Forward Industries, Inc. (NASDAQ: FWDI) announced that it acquired more than 500,000 SOL during its fiscal third quarter of 2026 at an average purchase price of approximately $79 per SOL, increasing its Solana treasury to 7.55 million SOL as of June 30, 2026. The company also said it sold 93,642 shares through its at-the-market offering during the quarter while achieving annualized SOL-per-share growth of 36%.
Forward said its recent inclusion in the Russell 2000 and Russell 3000 indexes enhances its ability to raise capital when its shares trade at a premium to net asset value, complementing its strategy of using fwdSOL as collateral to access liquidity while generating staking yield. The company reported SOL per fully diluted share increased to 0.0729 as of June 30 from 0.0669 at the end of the prior quarter.
This news matters because it underscores the growing trend of publicly traded companies adopting digital asset treasury strategies. Forward Industries, which positions itself as a Solana-focused digital asset treasury company, is aggressively accumulating SOL, signaling strong conviction in the cryptocurrency's long-term value. The increase in SOL per share from 0.0669 to 0.0729 indicates that the company is effectively growing its digital asset holdings on a per-share basis, which could enhance shareholder value if SOL appreciates.
The inclusion in the Russell indexes is particularly significant as it broadens Forward's investor base and provides a more liquid market for its shares. This, combined with the ability to raise capital through at-the-market offerings when shares trade at a premium, gives Forward flexibility to continue its accumulation strategy. Using fwdSOL as collateral to access liquidity while earning staking yield further optimizes the company's capital efficiency.
For more details, view the full press release here. Forward Industries' strategy involves buying, holding, staking, trading, investing in, and growing SOL and SOL-related digital assets, protocols, and businesses. The company launched its digital asset treasury strategy in September 2025 with support from investors and operating partners including Galaxy Digital and Jump Crypto.
The announcement comes as institutional interest in cryptocurrencies continues to rise, with companies increasingly viewing digital assets as a treasury reserve asset. Forward's focus on Solana, a blockchain known for its high throughput and low transaction costs, differentiates it from other corporate crypto holders who may favor Bitcoin or Ethereum. By concentrating on SOL, Forward is betting on the growth of the Solana ecosystem.
Investors should note that while this strategy offers potential upside, it also exposes the company to the volatility of cryptocurrency markets. The average purchase price of approximately $79 per SOL implies a significant investment, and fluctuations in SOL's price could impact the company's financial position. However, Forward's approach of generating staking yield and using SOL as collateral aims to mitigate some risks while providing liquidity.
As of June 30, the Solana treasury stood at 7.55 million SOL, a substantial holding that underscores the company's commitment to its digital asset strategy. The company's ability to execute on its plan while being part of major indexes may attract more institutional investors interested in gaining exposure to Solana through a publicly traded entity.
