Key Highlights
- Forward Industries added over 500,000 SOL, pushing its total Solana holdings to 7.55 million SOL worth about $576M to $579M.
- The company’s stock jumped more than 17% after the announcement.
- Its Solana holdings now exceed the combined total held by DeFi Development Corp, Upexi, and Sharp Technology.
Forward Industries, a Solana-focused digital asset treasury company, said it added more than 500,000 Solana (SOL) tokens to its treasury during the third quarter of its 2026 fiscal year, increasing its total holdings to 7.55 million SOL as of June 30.
In a statement released on Wednesday, the Nasdaq-listed company said it bought the tokens at an average price of about $79 each, spending roughly $38 million during the quarter. This keeps Forward firmly ahead as the largest publicly traded company focused on building a Solana treasury.
Following the announcement, the company’s stock rose over 17% during early trading hours to around $4.95.
Treasury now worth nearly $580 million
The company said its total Solana holdings are now worth about $576 million to $579 million based on the current market price.
During the quarter, it reported annualized SOL-per-fully diluted share growth of 36%, while its SOL-per-share metric increased from 0.0669 at the end of March to 0.0729 by June 30. This means each company share is now backed by more Solana than it was three months earlier, which is one of the main ways Forward measures its progress.
In short, SOL treasury is larger than the combined holdings of the next three biggest publicly traded Solana treasury companies, DeFi Development Corp, Upexi, and Sharp Technology, which collectively hold around 6.4 million SOL, leaving Forward with a clear lead among listed firms building Solana reserves.
How the company funded the purchase
Forward said it funded the SOL by selling 93,642 common shares through its at-the-market (ATM) offering during the quarter. At the same time, it bought back some of its own shares whenever they traded below their net asset value (NAV). The company believes this approach helps it use its money more efficiently while increasing the amount of Solana backing each share.
Chief Investment Officer Ryan Navi said the company’s focus remains unchanged despite changing market conditions. “Our mandate is simple: maximize SOL per share and create long-term shareholder value,” he said.
Navi added that Forward plans to continue selling shares when they trade above the value of the company’s assets and buying them back when they trade below that value. He also said the company’s recent addition to the Russell 2000 and Russell 3000 indexes could help it reach more institutional investors and create another way to raise capital for future Solana purchases.
Solana extends gains after the announcement
Meanwhile, Solana rose about 5% over the last 24 hours after a surge from a daily low below $73.
At the time of writing, SOL was trading at approximately $77.18. According to CoinMarketCap, 24-hour trading volume had increased by about 11% to roughly $3.55 billion.
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