Forward Industries Adds 948,601 SOL, Treasury Reaches 8.5 Million
Forward Industries closed its fiscal fourth quarter with 8,501,298 SOL and SOL-equivalent tokens, after adding 948,601 tokens in the three months ended September 30, 2026, Cryptobriefing reported. The Nasdaq-listed firm, which trades under the ticker FWDI, now controls roughly 1.4% of Solana’s circulating supply.
The quarterly additions were bought at an average of $83 per SOL, Cryptobriefing reported. At the September 30 reference price of $118.06, the full treasury was valued at approximately $1.004 billion, and preliminary net asset value after debt came to about $870.4 million.
Key facts
- Forward Industries added 948,601 SOL in fiscal Q4 2026, lifting holdings 13% from 7,552,698 tokens at the end of June.
- Institutional borrowing rose to $167.5 million from $105 million, and the company completed a $25 million registered direct stock offering in September 2026.
- SOL per fully diluted share advanced from 0.0730 to 0.0806 during the quarter, a 10.4% sequential gain that the company put at roughly 42% annualized.
- Blockonomi reported that Forward’s investment in OnRe, a tokenized reinsurance platform on Solana, grew 41% in market capitalization during the quarter, with ONyc rising from about $203.4 million to $286.2 million.
- Coincentral and Blockonomi both reported FWDI shares rose 8% in Friday premarket trading, while Blockonomi put net asset value at nearly double the prior quarter’s $481.3 million.
The company confirmed its Solana pivot began in September 2025, and it has previously cited cumulative staking rewards from locking tokens to help secure the network. Coincentral described the quarter as the close of Forward’s first full fiscal year running the strategy.
How the quarter was funded
Forward drew on two sources. It raised institutional debt to $167.5 million and sold stock through a $25 million registered direct offering in September 2026, according to Cryptobriefing. Blockonomi reported that basic shares outstanding expanded from 73.8 million to 76.3 million, while fully diluted shares grew from 103.5 million to 105.5 million, and said management called the issuance accretive because SOL-per-share metrics kept rising.
Coincentral carried the same figures and added that fully diluted NAV per share stood at $8.25, with a market-to-NAV ratio of 0.946x. The three reports agree on the headline figures: 948,601 SOL added, a 13% expansion, an $83 average cost, a 10% sequential gain in SOL per share and roughly 42% annualized.
Why it matters
A single public company holding about 1.4% of Solana’s circulating supply is a meaningful concentration, and it gives FWDI shareholders direct exposure to SOL price moves rather than to a diversified operating business. The per-share metric is the number that matters for those shareholders, because it shows whether buying has outpaced share issuance. Rising institutional debt of $167.5 million does not shrink if SOL falls, which cuts both ways: the $83 average cost leaves room at a $118.06 reference price, but leverage magnifies moves in either direction. Forward’s stated ambition, described by Chief Investment Officer Ryan Navi as building a Berkshire Hathaway-style conglomerate for the Solana ecosystem, extends beyond holding tokens into positions such as OnRe.
What to watch
The next checkpoints are whether SOL per fully diluted share keeps climbing, whether debt grows faster than the treasury, and how net asset value tracks against the company’s market value. Market-to-NAV, reported at 0.946x by Coincentral, is the clearest single gauge of that gap.
None of this is financial advice; crypto and related equity markets are volatile and uncertain.
Disclaimer: This article is for information only and is not investment, financial or trading advice. Cryptocurrency prices are highly volatile. Always do your own research.
Sources: Crypto Briefing, Blockonomi, Coincentral
