1.1B, with the majority coming from… pic.twitter.com/ovp3MRkrRT

— Solana (@solana) June 4, 2026

Solana expanded its stablecoin supply by 2%. A significant part of the activity growth came from tokenized stocks, where Solana’s XStocks is one of the tokenization leaders. 

Solana may also become the venue for post-IPO trading for SpaceX tokenized shares. While meme token activity has slowed down, other use cases like collectibles still generate significant fees.

The Solana DeFi and trading ecosystem is facing competition from Hyperliquid, especially for trading on-chain contracts for US stocks and pre-IPO shares. Despite this, Solana is also a venue for trading bridged HYPE tokens. 

Solana is also still fighting for its position as a DeFi hub. The network still carries $4.92B in total value locked, with $14.74B in stablecoin liquidity. 

If you're reading this, you’re already ahead. Stay there with our newsletter.