Forward Industries adds 500K SOL despite earlier crypto losses

Forward Industries has expanded its Solana treasury after buying more than 500,000 $SOL during fiscal Q3 2026.

The Nasdaq-listed company said its total holdings reached 7.55 million $SOL as of June 30.

The company bought the tokens at an average price of about $79 per $SOL. It also said $SOL per fully diluted share rose to 0.0729 from 0.0669 at the end of the prior quarter.

Forward Industries stock recently traded at $4.70 on Nasdaq, up more than 10% in the past day, with an intraday high of $5.04 and volume above 3 million shares (per Google Finance data).

Forward Industries said the increase represented 36% annualized $SOL-per-share growth. The update comes as the company continues to build its Solana treasury while earlier filings show how crypto price moves have shaped its reported results.

Forward Industries expands Solana holdings

In a July 1 company release, Forward Industries said it sold 93,642 common shares through its At The Market offering during fiscal Q3. The company said it used public market capital in a way that raised $SOL per share for existing shareholders.

Forward described itself as the largest Solana treasury company. It said its recent inclusion in the Russell 2000 and Russell 3000 indexes gives it wider access to institutional investors when its shares trade above net asset value.

The company also said it can borrow against fwdSOL collateral through institutional partners. Forward said this lets it seek liquidity at a lower cost than its staking yield, which it placed between 6.4% and 7.3%.

Forward links strategy to $SOL per share

“Our mandate is simple: maximize $SOL per share and create long-term shareholder value,” said Chief Investment Officer Ryan Navi. He said the company uses several capital formation methods to add $SOL in a way it views as accretive.

Navi added that Forward can repurchase shares when they trade below net asset value and issue equity when they trade above it. He said the Russell index additions could also widen the company’s investor base and help fund more $SOL purchases.

Forward also pointed to Solana network activity in a separate X post. The post quoted SolanaFloor data saying daily, weekly, and monthly Solana transaction counts had reached record levels across measured timeframes.

Earlier losses remain part of the story

The latest purchase follows a period of reported losses tied to $SOL price changes. As previously reported, Forward Industries neared a $1 billion Solana paper loss after the company reported a $585.6 million net loss for the quarter ended Dec. 31, 2025.

That earlier result included a $560.2 million loss on digital assets and a $33 million impairment under U.S. GAAP treatment. The company said the loss reflected fair-value accounting for its $SOL holdings, not a direct cash outflow.

In addition, Forward also transferred 455,784 $SOL to Coinbase Prime in June. That move drew attention because deposits to prime brokerage platforms can serve several purposes, including custody, liquidity management, collateral use, or asset sales.

Solana treasury model faces market test

Forward launched its Solana treasury strategy in September 2025 with backing from investors and partners including Galaxy Digital, Jump Crypto, and Multicoin Capital. The company says its strategy includes buying, holding, staking, trading, and investing in $SOL-related assets and projects.

The broader digital asset treasury sector has faced pressure during crypto market declines. As crypto.news reported, treasury companies tied to Bitcoin, Ethereum, and Solana have carried large unrealized losses as token prices fell.

Forward’s Q3 update shows that the company is still adding $SOL despite earlier losses. The central measure it is asking investors to watch is $SOL per fully diluted share. That metric now sits higher than the prior quarter, while the value of the treasury still depends on $SOL market prices, staking revenue, borrowing costs, and shareholder dilution.