Forward Industries adds 500,000 SOL to treasury, now holds 7.55M

Forward Industries acquired over 500,000 SOL at an average of $79 per token during its fiscal third quarter, boosting its total Solana treasury to 7.55 million tokens.

"Our mandate is simple: maximize SOL per share and create long-term shareholder value," Ryan Navi, chief investment officer at Forward Industries, said. "Our execution this quarter demonstrates our ability to employ multiple capital formation strategies to acquire additional SOL in a highly accretive manner."

The company's SOL-per-fully diluted share rose to 0.0729 as of June 30 from 0.0669 at the end of March, representing a 36 percent annualized growth rate. Forward sold 93,642 shares through its at-the-market offering during the quarter while reducing its outstanding share count to 73.85 million from 76.31 million. The company generates staking yield between 6.4 percent and 7.3 percent on its Solana holdings and can borrow against its SOL using fwdSOL as collateral at a cost below that yield, according to the company.

Forward's inclusion in the Russell 2000 and Russell 3000 indexes gives it access to institutional capital that it can deploy when its shares trade above net asset value, creating a self-reinforcing cycle of SOL accumulation. The company, backed by Galaxy Digital and Jump Crypto, now ranks among the largest publicly traded holders of Solana, with its 7.55 million SOL position worth approximately $600 million at current prices.

The Austin, Texas-based company launched its digital asset treasury strategy in September 2025 through a private placement with institutional investors. Its approach mirrors the model pioneered by MicroStrategy with Bitcoin — raising equity capital when shares trade at a premium to net asset value and using the proceeds to acquire more of the underlying digital asset.

FWDI shares rose 9.2 percent on the announcement, trading at $4.22 with a market cap of $315 million. Solana's SOL token gained 3 percent over the same period, trading near $79.50 as of 13:00 UTC, according to CoinGecko.

The company's ability to borrow against its SOL holdings at rates below its staking yield gives it a structural cost-of-capital advantage over other crypto treasury strategies. Forward has not disclosed its total borrowing amount or the specific terms of its institutional lending arrangements.

This article is for informational purposes only and does not constitute investment advice.