Forward Industries Acquires 500,000+ SOL, Shares Jump 17%
Forward Industries, a leading Solana treasury firm, announced it acquired over 500,000 SOL during its fiscal third quarter at an average price of around $79. The company now holds approximately 7.55 million SOL, valued at roughly $579 million as Solana trades near $77. Shares surged nearly 17% to $4.94 following the announcement, though they remain 89% below their 52-week high of $46. CIO Ryan Navi stated the firm's mandate is to maximize SOL per share, which grew 9% to 0.0729 over the past three months. The firm used its at-the-market offering to raise funds by selling 93,642 common shares. Despite the recent purchase, Forward faces significant unrealized losses as the bulk of its treasury was accumulated at an average price of $232 per SOL, when Solana traded near its all-time high. SOL has fallen over 74% from its peak. The company expects improved liquidity from its inclusion in the Russell 2000 and 3000 indexes. In June, Forward attempted to acquire other Solana-focused firms but was unsuccessful.
Key facts
- Forward Industries acquired over 500,000 SOL at ~$79 per SOL in fiscal Q3.
- Total SOL holdings now 7.55 million, worth ~$579 million.
- Shares jumped 17% to $4.94, but down 89% from 52-week high.
- SOL per share grew 9% to 0.0729 over three months.
- Bulk of treasury accumulated at $232 per SOL, leading to >$1B unrealized loss.