TL;DR:
Forward Industries executed the repurchase of approximately 6.16 million of its own shares on Nasdaq (FWDI) for a value of $27.4 million, in a private transaction with an institutional investor.
The operation was financed through a $40 million loan backed by digital assets, granted by Galaxy Digital at an average interest rate of 3.4% and a maturity of less than five months. The debt is collateralized with staked SOL, which the company claims generates an annual yield of approximately 6.2%, allowing it to continue accumulating rewards while accessing the necessary capital.
The objective of the maneuver is to increase the SOL-per-share metric, the central indicator through which the company defines value for its shareholders. The reduction of the share float by approximately 7% amplifies token exposure per issued share, a logic that replicates the financial structure that companies like Strategy popularized with Bitcoin.
Forward Industries is navigating a highly adverse environment. Its shares have accumulated a 25% decline so far this year, while Solana has retreated nearly 30% over the same period. The outlook is even bleaker when considering that the company began accumulating SOL in September 2025, when the token was trading at around $240. With the current price hovering near $88, the loss in value on those positions exceeds 60%.
Even so, Forward has not stopped buying. The company now reports a holding of just over 7 million SOL, equivalent to approximately $616 million at current prices, positioning it as the largest known corporate holder of Solana. The second on the list, Solana Company, holds approximately 2.3 million SOL.
The company projects a 45% reduction in its core operating expenses between the first and third fiscal quarters, driven by lower service fees, legal costs, and vendor spending. Its strategy is built on cost compression with leverage on Solana, leaving its future performance heavily tied to the token’s price performance.
