Largest Solana treasury stock lost $1B while earning 6.7% staking rewards
By February, CoinGecko reminded investors of their mark-to-market 64% loss. Despite 6% staking APY on its holdings, investors‘ losses haven’t improved much since. Year to date, SOL has lost 27%, including a 48% decline over the past 12 months. Over that same time period, the companys stock price has lost 28% and 42%. With Forward Industries losses mirroring that chart, investors seem to have no more confidence in its management than in SOL itself. Forward Industries market cap-to-Net Asset Value (mNAV) multiple has collapsed to 0.62x, meaning that investors are willing to pay even less for company than the SOL it holds. In fact, depending on whether someone uses fully diluted or market cap as a valuation metric, the market values the entire company at 17% or 38% less than its SOL, respectively. Operating losses are relatively small yet compound shareholder losses. Over just one quarter, the company spent $1.398 million operating its Solana validator, plus $3.25 million in general and administrative expenses plus another $3.4 million for G&A to a “related party,” Galaxy. It also spent $535,000 on sales and marketing. Paying millions of dollars for the privilege of losing $1 billion Forward Industries paid Galaxy $3.44 million in a single quarter: roughly $1.7 million in asset