Forward Industries has expanded its Solana treasury holdings, saying the move increased its SOL-per-share metric by 36% on an annualized basis as the company continues to build its long-term position in the cryptocurrency.
In a company update released on July 1, Forward Industries said it sold 93,642 common shares through its At-The-Market (ATM) offering during the third fiscal quarter. The company stated that the capital raised was used in a way that increased the amount of Solana (SOL) backing each share held by investors.
Forward Industries describes itself as the largest Solana treasury company and said its recent inclusion in the Russell 2000 and Russell 3000 indexes could increase visibility among institutional investors, particularly when its shares trade above net asset value.
The company also highlighted its ability to borrow against fwdSOL collateral through institutional partners. According to Forward, this provides access to liquidity at borrowing costs that are lower than the yield generated through staking, which it estimates at between 6.4% and 7.3%.
Chief Investment Officer Ryan Navi said the company’s primary goal is to maximize SOL per share and create long-term value for shareholders. He explained that Forward may repurchase shares when they trade below net asset value and issue new shares when they trade above it, using those opportunities to strengthen its Solana holdings.
The company also pointed to growing activity across the Solana network. Recent data shared by Forward indicated that daily, weekly, and monthly transaction counts on Solana have reached record highs, reflecting increased usage of the blockchain.
Despite its continued accumulation strategy, Forward’s crypto-focused approach has faced challenges. Earlier financial filings showed that fluctuations in Solana’s market price had a significant impact on the company’s reported results.
For the quarter ending December 31, 2025, Forward reported a net loss of $585.6 million, including a $560.2 million loss related to digital assets and a $33 million impairment charge under U.S. accounting rules. The company emphasized that these losses were largely the result of accounting adjustments tied to changes in the market value of its SOL holdings rather than direct cash losses.
In June, the company also transferred 455,784 SOL to Coinbase Prime, a move that attracted attention because such transfers can be used for custody, collateral management, liquidity purposes, or asset sales.
Forward launched its Solana treasury strategy in September 2025 with support from major crypto investment firms, including Galaxy Digital, Jump Crypto, and Multicoin Capital. The strategy includes acquiring, holding, staking, trading, and investing in assets connected to the Solana ecosystem.
While the company continues to add to its Solana reserves, its performance remains closely tied to SOL market prices, staking returns, borrowing costs, and the impact of any future share issuances. For now, Forward says investors should focus on its SOL-per-share growth as the key measure of progress in its treasury strategy.
