Solana Giant FWDI Sits on $1B Paper Loss as Shares Crash 87%

Key Insights:

• FWDI’s $1B paper loss stems from its massive Solana bet bought near market highs.
• Despite collapse, FWDI remains debt-free and eyes opportunities to acquire weaker rivals.
• Backed by Galaxy and Jump, FWDI continues to stake SOL and issue liquid staking tokens.

Forward Industries (FWDI), a Nasdaq-listed firm focused on Solana, is facing a major unrealized loss. The company holds nearly 7 million SOL, bought at an average price of $232. At current prices near $85, the value of that position is around $600 million. On paper, the loss comes to roughly $1 billion.

This drop in asset value has hit the company’s stock hard. FWDI shares have fallen over 87% from last year’s high of nearly $40 to just above $5. Other digital asset treasury firms have also seen losses, but FWDI stands out due to the size of its Solana holdings.

Debt-Free Balance Sheet Creates Breathing Room

Unlike many of its peers, FWDI has no corporate debt. It does not use leverage, giving it more room to act while others are cutting back. CIO Ryan Navi says this structur allows the company to remain flexible during downturns.

“Scale plus an unlevered balance sheet is a real advantage in this market,” said Navi. “We can play offense when others are playing defense.”

Navi added that the company’s structure lets it act as a buyer, not a forced seller, even during market stress.

Backing from Galaxy, Jump, and Multicoin

In 2025, FWDI raised $1.65 billion through a private placement led by Galaxy Digital, Jump Crypto, and Multicoin Capital. The deal pushed the firm to the top of the Solana-focused treasury space, with holdings larger than its next three competitors combined.

The company earns yield by staking SOL at 6% to 7%. It also issues fwdSOL, a liquid staking token developed with Sanctum, which can be used as collateral in DeFi. Navi says this helps improve capital efficiency.

Long-Term Plans Stay in Place Despite Market Drop

Navi says the company is focused on long-term growth, not trading. “We’re not running a trading book, we’re building a long-term Solana treasury,” he said.

The firm’s plan is to use its position to consolidate smaller digital asset treasuries under pressure. Multicoin Capital co-founder Kyle Samani recently left his managing director role but remains FWDI chairman, choosing to receive his exit package in FWDI shares and warrants.