Forward Industries has increased its SOL and SOL-equivalent holdings by 948,601 tokens during fiscal Q4, taking its total to 8.501 million as of Sept. 30, 2026.
Summary
- Forward Industries added nearly 949,000 SOL, lifting total holdings to 8.501 million during fiscal Q4.
- The company valued its SOL treasury at $1.004 billion using a September 30 price reference.
- SOL per fully diluted share rose 10.4% quarter-over-quarter to 0.0806, according to Forward Industries’ update.
- Forward closed a $25 million stock offering in September, with proceeds intended partly for SOL.
- Solana traded near $122 on October 2, up roughly 4% over the previous 24 hours.
Forward Industries said the 13% quarterly increase came from a combination of SOL purchases and staking, with the newly added tokens carrying an average cost of $83. Its holdings rose from 7.553 million at the end of June to 8.501 million at the end of September.
The company said the position represented roughly 1.4% of Solana’s circulating supply. Its definition of SOL holdings includes native SOL, fwdSOL and pledged SOL while excluding borrowed tokens. Forward’s treasury dashboard continues to show 8,501,298 SOL and equivalents as of Sept. 30.
Forward Industries’ SOL holdings reached 8.5 million
At a reference price of $118.06 per SOL on Sept. 30, Forward placed the fair value of its SOL treasury at $1.0037 billion. Other digital assets carried a reported fair value of $26.9 million, while cash stood at $7.3 million. The company calculated total net asset value at approximately $870.4 million after accounting for $167.5 million in institutional debt.
SOL per fully diluted share climbed from 0.0730 at June 30 to 0.0806 three months later, an increase of 10.4%. Over the full fiscal year, the measure rose 33% from 0.0604 on Sept. 30, 2025. Forward uses the metric to divide its SOL and SOL-equivalent holdings by its fully diluted share count.
Fully diluted shares increased from 103.53 million to 105.54 million during the quarter. Common shares outstanding rose from 73.85 million to 76.29 million. Forward acknowledged that part of its SOL buying was funded through FWDI share sales and described the issuance as accretive because SOL per fully diluted share still increased.
Chief Investment Officer Ryan Navi called the period a “standout quarter” and pointed to what the company described as record SOL additions. His statement that the company was “building the Berkshire Hathaway of Solana” represents management’s description of its strategy, not an independent assessment of the business.
September stock sale provided more cash for SOL purchases
Just before the fiscal year ended, Forward raised another $25 million through a registered direct stock offering. A Sept. 22 securities purchase agreement covered 3.125 million common shares priced at $8 each, and the transaction closed on Sept. 24.
In its SEC filing, Forward said it planned to use the net proceeds for Solana purchases, working capital and general corporate purposes. A company release issued after the closing said the proceeds were intended primarily for additional SOL. The disclosures did not break out how much of that financing had been deployed into SOL by Sept. 30.
Institutional debt increased during fiscal Q4 from $105 million to $167.5 million, according to the Oct. 1 update. Forward’s earlier SEC disclosures show that it has used borrowing arrangements with Galaxy Digital as part of its treasury strategy, alongside staking, lending, DeFi activity and equity financing.
As crypto.news reported in July, Forward had already added more than 500,000 SOL during fiscal Q3, taking its holdings to 7.55 million by June 30. The latest 948,601-token increase means Q4 produced a larger addition than the previous quarter.
Forward began its Solana treasury strategy in September 2025 after raising $1.65 billion through a private placement backed by Galaxy Digital, Jump Crypto and Multicoin Capital. In earlier crypto.news coverage, the company reported acquiring 6.822 million SOL during its first week of the strategy at an average purchase price of $232.
Solana price holds near $122 after September recovery
CoinGecko data on Oct. 2 showed Solana trading near $122, up roughly 4% over 24 hours and around 3% over the previous seven days. The token carried a circulating supply of approximately 590 million SOL and a market capitalization near $72 billion at the time of the reading.
Historical CoinGecko data placed SOL at $118.04 on Sept. 30, close to the $118.06 reference Forward used for its quarter-end treasury valuation. SOL had traded below $100 in mid-September before moving above that level later in the month.
A daily SOL/USDT TradingView chart showed the token consolidating around the $120 to $123 area following its rebound from the June lows. The RSI reading of 66.40 remained below the 70 level normally associated with an overbought reading, while sitting slightly above its RSI moving average of 65.66.
The same chart placed the MACD line near 5.50 and its signal line around 5.60, leaving the histogram slightly negative at approximately -0.10. Both lines remained above zero, though the small negative histogram showed shorter-term momentum had slowed compared with the preceding advance.
No verified market data establishes that Forward’s latest treasury purchases caused SOL’s Oct. 2 price gain. CoinGecko’s figures show the price movement, while Forward’s disclosure gives the size and timing of its quarterly accumulation as separate data points.
Forward is putting capital into other Solana projects
Forward’s Solana exposure extends beyond its treasury tokens. During Q4, the company reported that the market capitalization of ONyc, issued by tokenized reinsurance platform OnRe, increased from roughly $203.4 million at the end of June to $286.2 million at Sept. 30. Forward cited RWA.xyz for the figures.
Forward invested in OnRe earlier in 2026 and committed to purchase as much as $25 million of ONyc, subject to the investment terms. As crypto.news reported in May, Forward and RockawayX participated in OnRe’s $5 million funding round, while Forward planned a separate investment into the Solana-based token.
The company said Solana’s tokenized real-world asset market, excluding stablecoins, increased from more than $3.3 billion at the end of June to approximately $4.3 billion by Sept. 30. Its Oct. 1 release attributed that market figure to RWA.xyz.
Forward’s quarter-end treasury numbers remain preliminary and unaudited. The company said its net asset value, digital-asset values, debt figures and capitalization data remain subject to completion of its annual audit for the fiscal year ended Sept. 30, 2026.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
