FWDI's Solana Treasury Grows
Forward Industries Expands Solana Treasury to 7.55M SOL, Stock Jumps 17%
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Key Points
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FWDI is the largest publicly traded Solana treasury holder, with 7.55 million SOL, and its stash is larger than the combined holdings of the next three largest Solana treasury firms (Solana Company, DeFi Development Corp., and Upexi) which total about 6.7 million SOL.
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In June, Forward attempted to acquire other Solana peers — specifically the Solana Company and Brera Holdings — but those merger efforts were unsuccessful.
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Last year, Forward purchased its first 6.8 million SOL at an average price of $232 per SOL, building a high-cost base of around $1.6 billion for its treasury.
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The stock is notably below its 52-week high, roughly 89% off the high of $46, and has fallen about 26% over the last six months, highlighting volatility beyond the quarter’s SOL moves.
Forward Industries (NASDAQ: FWDI) added more than 500,000 SOL in its fiscal third quarter, bringing its total Solana treasury to 7.55 million SOL — worth roughly $576 million at current prices, according to The Block. Shares jumped over 17% on the news, hitting about $4.93, as the company cemented its position as the largest publicly traded Solana treasury holder in the world.
The purchases were made at an average price of about $79 per SOL, a steep discount from the $232 average the company paid for its first 6.8 million SOL last year, according to Decrypt. The move is being read as a deliberate "averaging down" — buying more at lower prices to reduce the overall cost of the hoard.
FWDI Now Holds More SOL Than Its Three Rivals Combined
Forward's 7.55 million SOL dwarfs its closest competitors. The next three largest Solana treasury firms — Solana Company, DeFi Development Corp., and Upexi — hold about 6.7 million SOL combined, according to MarketWatch. That gap makes Forward the undisputed leader in the still-young Solana treasury sector.
The efficiency metric that management watches most closely also improved. SOL per fully diluted share rose to 0.0729 from 0.0669 last quarter — a roughly 9% jump in three months and 36% annualized growth, per NetworkNewsWire. Chief Investment Officer Ryan Navi said the results show the company can "maximize SOL per share" using "multiple capital formation strategies."
A $1 Billion Paper Loss Shadows the Bullish Headlines
Forward bought its first 6.8 million SOL in September 2025 at $232 per coin, spending roughly $1.58 billion. With SOL now trading in the mid-to-high $70s, that original position is worth about $500 million less than it cost. The company is sitting on a paper loss of more than $1 billion on that initial stake.
The stock tells the same story. FWDI rose 17% on Tuesday but still sits about 89% below its 52-week high of $46, according to The Block. The shares have also fallen roughly 26% over the last six months. Bulls argue the Q3 buy-in at $79 helps average down the cost basis. Skeptics say the damage from the original purchase is simply too large to paper over quickly.
Failed Merger Bids Reveal a Fractured Sector
Forward tried to consolidate the Solana treasury space in June. It sent non-binding proposals to both Brera Holdings and Solana Company in all-stock deals. Both boards said no. The Brera board rejected the offer as "not in the best interest of the company." The Solana Company board rejected the bid without further discussion, per Decrypt.
The rejections suggest rivals are wary of Forward's high legacy cost basis and aggressive style, even as Forward holds the biggest pile of SOL. Analysts expect the company to keep pushing. It has a $4 billion "at the market" program authorized — meaning it can sell new shares and use the cash to buy more SOL or make future bids.
Russell Index Entry Opens Doors to Institutional Investors
Forward officially joined the Russell 2000 and Russell 3000 indexes on June 29. That matters because index funds must now buy FWDI shares automatically. It brings Forward — and by extension, Solana exposure — into retirement accounts and institutional portfolios that would otherwise never touch crypto directly, according to Yahoo Finance.
The company is also using fwdSOL — its liquid staking token launched with partner Sanctum in December 2025 — as collateral to borrow cash and fund new SOL purchases. The staking program earns between 6.4% and 7.3% annually. Management says the yield covers borrowing costs and creates "positive carry," meaning the strategy pays for itself while the SOL pile grows.
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