Forward Industries Inc. (NASDAQ: FWDI) announced on Thursday that it has expanded its Solana (SOL) treasury by more than 500,000 SOL during the fiscal third quarter of 2026, bringing its total holdings to approximately 7.55 million SOL as of June 30, 2026. The company acquired the additional SOL at an average purchase price of around $79 per SOL, according to a press release. This acquisition solidifies Forward's position as the largest corporate holder of SOL, a key cryptocurrency in the blockchain ecosystem.
The expansion was funded through Forward's At The Market (ATM) equity offering program. During fiscal Q3, the company sold 93,642 shares of common stock as part of this program while achieving an annualized SOL-per-share growth rate of 36%. This metric underscores the company's strategy of using equity issuances to accumulate SOL, effectively increasing its crypto holdings per outstanding share over time. The move reflects a broader trend of corporations diversifying their treasuries with digital assets, though Forward's focus on Solana is distinctive given its scale.
The significance of this announcement extends beyond Forward's balance sheet. By amassing a treasury of over 7.5 million SOL, Forward is betting heavily on the long-term value of the Solana blockchain, which is known for its high throughput and low transaction costs. This positions the company as a major stakeholder in the Solana ecosystem, potentially influencing network governance and adoption. For investors, the SOL-per-share growth metric provides a novel way to evaluate the company's performance, linking equity dilution directly to crypto asset accumulation.
Forward's strategy also raises questions about risk management, given the volatility of cryptocurrency markets. However, the company's consistent accumulation suggests a strong conviction in Solana's future. The latest purchase at an average price of $79 per SOL indicates that Forward sees value at current levels, despite market fluctuations. As of the announcement, Solana's market price was not disclosed, but the company's average cost basis is a key data point for shareholders.
For further details, the press release is available on NetworkNewsWire's website at https://nnw.fm/rOdBw. Investors seeking ongoing updates on Forward Industries can visit the company's newsroom at https://nnw.fm/FWDI.
