Largest SOL Holder Down $1 Billion, But Exec Still Aims To Be The 'Berkshire Hathaway Of Solana'

Forward Industries (NASDAQ:FWDI) CIO Ryan Navi declared the company aspires to be the “Berkshire Hathaway of the Solana ecosystem” as the largest institutional Solana holder sits on nearly $1 billion in unrealized losses.

The $1 Billion Loss

Forward Industries acquired its Solana position at an average price of around $230 per token after raising $1.65 billion through a PIPE backed by Galaxy Digital, Jump Crypto, and Multicoin Capital in September 2025. The cost basis totals roughly $1.59 billion.

With SOL trading near $85—down 72% from its $294.85 high—the stake is now worth approximately $605 million. 

That represents an unrealized loss of nearly $1 billion, or roughly 62% from the average entry price.

FWDI shares have fallen from over $39 to $4.28 since the company started buying SOL, with the stock declining 31% in 2026 alone. 

The company spiked to $46 before collapsing 91% back to current levels.

The Berkshire Vision

Navi, formerly Managing Director at ParaFi Capital and Principal at KKR, articulated a long-term strategy positioning Forward as a permanent-capital vehicle. 

“Solana is best positioned as the blockchain for the future of internet capital markets,” he stated on Feb. 26.

The company stakes its SOL at roughly 6-7% yield and partnered with Sanctum to issue fwdSOL, a liquid staking token earning rewards while remaining usable as DeFi collateral.

On venues like Kamino, Forward can borrow against that collateral at costs below the staking yield.

Forward carries no corporate debt and is completely unlevered, which Navi frames as a critical advantage while competitors retrench. The company holds more SOL than its next three competitors combined.

The Chairman’s Exit Drama

Kyle Samani, Multicoin Capital co-founder and Forward’s Chairman, stepped down from Multicoin on February 5 after nearly a decade. 

Rather than cashing out, Samani plans to request in-kind redemption in FWDI shares and warrants, substantially increasing his personal exposure.

His departure came with controversy. In a since-deleted post hours before resigning, Samani stated crypto is “just fundamentally not as interesting as many crypto enthusiasts wanted” before pivoting to say he remained bullish on SOL specifically.

The Technical Breakdown

FWDI closed last week, down 6.5%, after touching an intraday low of $4.23 and fading from an early move above $4.50. The stock remains pinned near its lows with no sign of sustained buying interest.

Every key EMA sits overhead. The 20 EMA stands at $5.03, the 50 EMA at $6.60, the 100 EMA at $8.78, and the 200 EMA at $9.81. FWDI trades about 57% below its 200 EMA, reflecting the scale of the decline.

The Supertrend at $5.37 remains bearish, marking the $5.00 to $5.40 area as likely resistance on any rebound attempt.

Immediate support rests between $4.20 and $4. A break under $4 would leave the chart without clear nearby support, exposing the $3.50 zone as the next possible area of interest.

Buyers need a close back above the 20 EMA near $5 to shift short-term pressure. Until then, the trend favors the downside.

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