Forward Industries Inc. (NASDAQ: FWDI) announced an expansion of its Solana (SOL) treasury by more than 500,000 SOL during fiscal Q3 2026, at an average purchase price of approximately $79 per SOL. This acquisition brings the company's total SOL holdings to 7.55 million SOL as of June 30, 2026, positioning Forward Industries as the largest corporate holder of Solana.
The company disclosed that during the quarter, it sold 93,642 shares of common stock as part of its At The Market offering while achieving an annualized SOL-per-share growth rate of 36%. This metric highlights the company's strategy of increasing its Solana holdings per outstanding share, which can enhance shareholder value as the cryptocurrency appreciates.
Forward Industries continues to build and manage its sizable Solana treasury, a move that differentiates it from traditional corporate treasury strategies. By holding a significant amount of SOL, the company gains exposure to the potential upside of the Solana ecosystem. The decision to accumulate SOL at an average price of $79 suggests management's confidence in the asset's long-term value.
Investors and analysts are watching this development closely, as it represents a bold bet on the future of blockchain technology and decentralized finance. The company's treasury strategy could serve as a model for other firms considering cryptocurrency allocations. For more details, visit the company's newsroom at https://nnw.fm/FWDI.
This announcement underscores the growing trend of publicly traded companies diversifying their treasuries with digital assets. Forward Industries' approach, focusing on SOL rather than Bitcoin or Ethereum, highlights the unique value proposition of the Solana network, known for its high throughput and low transaction costs.
The company's ability to grow its SOL holdings while maintaining a 36% annualized SOL-per-share growth rate indicates effective capital management. By selling shares to fund SOL purchases, Forward Industries is leveraging equity financing to build its crypto reserves without incurring debt.
As of the end of fiscal Q3 2026, Forward Industries holds 7.55 million SOL, a substantial position that could significantly impact the company's balance sheet if Solana's price increases. The average purchase price of $79 provides a clear benchmark for assessing the treasury's performance.
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