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Solana Treasury Giant Nears $1 Billion Loss on SOL Bet

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Solana Treasury Giant Nears $1 Billion Loss on SOL Bet

Forward Industries’ CIO says the company aims to become the “Berkshire Hathaway of the Solana ecosystem,” even as its treasury approaches $1 billion in unrealized losses.

The statement comes as SOL has declined nearly 30% year-to-date, a drop that is impacting balance sheets across major Solana-focused digital asset treasury (DAT) firms.

Solana’s Price Decline Deepens Institutional Pain

Forward Industries is the largest institutional holder of Solana. The company began accumulating SOL in September 2025 after raising approximately $1.65 billion through a private investment in public equity (PIPE), backed by Galaxy Digital, Jump Crypto, and Multicoin Capital.

According to the latest data from CoinGecko, it holds over 6.9 million SOL. The firm acquired its position at an average price of around $230 per token, implying a total cost basis of roughly $1.59 billion.

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Forward Industries’ Solana Holdings. Source: CoinGecko

With the altcoin trading near $87, the company’s stake is now worth approximately $605.2 million. That represents an unrealized loss of nearly $1 billion, or roughly 62% from its average entry price.

Furthermore, FWDI shares have fallen from over $39 to roughly $5 since the company started buying SOL. According to Google Finance data, the stock price declined by 31.47% in 2026 alone.

Forward Industries Stock Price
Forward Industries Stock Price. Source: Google Finance

Despite the drawdown, the firm’s conviction remains strong. Company leadership has outlined an ambitious long-term vision that transcends short-term volatility.

“Our longer-term aspiration is to be the Berkshire Hathaway of the Solana ecosystem. We believe Solana is best positioned as the blockchain for the future of internet capital markets,” Forward Industries’ CIO Ryan Navi said.

According to CoinGecko treasury data, Forward Industries is not alone. Firms like DeFi Development Corp, Upexi, and Sharps Technology are also sitting on significant unrealized losses as Solana’s price continues to slide.

The losses extend well beyond Solana-focused firms. Bitmine’s Ethereum (ETH) holdings have produced unrealized losses exceeding $7 billion. Meanwhile, Strategy’s Bitcoin (BTC) position carries paper losses of roughly $5 billion, according to Saylortracker data.

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The broader DAT model, in which publicly listed companies hold crypto assets as their primary balance sheet instrument, is showing its vulnerabilities as a synchronized market decline compresses asset values while equity investors reprice risk.

Solana Launches “Solana Payments” Amid Ecosystem Momentum

Despite price struggles, ecosystem developments have continued. Yesterday, the team introduced Solana Payments, a new initiative to accelerate on-chain payment adoption.

According to the network, major players, including Visa, PayPal, Stripe, Western Union, and Fiserv, are running live products on the network, not just pilots. It also stated that the network has processed over 480 billion transactions and facilitates approximately $2 trillion in stablecoin transfers per quarter.

“Payments.org has everything you need to start building: Live payment simulator. Developer docs. Case studies from the biggest names in finance,” the post read.

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Thus, while ecosystem development continues and institutional narratives remain ambitious, prolonged price weakness is testing balance sheets and investor confidence alike. Forward Industries’ bet on SOL’s long-term value may yet prove correct, but the timeline and the market’s patience for it remain open questions.

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Crypto World

CFTC Staff Share FAQ on Crypto Collateral

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CFTC Staff Share FAQ on Crypto Collateral

The US Commodity Futures Trading Commission has given more details on its expectations for the use of crypto as collateral amid a pilot program that the agency launched last year.

In a notice on Friday, the CFTC’s Market Participants Division and Division of Clearing and Risk responded to frequently asked questions that emerged from two staff letters issued in December that established a pilot allowing crypto to be used as collateral in derivatives markets.

The notice reminded futures commission merchants wanting to take part in the pilot that they must file a notice with the Market Participants Division “which includes the date on which it will commence accepting crypto assets from customers as margin collateral.”

The crypto industry has argued that crypto technology is best suited for 24-7 trading and instant settlement, and the CFTC’s guidance in December clarified what tokenized assets can be used as collateral, along with how to value them and calculate how much is needed for a trading position.

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CFTC aligns guidance with SEC

The CFTC made clear its guidance was to align with the Securities and Exchange Commission, as the two agencies work together on a regulatory framework for crypto.

The CFTC said that capital charges, the amount that must be held to cover losses, would be “consistent with the SEC” and that futures commission merchants should apply a 20% capital charge for positions in Bitcoin (BTC) and Ether (ETH), while stablecoins should get a 2% charge.

Source: Mike Selig

The notice added that futures commission merchants taking part in the pilot can only accept Bitcoin, Ether, or stablecoins for the first three months and must give prompt notice of any significant cybersecurity or system issues. They must also file weekly reports of the total crypto held across customer account types.

After the three-month period, other cryptocurrencies can be accepted as collateral and the reporting requirements will end.

Related: SEC interpretation on crypto laws ‘a beginning, not an end,’ says Atkins

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The notice also clarified that “only proprietary payment stablecoins may be deposited as residual interest in customer segregated accounts” and that futures commission merchants can’t accept other cryptocurrencies for that purpose.

The CFTC said that crypto and stablecoins cannot be used for collateral of uncleared swaps, but swap dealers can use tokenized versions of an eligible asset if it meets regulatory requirements and grants the holder the same rights in its traditional form.

Meanwhile, derivatives clearing organizations can accept crypto and stablecoins as initial margin for cleared transactions if they meet CFTC requirements regarding minimal credit, market, and liquidity risks.

Magazine: How crypto laws changed in 2025 — and how they’ll change in 2026

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