Berkshire of Blockchain? Forward’s SOL Gamble Loses $1B

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Forward Industries’ CIO, with the optimism of a man who’s just discovered fire, declares the firm’s ambition to become the “Berkshire Hathaway of the Solana ecosystem” even as its treasury crumbles like a poorly timed soufflé.

This declaration arrives as SOL plummets nearly 30% year-to-date, a decline that has left balance sheets across the Solana-focused digital asset treasury (DAT) sector looking less like Wall Street and more like a bankruptcy auction.

Solana’s Price Plunge: A Masterclass in Institutional Misery

Forward Industries, the self-proclaimed king of Solana hoarding, began its grand accumulation in September 2025 after raising $1.65 billion via PIPE, a financial maneuver backed by Galaxy Digital, Jump Crypto, and Multicoin Capital-names that now sound less like venture capital firms and more like characters in a tragic opera.

According to CoinGecko’s latest data, the firm holds over 6.9 million SOL, a position acquired at an average price of $230 per token. This implies a total cost basis of roughly $1.59 billion-though one might argue the true cost is measured in sanity.

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With SOL now trading near $87, Forward’s stake is valued at approximately $605.2 million-a staggering unrealized loss of nearly $1 billion, or 62% from its entry price. One might call it a lesson in financial alchemy, though the formula seems to involve more smoke and mirrors than gold.

Meanwhile, FWDI shares have tumbled from $39 to $5 since the company began its SOL binge. Google Finance reports a 31.47% drop in 2026 alone, a performance that would make even the most jaded Wall Street analyst reach for the smelling salts.

Undeterred by these losses, Forward’s leadership insists its vision transcends the chaos. Company executives, with the confidence of a man who’s just bet his house on a three-legged horse, have outlined a long-term plan that ignores the obvious.

“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,” said CIO Ryan Navi, a man whose optimism could power a small nation.

Forward is not alone in its folly. DeFi Development Corp, Upexi, and Sharps Technology are also nursing sizable losses as Solana’s price continues its downward spiral. Bitmine’s Ethereum holdings? A $7 billion loss. Strategy’s Bitcoin? A $5 billion paper cut. One wonders if these firms ever considered the possibility of, you know, diversification.

The DAT model, wherein publicly listed companies treat crypto as their primary balance sheet instrument, is now revealing its vulnerabilities. As markets synchronize their decline, asset values compress and equity investors reprice risk with the enthusiasm of a man fleeing a burning building.

Solana Launches “Solana Payments” Amid Ecosystem Momentum

Amid this turmoil, Solana has launched “Solana Payments,” a new initiative to accelerate on-chain payment adoption. Because nothing says “confidence” like launching a payments platform while your token is down 30%.

We just launched and @solanapayments

One place to see why Solana is the best blockchain for payments

– Solana (@solana) February 26, 2026

According to the network, Visa, PayPal, Stripe, Western Union, and Fiserv are now live on the platform-not just pilots. The network also boasts 480 billion transactions and $2 trillion in stablecoin transfers per quarter. One might call it a valiant attempt to drown out the sound of money slipping through one’s fingers.

“Payments.org has everything you need to start building: Live payment simulator. Developer docs. Case studies from the biggest names in finance,” the post reads, with the optimism of a man who’s never held a losing bet.

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Thus, while Solana’s ecosystem chugs along and institutional narratives remain as ambitious as they are delusional, prolonged price weakness continues to test balance sheets and investor confidence. 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-like a door in a haunted house.

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2026-02-27 14:14