According to @lookonchain on X, Forward Industries holds 6,822,000 SOL valued around $1.34B with an average purchase price of $232 per SOL (source: @lookonchain on X). Based on these figures, the position reflects unrealized losses exceeding $245M and a total cost basis of roughly $1.583B for the SOL stack (source: @lookonchain on X). Using the reported size and valuation, the implied mark at the time is about $196 per SOL, making $232 the breakeven level derived from the disclosed average entry (source: @lookonchain on X).

According to @MilkRoadDaily, Forward Industries (FORD) surged to a $3.1B market cap, immediately surpassing the combined market value of other Solana (SOL) treasury companies, source: @MilkRoadDaily on X, Sep 19, 2025. @MilkRoadDaily reports the SOL treasury sector had stayed below $2B for months, indicating rapid capital rotation into Solana treasuries, source: @MilkRoadDaily on X, Sep 19, 2025. @MilkRoadDaily asserts that this flow backdrop suggests SOL may move higher, making SOL exposure a key trade to watch, source: @MilkRoadDaily on X, Sep 19, 2025. Based on the reported rotation, traders can monitor FORD volume, SOL spot volume, SOL versus BTC relative strength, and perpetual funding rates to validate continuation before positioning, source: @MilkRoadDaily on X, Sep 19, 2025.

According to the source, a social media post claims Forward Industries announced a $4B share sale to boost a Solana (SOL) strategy, but the post does not include any link to an SEC filing or company press release to validate the claim (source: original social media post dated Sep 17, 2025). Traders should wait for official confirmation on SEC EDGAR via a Form 8-K, a shelf registration such as Form S-3, and a prospectus or prospectus supplement detailing use of proceeds before acting on the headline (source: SEC Investor.gov and EDGAR public company disclosure requirements). Until an official filing appears, the deal size, pricing, timing, dilution, and any allocation toward SOL-related initiatives remain unconfirmed and should not be treated as actionable information (source: SEC disclosure rules for registered offerings).

According to the source, on-chain data compiled by Lookonchain shows six entities each hold more than 1 million SOL, highlighting concentrated SOL supply among top holders, source: Lookonchain. Forward Industries is identified as the largest holder with 6.82 million SOL, marking the biggest single reported position among the six entities, source: Lookonchain.

According to Lookonchain, there are six strategic SOL reserve entities with holdings above 1 million SOL (source: Lookonchain). Forward Industries holds 6,822,000 SOL with a reported average purchase cost of $232 per SOL, implying a cost-basis value of about $1.58 billion (source: Lookonchain). The $232 average cost defines Forward Industries' breakeven per SOL for position-level PnL tracking by traders (source: Lookonchain). The concentration of six entities each above 1 million SOL highlights whale exposure that market participants monitor for liquidity and flow risk in Solana markets (source: Lookonchain).

According to the source, Forward Industries stated it purchased nearly 1.6 billion worth of SOL, positioning the company with significant Solana exposure, source: Forward Industries announcement. According to the source, the company said this makes it the largest publicly traded Solana treasury firm by a wide margin, source: Forward Industries announcement.

According to Lookonchain, Galaxy Digital helped Forward Industries purchase 6,822,000 SOL totaling about 1.58 billion USD at a 232 USD average over the past five days. According to Lookonchain, there is still 67 million USD left to purchase SOL. According to Business Wire, Forward Industries has commenced a Solana treasury strategy and now holds more than 6.8 million SOL tokens.

According to Lookonchain, Galaxy Digital is facilitating Forward Industries’ planned acquisition of $1.65B worth of SOL, as reported on X. According to Lookonchain citing Arkham Intelligence entity data, Galaxy Digital withdrew 1,452,392 SOL (about $326M) from exchanges over the past 12 hours. According to an SEC EDGAR filing, Forward Industries disclosed completing a $1.65B private placement to fund the purchase of SOL (Exhibit 99.1, Forward Industries). According to calculations based on figures from Lookonchain and the SEC filing, the reported $326M outflow represents roughly 20% of the announced $1.65B purchase capacity. According to Arkham Intelligence data referenced by Lookonchain, traders can monitor Galaxy Digital–linked wallets and SOL exchange balances for additional outflows and execution pacing.