Forward Industries, listed on Nasdaq under the ticker FWDI, increased its Solana holdings by 948,601 SOL during its fiscal fourth quarter, which concluded on September 30, 2026. This acquisition brings the company's total treasury to 8,501,298 SOL and equivalent tokens, representing approximately 1.4% of the circulating supply of Solana.
The company acquired the tokens at an average price of $83 per SOL. With the reference price for SOL at $118.06 on September 30, 2026, the total treasury valuation reached approximately $1.004 billion. After accounting for debt, the preliminary net asset value is estimated at $870.4 million.
To fund these purchases, Forward Industries increased its institutional borrowing to $167.5 million, up from $105 million in the previous quarter. Additionally, the company completed a registered direct stock offering in September 2026, raising $25 million in equity capital.
The amount of SOL per fully diluted share grew by 10.4% during the quarter, rising from 0.0730 to 0.0806. The company estimates the annualized growth rate of this metric at approximately 42%. Forward Industries began its strategic focus on the Solana market in September 2025, utilizing both capital investments and staking rewards.
