Forward Industries (FWDI), a Nasdaq-listed Solana digital asset treasury company, saw its shares surge more than 17% on Wednesday after announcing it expanded its treasury holdings by over 500,000 SOL during its fiscal third quarter. The company's total holdings now exceed 7.55 million SOL, valued at approximately $576 million. The expansion occurred during the quarter that ended on Tuesday, with tokens acquired at an average price of about $79 each, as FWDI continues executing its strategy to maximize SOL holdings per share and create long-term shareholder value.
Forward Industries Acquires 500,000+ SOL in Fiscal Q3
Forward Industries acquired more than 500,000 SOL tokens during its fiscal third quarter at an average price of approximately $79 per token. The company reported annualized SOL-per-fully diluted share growth of 36% from the previous quarter. The acquisitions brought FWDI's total Solana holdings to over 7.55 million SOL, worth about $576 million at current market prices.
FWDI Maintains Lead as Largest Solana Treasury Company
The latest purchases extended Forward Industries' position as the largest publicly traded Solana treasury company. According to The Block's data, FWDI's 7.55 million SOL holdings exceed the combined holdings of the next three largest Solana treasury firms. Solana Company, DeFi Development Corp., and Upexi together hold roughly 6.7 million SOL.
![Top four publicly traded Solana treasury companies]()
Top four publicly traded Solana treasury companies. Source: The Block
Forward Industries Executes Share Management Strategy
Forward Industries sold 93,642 shares through its at-the-market equity program during the quarter. The company continued to repurchase stock when shares traded below an mNAV of 1, where investors valued the company at less than the value of its SOL holdings. FWDI's recent inclusion in the Russell 2000 and 3000 indexes opens access to institutional investors and provides another avenue for raising capital to acquire more SOL.
"Our mandate is simple: maximize SOL per share and create long-term shareholder value," Chief Investment Officer Ryan Navi said in a statement. Navi added that the company intends to continue issuing shares when they trade at a premium to net asset value while repurchasing stock at discounts.
FWDI Stock Climbs 17% as Solana Rebounds
FWDI shares were trading around $4.93, up more than 17% on the day. Solana also climbed to a one-month high above $77 after rebounding from a two-and-a-half-year low near $60 earlier in June.
![Solana SOL vs FWDI price movement in 2026]()
Solana SOL vs FWDI (blue line) price movement in 2026. Source: TradingView
FAQ
How much SOL does Forward Industries currently hold?
Forward Industries holds over 7.55 million SOL tokens, valued at approximately $576 million. The company acquired more than 500,000 SOL during its fiscal third quarter at an average price of about $79 per token.
What is Forward Industries' share management strategy?
Forward Industries issues shares when they trade at a premium to net asset value and repurchases stock when shares trade at a discount. During the fiscal third quarter, the company sold 93,642 shares through its at-the-market equity program while continuing to repurchase stock when shares traded below an mNAV of 1.
