Solana Treasury Forward has accumulated losses of $382 million, and its mNAV has fallen below $1.

According to data from DefiLlama, 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. Based on the current price, the total value is approximately $1.2 billion, representing 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 $39.6 to the current $10.44, a drop of approximately 73.6%. Although Forward still holds $1.2 billion worth of SOL assets, the company's current total market capitalization has dropped 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.