Forward Industries Shares Rise 11% as Solana Bet Grows to 7.5 Million

Forward Industries, the largest corporate Solana (SOL) holder, saw its share price rise by double-digits on Wednesday. 

The uptick came after the company revealed it bought over 500,000 Solana (SOL) in fiscal Q3 2026.

Forward Industries SOL Treasury Tops 7.5M 

FWDI closed at $4.70 on July 1, up 11.37%. The gain extended a rally that began in late June, when SOL started to recover. That rebound has offered relief to a stock weighed down by a broader 2026 downturn.

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According to the announcement, the firm acquired the tokens at an average price of about $79 each. Forward held 7.55 million SOL as of June 30, 2026. 

SOL-per-fully diluted share rose to 0.0729 from 0.0669 in the prior quarter, a 36% annualized growth rate. Furthermore, shares outstanding fell to 73.85 million from 76.31 million.

Meanwhile, the company sold 93,642 shares through its at-the-market program during the quarter. Forward also cited its recent inclusion in the Russell 2000 and Russell 3000 indexes. 

“By repurchasing shares when Forward trades at a discount to NAV and issuing equity when our shares trade at a premium, we dynamically allocate capital in a way that compounds SOL per share and enhances long-term intrinsic value,” CIO Ryan Navi said.

Losses Still Weigh on the Largest SOL Holder

The buying spree came after a painful stretch. Forward recorded a $283.1 million net loss for the quarter ended March 31, 2026, driven by fair-value markdowns on its SOL stack. Revenue still quadrupled year over year on staking rewards.

Market conditions have since turned more favorable. SOL gained over 15% over the past week on strong network activity, outperforming large-cap cryptocurrencies,BeInCrypto Markets data shows.

The coming months will test whether SOL’s recovery can hold, a swing that flows directly to Forward’s balance sheet as the largest SOL holder.

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