rewrite this title Forward Industries Shares Spike as Leading Solana Treasury Adds $38 Million in SOL – Decrypt

Shares in leading Solana treasury firm Forward Industries have jumped nearly 17% to trade at $4.94 after the firm announced it acquired more than $38 million worth of Solana during its fiscal third quarter.

The firm bolstered its treasury with more than 500,000 SOL at an average price around $79 and now maintains a balance sheet with around 7.55 million SOL, currently valued around $579 million as Solana trades just under $77.

“Our mandate is simple: maximize SOL per share and create long-term shareholder value,” said Forward Industries CIO Ryan Navi in a statement. “Our execution this quarter demonstrates our ability to employ multiple capital formation strategies to acquire additional SOL in a highly accretive manner.”

The firm utilized its at-the-market offering, selling 93,642 common shares during the quarter to raise funds. 



Despite Wednesday’s price jump, shares have fallen around 26% in the last six months of trading and are now 89% off their 52-week high of $46. 

Beyond share price, the firm measures SOL held per share as an indicator of its performance, which has grown to 0.0729 or around 9% in the last three months. 

“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,” said Navi. 

Moving forward, the firm believes its shares will also experience improved liquidity and increased visibility as a result of its inclusion into the Russell 2000 and 3000 indexes. 

In June, the leader among publicly traded Solana treasury firms attempted to acquire some of its other Solana counterparts—including the Solana Company and Brera Holdings—but was unsuccessful in doing so. 

Last year, Forward purchased its first 6.8 million SOL, amassing a treasury of around $1.6 billion worth of the cryptocurrency. After accumulating the bulk of its treasury at an average price of $232 per SOL, the firm now finds itself with more than $1 billion in unrealized losses. 

SOL is up about 3.3% in the last 24 hours, but has fallen more than 74% from its all-time high of $293.