Forward Industries Expands Solana Holdings to 7.55M SOL, Stock Climbs 11%

Forward Industries (FWDI), the largest publicly traded corporate holder of Solana, added more than 500,000 SOL tokens during fiscal Q3 2026, pushing its total treasury to 7.55 million SOL as of June 30, 2026. Shares closed at $4.70 on July 1, a gain of 11.37% on the day.

The newly acquired tokens were purchased at an average price of approximately $79 each. The purchase extended a buying campaign that has made Forward Industries the single largest corporate accumulator of the Solana token.

SOL-per-fully diluted share increased to 0.0729 from 0.0669 recorded in the prior quarter, representing an annualized growth rate of 36%. Shares outstanding declined over the same period, falling to 73.85 million from 76.31 million, a reduction partly attributed to the company's at-the-market share repurchase activity. During the quarter, Forward sold 93,642 shares through its at-the-market program.

Chief Investment Officer Ryan Navi outlined the firm's capital allocation strategy: '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.'

The latest accumulation follows a difficult financial period. Forward Industries posted a net loss of $283.1 million for the quarter ended March 31, 2026, a figure driven primarily by fair-value markdowns applied to its SOL holdings. Despite the loss, revenue quadrupled year over year, supported by staking rewards generated from its token treasury.

The stock's recent climb tracks a recovery in SOL itself. The token gained more than 15% over the past week, outperforming large-cap cryptocurrencies, according to BeInCrypto Markets data. The rebound followed a broader SOL downturn earlier in 2026 that had weighed on FWDI's balance sheet.

Forward Industries also noted its recent inclusion in both the Russell 2000 and Russell 3000 indexes, a development that broadens the stock's institutional investor visibility and eligibility for index-tracking funds.

The stock's performance remains closely tied to Solana's market price, given the scale of Forward's treasury position. With 7.55 million SOL on its books, any sustained move in token valuation translates directly to material changes in the company's reported asset values. Analysts and investors will be monitoring whether SOL's current recovery trend persists through the coming months, as the trajectory of the token price will continue to be the primary driver of Forward's net asset value and quarterly financial results.