According to DefiLlama data, Nasdaq-listed Solana treasury company Forward Industries (ticker symbol: FORD) currently holds approximately 6.82 million SOL tokens, with an average purchase price of approximately $232, totaling approximately $1.2 billion in value at the current price. This represents a paper loss of approximately 24.13% and a cumulative loss of approximately $382 million. According to Yahoo Finance data, the company's stock price has fallen from a high of $39.60 to its current price of $10.44, a drop of approximately 73.6%. Although Forward still holds $1.2 billion worth of SOL assets, the company's current market capitalization has decreased to approximately $900 million, and its mNAV (market capitalization to net assets ratio) has fallen below 1, indicating that the market valuation is significantly lower than its book asset value.