Solana (SOL)

720,000 encrypted computations on the arcium network

- cerberus whitepaper released
- arcium explorer live
- zinc top 10 revenue generating apps on solana
- umbra live on web
- umbra partners with biggest token unlock infra on solana
- crafts closes first sealed-bid raise on solana
- encrypted AI (not TEEs) coming soon

it’s no longer 1 $sol and a dream.

it’s now #100 and a #200m dream.

🫠 In September a company went all‑in.
Forward Industries, $1.59 billion in #Solana, bought at $232 per coin.
The largest SOL treasury in the world. Right at the top.

Then nothing happened.

A whole month of no movement in the wallet.
While the market halved the position and then cut it again.
Over a billion of book loss, and the address stayed silent.
No one knew if anyone was still at the helm.

Last night it moved for the first time again.
455,784 coins, out of the vault, into Coinbase Prime.
Of all times. At the lowest point.

CT immediately called "capitulation".
I’m cautious there.
It’s only just under seven percent of the holdings – whoever really exits will withdraw more.
Coinbase Prime does not automatically mean a sale; the same address also serves pure custody.
And in November this exact wallet sent four times that amount there; according to the filings it was still in the vault afterwards.
Nothing proves a sale here.

More interesting than that single transfer is the balance sheet behind it.

Forward’s stock now trades at roughly 0.66 × its own coin holdings.
The company is worth less on the exchange than what sits in the vault.
$SOL is almost 80 % below its high.

And that’s exactly where the model dies.
These vaults live by swapping expensive stocks for cheaper coins.
Below NAV the engine runs backwards – every new share dilutes existing shareholders because it costs more paper than it brings in coin value.
A bad bet becomes a forced seller once refinancing flips.

Forward was only the first to stay quiet for a long time.
Strategy, Bitmine, Metaplanet – all bought near the top.

How many of these vaults slide under NAV simultaneously before one really has to sell?
Which names are on your list?