Forward Industries Stock Pops 17% After Loading Up 500K SOL 🐳

Shares of Forward Industries climbed nearly 17% to $4.94 after the leading Solana treasury firm disclosed it acquired more than $38 million worth of SOL during its fiscal third quarter, purchasing over 500,000 tokens at an average price of around $79. The buy brings the company's holdings to roughly 7.55 million SOL, valued at approximately $579 million as SOL trades just under $77. "Our mandate is simple: maximize SOL per share and create long-term shareholder value," said Forward Industries CIO Ryan Navi in a statement. "Our execution this quarter demonstrates our ability to employ multiple capital formation strategies to acquire additional SOL in a highly accretive manner."

The firm funded the acquisition through its at-the-market offering, selling 93,642 common shares during the quarter. Despite the Wednesday jump, Forward shares are down roughly 26% over the past six months and sit 89% below their 52-week high of $46. The company tracks SOL per share as a key performance metric, reporting a figure of 0.0729, up around 9% over the last three months. "By repurchasing shares when Forward trades at a discount to NAV and issuing equity when our shares trade at a premium, we dynamically allocate capital in a way that compounds SOL per share and enhances long-term intrinsic value," Navi said.

Forward expects improved liquidity and visibility from its upcoming inclusion in the Russell 2000 and 3000 indexes. In June, the firm attempted to acquire fellow Solana treasury companies Solana Company and Brera Holdings but was unsuccessful. Forward initially built its treasury last year with the purchase of 6.8 million SOL at an average price of $232, amassing roughly $1.6 billion in holdings at the time and now carrying more than $1 billion in unrealized losses. SOL is up about 3.3% over the past 24 hours but remains more than 74% below its all-time high of $293.

Separately, TD Cowen on Tuesday cut its price target for Strategy (MSTR) by 35%, lowering it to $260 from $400, with analysts led by Lance Vitanza citing Bitcoin's "observed ongoing weakness." The investment bank now projects Bitcoin reaching $100,000 by year's end, down from a previous estimate of $140,000. Shares of Strategy jumped 12.6% to $92.68 on Monday, snapping a nine-day losing streak after the firm unveiled a new capital management framework signaling that future liquidations of the digital asset would follow a formulaic approach.