Forward Industries Bolsters Solana Treasury with $78.5 Million Purchase
Nasdaq-listed Forward Industries added 948,601 SOL to its Solana treasury in the fourth quarter of 2026, lifting its holdings to 8,501,298 tokens, roughly 1.4% of Solana's circulating supply. This purchase represents a 13% increase from the previous quarter's total of 7,552,698 tokens. Forward paid an average of $83 per SOL for the quarter's buys, which were marked above its purchase price at quarter-end, valued at $118.06 per SOL on September 30, 2026.
The full treasury was valued at approximately $1.004 billion, with a preliminary net asset value of approximately $870.4 million after subtracting debt. Forward raised its institutional borrowing to $167.5 million, up from $105 million the previous quarter, and completed a $25 million registered direct stock offering in September 2026.
Forward's SOL per fully diluted share rose from 0.0730 to 0.0806 over the quarter, a 10.4% quarter-over-quarter gain, with an annualized growth rate of approximately 42%. The company's Solana pivot began in September 2025, aiming to become a leading player in the Solana market with significant capital investments and asset management capabilities.