Institutional exposure to crypto is under pressure as the forward industries solana position shows how severe drawdowns can challenge even high-conviction balance sheet strategies. Forward Industries has emerged as the largest institutional holder of Solana, even as its treasury now faces nearly $1 billion in unrealized losses. The company began aggressively 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.