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Shares of Forward Industries, a leading Solana treasury manager, rose nearly 17% to $4.94 following the announcement that the company added over $38 million of SOL to its holdings in the third fiscal quarter.
The firm expanded its treasury by acquiring more than 500,000 SOL at an average price near $79, bringing its total holdings to roughly 7.55 million SOL, which are now valued at approximately $579 million as SOL trades slightly below $77.
“Our mandate is clear: maximize SOL per share and generate long‑term shareholder value,” said Ryan Navi, CIO of Forward Industries, in a statement. “This quarter’s results highlight our ability to deploy multiple capital‑formation strategies to acquire additional SOL in a highly accretive manner.”
During the quarter, the company sold 93,642 of its common shares through an at‑the‑market offering to raise capital.
Although the recent price increase is notable, the stock has declined roughly 26% over the past six months and is now about 89% below its 52‑week high of $46.
“By repurchasing shares when the stock trades below net asset value and issuing equity when it trades at a premium, we dynamically allocate capital to compound SOL per share and enhance long‑term intrinsic value,” Navi explained.
Looking ahead, the firm expects its shares to benefit from greater liquidity and heightened visibility following inclusion in the Russell 2000 and Russell 3000 indices.
Forward Industries Continues Pursuing Rival Acquisitions With Limited Success
In June, the leading publicly traded Solana treasury firm attempted to acquire several of its peers, including the Solana Company and Brera Holdings, but was unable to complete any of those deals.
Last year, Forward acquired its initial 6.8 million SOL, building a treasury valued at roughly $1.6 billion. After building the majority of this position at an average cost of $232 per SOL, the firm now holds over $1 billion in unrealized losses.
SOL has risen about 3.3% over the past 24 hours, though it remains more than 74% below its all‑time peak of $293.
