Forward Industries shares jumped more than 17% on Wednesday after the Solana treasury company said it bought more than 500,000 SOL during its fiscal third quarter, lifting its total holdings to more than 7.55 million SOL.
The Nasdaq-listed company said its Solana treasury was worth about $576 million as of June 30, 2026. It bought the additional SOL at an average price of about $79 during the quarter that ended Tuesday.
At press time, Solana was up by 4.5% to trade at $76.85 after hitting a one-month high above $77 after rebounding from a low near $60 earlier in June.
Forward Industries Expands Solana Treasury
Forward Industries said it remains the largest publicly traded Solana treasury company after its latest purchases. The company now holds more SOL than the next three largest public Solana treasury firms combined.
Solana Company, DeFi Development Corp., and Upexi together hold about 6.7 million SOL, while Forward holds more than 7.55 million SOL. That gap has strengthened Forward’s position among public companies using Solana as a treasury asset.
The company also reported annualized SOL-per-fully diluted share growth of 36% from the previous quarter. Its SOL-per-fully diluted share increased to 0.0729 as of June 30 from 0.0669 as of March 31.
Forward said it sold 93,642 shares through its at-the-market equity program during the quarter. At the same time, it continued to repurchase shares when they traded below an mNAV of 1, meaning the market valued the company below the value of its SOL holdings.
Ryan Navi Says Strategy Focuses on SOL Per Share
Forward Industries Chief Investment Officer Ryan Navi said the company’s main goal is to increase SOL exposure per share while creating shareholder value over time.
“Our mandate is simple: maximize SOL per share and create long-term shareholder value,” Navi said. He added that the company used multiple capital formation strategies during the quarter to acquire more SOL in what it described as an accretive manner.
Navi said Forward can issue shares when they trade at a premium to net asset value and repurchase shares when they trade at a discount. This structure is aimed at increasing SOL per share instead of only expanding the total treasury size.
He also said the company’s inclusion in the Russell 2000 and Russell 3000 indexes expands its access to institutional capital and broadens its investor base. Forward said index inclusion gives it another route to raise capital for future SOL accumulation.
Forward said it has also built liquidity options through institutional partners using fwdSOL as collateral. The company said this structure gives it access to capital while continuing to hold and stake its SOL.
The company said it can borrow against SOL at a lower cost of capital than its staking yield, which it placed between 6.4% and 7.3%. That spread may allow Forward to access liquidity while generating positive carry, depending on market conditions and borrowing terms.
Solana Price Rebounds Toward Key Level
Crypto analyst Michaël van de Poppe has identified the $76.60 to $77 area as a key reclaim zone. In that view, the SOL price would need to break above $77 and hold it as support before traders can treat the move as a stronger recovery signal.
The broader trading range sits between about $76.60 and $97.89. A sustained reclaim of $77 could place the next major resistance area near $98, while failure to hold that level may keep SOL inside a weaker recovery structure.
Source: X
According to his chart, the technical indicators have also improved, with RSI moving higher and MACD stabilizing near the zero line. These signals point to fading downside pressure, but they do not confirm a full trend reversal without continued buying and support above $77.
