Forward Industries Resumes SOL Sales, Raising Treasury Viability Concerns

Forward Industries, a major player in the Solana (SOL) treasury market, has resumed selling SOL tokens after a month-long period of inactivity. This move has raised concerns about the viability of treasuries in the crypto market, particularly as SOL's price dipped below $70.

The company deposited 455,784 SOL to exchanges and made two large transfers to Coinbase Prime and the Sanctum bridge. Forward Industries still holds 3.787M SOL in its self-custodied wallet, but the sale has sparked questions about the long-term sustainability of treasuries.

Despite this, the Solana ecosystem remains robust, with significant revenue generated from app fees and tokenized assets. In May, Solana apps produced over $68M in revenue, up 16% month-on-month, while collectible marketplace & gacha @collectorcrypt reached $9M in monthly revenue.