Solana
Forward Industries increased its Solana treasury by 948,601 SOL and SOL-equivalent tokens during fiscal Q4, bringing total holdings to approximately 8.5 million tokens as of Sept. 30, 2026. The 13% quarterly increase came from a combination of purchases and staking, with the newly added tokens carrying an average cost of $83.
At a reference price of $118.06 per SOL at quarter-end, Forward valued its Solana treasury at approximately $1.004 billion. The company’s position represented around 1.4% of Solana’s circulating supply, making its treasury strategy a significant source of institutional exposure to the asset. However, the company’s reported holdings include native SOL, fwdSOL and pledged SOL, while excluding borrowed tokens.
Forward’s SOL accumulation also increased its token holdings per fully diluted share. The metric rose 10.4% during the quarter, from 0.0730 to 0.0806, and was up 33% year over year. Although the company issued additional shares to help fund its purchases, it said the increase in SOL per fully diluted share meant the strategy remained accretive on that measure.
The accumulation was supported in part by equity financing. On Sept. 24, Forward completed a $25 million registered direct stock offering involving 3.125 million shares priced at $8 each. The company said proceeds would be used primarily for additional SOL purchases, alongside working capital and general corporate purposes, but did not disclose how much of the new funding had been deployed by the end of September.
At the same time, Forward’s institutional debt increased from $105 million to $167.5 million during the quarter. The company reported approximately $1.004 billion in SOL treasury value, $26.9 million in other digital assets and $7.3 million in cash. After accounting for debt, its estimated net asset value stood at approximately $870.4 million. The figures highlight the scale of the treasury strategy, while also showing the role that borrowing and equity issuance play in financing it.
SOL was trading near $122 on Oct. 2, after recovering from levels below $100 in mid-September. The token had gained roughly 4% over 24 hours and around 3% over the previous seven days. On the daily chart, the relative strength index stood at 66.40, below the commonly watched 70 threshold, while the MACD histogram was slightly negative despite both the MACD and signal lines remaining above zero. This combination suggests that the earlier recovery remained intact, although short-term upward momentum had eased.
Forward’s accumulation and SOL’s price performance should be treated as separate developments. The available figures do not establish that the company’s purchases caused the token’s recent gains, and a larger corporate treasury does not by itself guarantee further price appreciation. Whether SOL can move toward $130 will depend on broader market demand and price momentum, alongside any changes in market conditions.
Forward is also expanding its exposure to Solana-based projects beyond its token holdings. The company reported that the market capitalization of ONyc, a token issued by reinsurance platform OnRe, rose from approximately $203.4 million at the end of June to $286.2 million by Sept. 30. It also cited growth in Solana’s tokenized real-world asset market, excluding stablecoins, from more than $3.3 billion to approximately $4.3 billion over the same period.
The latest treasury figures remain preliminary and unaudited, with the company’s annual audit still to be completed. For investors assessing Forward’s strategy, the key factors to watch are the evolution of its SOL holdings per share, its use of debt and equity financing, and whether Solana’s market performance can sustain its September recovery.
