Forward Industries Adds Another Half-Million SOL, Stock Rallies 17% on the News 📈

Forward Industries, the largest publicly traded corporate holder of Solana, disclosed that it acquired more than $38 million worth of SOL during its fiscal third quarter, sending shares of FWDI up roughly 17% to $4.94 in Wednesday trading. The company purchased more than 500,000 SOL at an average price of around $79, bringing its treasury to approximately 7.55 million SOL. At Solana's price of just under $77, that stack is worth around $579 million. "Our mandate is simple: maximize SOL per share and create long-term shareholder value," said Chief Investment Officer 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." Forward sold 93,642 common shares through its at-the-market program during the quarter to help fund the purchases.

The firm's SOL-per-fully-diluted-share metric rose to 0.0729 from 0.0669 in the prior quarter, an annualized growth rate of 36%, while total shares outstanding declined to 73.85 million from 76.31 million. Navi attributed the capital strategy to share buybacks and issuance timing. "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," he said. The company also pointed to its recent inclusion in the Russell 2000 and Russell 3000 indexes as a catalyst for improved liquidity and visibility.

Despite Wednesday's gains, FWDI shares are down about 26% over the past six months and trade roughly 89% below their 52-week high of $46. The bulk of Forward's treasury was acquired at an average price of around $232 per SOL, leaving the company with more than $1 billion in unrealized losses at current prices. The firm recorded a $283.1 million net loss for the quarter ended March 31, 2026, driven by fair-value markdowns on its holdings, though revenue quadrupled year over year on staking rewards. Forward attempted to acquire fellow Solana treasury firms including Solana Company and Brera Holdings in June but was unsuccessful. It originally purchased its first 6.8 million SOL last year, building a treasury then valued at around $1.6 billion.

In broader crypto market news, TD Cowen on Tuesday slashed its price target for Strategy (MSTR) by 35%, lowering the figure to $260 from $400, citing Bitcoin's "observed ongoing weakness." Analysts led by Lance Vitanza said the bank now sees the digital asset reaching $100,000 by year-end instead of the prior $140,000 forecast. Strategy shares had snapped a nine-day losing streak on Monday, jumping 12.6% to $92.68 after the firm unveiled a new framework for formulaic liquidations of its Bitcoin holdings.