Forward Industries shares climbed on Wednesday after the company said it acquired more than 500,000 SOL during its fiscal third quarter of 2026. The purchase lifted its total Solana treasury to 7.55 million SOL as of Tuesday.
The Nasdaq-listed Solana treasury firm bought the tokens at an average price of about $79 per SOL. Forward Industries said the move helped raise SOL-per-fully diluted share to 0.0729 from 0.0669 in the prior quarter, equal to 36 percent annualized growth.
According to the press release, Forward Industries said it sold 93,642 common shares through its at-the-market offering during the quarter. The company said it used public-market capital while aiming to increase SOL per share for existing shareholders.
The company also pointed to its recent inclusion in the Russell 2000 and Russell 3000 indexes. Forward said the index additions could improve access to institutional capital when its shares trade above net asset value.
Forward also uses fwdSOL as collateral with institutional partners. The company said this structure allows it to borrow against SOL while earning staking yield between 6.4 percent and 7.3 percent.
“Our mandate is simple: maximize SOL per share and create long-term shareholder value,” said Chief Investment Officer Ryan Navi.
He added that Forward plans to issue shares when the stock trades at a premium to net asset value and repurchase shares when it trades below that level.
Forward Industries shares rise as SOL rebounds
Forward Industries traded at $4.75 as of press time, up about 12 percent from the previous close, according to Google Finance data data. The stock touched an intraday high of $5.04 and a low of $4.20.
Earlier Wednesday, FWDI shares had jumped more than 17 percent after the Solana treasury update. Forward’s 7.55 million SOL holding was larger than the next three publicly traded Solana treasury companies combined.
SOL also gained during the session. According to The Coin Headlines Market data, Solana traded near $78 at the time of writing, up about 5.54 percent.
Analyst comments point to mixed SOL setup
Crypto analyst Jesse Olson said SOL continues to bounce after a 40 percent price drop. However, he said higher time frames suggest it is “not altseason” unless SOL flips a key retracement target from resistance into support.
Ted Pillows also warned about leverage in SOL markets. He said SOL open interest was close to May highs while price remained down 20 percent, adding, “Can you guys chill a bit with leverage?”
However, SolanaFloor pointed to network activity, saying SOL reached a new all-time high in transaction activity. That comment added to the bullish side of the market discussion, while price structure and leverage remained the main caution points.
The mixed setup matters because Forward’s stock can be closely tied to SOL moves. Its treasury model gives investors direct exposure to Solana, but it also means market volatility can affect the value of its holdings and investor confidence.
Earlier losses remain part of the story
Forward’s Solana strategy has also faced scrutiny. As previously reported on June 5, a wallet linked to Forward moved about 455,784 SOL, worth more than $32 million, to Coinbase Prime. The transfer raised concerns because it came while the company was facing large paper losses on its SOL position.
Forward had bought 6.83 million SOL in September 2025 at an average price of $232.08 per token. SOL had fallen sharply from that level, leaving the company with a large unrealized loss at the time.
Moreover, Forward’s earlier fiscal first-quarter results also showed the effect of crypto price swings. The company reported a net loss of $585.6 million for the quarter ended December 31, 2025, driven largely by a $560.2 million loss on digital assets and a $33 million impairment under U.S. GAAP treatment.
Revenue still rose more than four times year over year to $21.4 million in that quarter, mainly from staking revenue tied to its Solana treasury strategy. The contrast shows how staking income and digital asset accounting can move in different directions during volatile markets.
Forward’s latest purchase shows that the company is still adding to its Solana position despite earlier pressure. The market reaction suggests investors welcomed the treasury growth, but SOL price trends, leverage and the firm’s accounting losses remain key parts of the story.
