Forward Industries Adds 500K+ SOL, Stock Jumps 17%

Forward Industries' stock rose about 17% after the company disclosed it had added more than 500,000 SOL to its treasury in the fiscal third quarter, bringing total holdings to 7.55 million SOL, roughly $576 million at current prices. The company reported the purchases were made at an average price of about $79 per SOL during the quarter that ended Tuesday.

The quarter's purchases increased the firm's annualized SOL-per-fully diluted share growth by 36% from the prior quarter. Forward's 7.55 million SOL exceeds the combined holdings of the next three largest publicly traded Solana treasuries, which together hold about 6.7 million SOL.

Forward sold 93,642 shares through an at-the-market equity program during the quarter and repurchased stock when the company's market net asset value, or mNAV, fell below 1, meaning shares traded at a discount to the per-share value of its SOL holdings. The company intends to issue shares when they trade at a premium to net asset value and repurchase shares when they trade at a discount to increase SOL per share over time.

Forward noted its recent inclusion in the Russell 2000 and 3000 indexes, which it expects will provide greater access to institutional investors and additional avenues for raising capital to acquire more SOL.

Ryan Navi, the company's chief investment officer, said: “Our mandate is simple: maximize SOL per share and create long-term shareholder value.” He added the company plans to continue issuing shares when they trade above net asset value and repurchasing when shares trade at a discount.

Shares traded around $4.93 on the day of the disclosure, up more than 17%. Solana's price rose to a one-month high above $77 after earlier falling to about $60 in June.

Forward's disclosure included the average acquisition price per token and its capital management practices but did not include a detailed schedule of future purchases. The company is one of the largest publicly traded holders of Solana tokens and plans to use both equity issuance and buybacks to manage SOL per share going forward.