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 (CRYPTO: SOL) 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 …