Forward Industries adds 500K+ SOL to treasury, now holds 7.55M SOL despite earlier paper losses
Forward Industries said it bought more than 500,000 SOL during fiscal Q3 2026, lifting its Solana treasury to 7.55 million SOL as of June 30. The Nasdaq-listed company reported an average purchase price of roughly $79 per SOL and said SOL per fully diluted share rose to 0.0729 from 0.0669 in the prior quarter.
The company framed the increase as equivalent to 36% annualized SOL-per-share growth and said it used public-market capital to acquire the tokens. During Q3 Forward sold 93,642 common shares through an At-The-Market offering and said those proceeds were deployed to raise SOL per share for existing shareholders. Forward’s stock was trading around $4.70 on Nasdaq in recent action—up more than 10% on the day—with intraday highs near $5.04 and volumes above 3 million shares (Google Finance).
Forward describes itself as the largest Solana treasury company. It noted recent additions to the Russell 2000 and Russell 3000 indexes, which the firm says could broaden institutional access when its shares trade above net asset value. The company also said it can borrow against its fwdSOL collateral through institutional partners to obtain liquidity at a lower cost than its staking yield, which it estimates between 6.4% and 7.3%.
“Our mandate is simple: maximize SOL per share and create long-term shareholder value,” Chief Investment Officer Ryan Navi said, adding that Forward employs multiple capital-formation tools—issuing equity when shares trade above NAV and repurchasing when they trade below—to pursue accretive SOL purchases.
Forward highlighted rising network activity on Solana, reposting SolanaFloor data that showed record daily, weekly and monthly transaction counts. At the same time, the company’s aggressive accumulation follows earlier quarters that recorded large unrealized losses tied to volatile SOL prices. For the quarter ended Dec. 31, 2025, Forward reported a $585.6 million net loss that included a $560.2 million fair-value loss on digital assets and a $33 million impairment under U.S. GAAP; the company emphasized those were accounting losses, not cash outflows.
In June, Forward also transferred 455,784 SOL to Coinbase Prime—a move that can indicate custody, liquidity management, collateralization or preparation for sales. Forward launched its Solana treasury strategy in September 2025 with backing from partners including Galaxy Digital, Jump Crypto and Multicoin Capital. The firm’s stated strategy includes buying, holding, staking, trading and investing in SOL-related assets and projects.
The update underscores Forward’s continued accumulation of SOL despite prior paper losses. The company is asking investors to focus on SOL per fully diluted share as its central metric, while reminding the market that the treasury’s value will continue to depend on SOL market prices, staking revenue, borrowing costs and any shareholder dilution.
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