Summary

  • Forward Industries said it had acquired an additional 226,000 SOL, bringing its total holdings to 8.7 million SOL.
  • The company said it plans further SOL purchases through a $50 million credit facility backed by SOL collateral and an investment of up to $50 million in USHP.
  • Recent weakness in both the SOL price and Forward Industries' share price has put the value of its holdings and its financial health in focus.

Forecast Trend Report by Period

Forward Industries, a U.S.-listed company, is expanding its digital-asset treasury strategy by increasing its Solana holdings.

The Block reported on Nov. 10 that Forward Industries had added about 226,000 SOL since late September through additional purchases and staking rewards. That raised its total holdings to about 8.7 million SOL, valued at roughly $726.5 million. The amount is equal to about 1.5% of Solana's circulating supply.

The company also secured a two-year, $50 million credit facility from a U.S. national bank. The loan is backed by its SOL holdings, with the collateral structured to remain staked so it can continue generating rewards.

Forward Industries also plans to invest as much as $50 million in USHP, a tokenized investment product tied to U.S. home prices. It plans to use proceeds from that investment to buy additional SOL. Galaxy and SharpLink's on-chain yield fund also participated in the USHP launch.

Forward Industries currently holds the largest SOL treasury among U.S.-listed companies. DeFi Development, the second-largest holder, owns about 2.6 million SOL, leaving a significant gap with Forward Industries.

Still, both Solana and the company's shares have recently come under pressure. SOL fell to about $82 during the session, its lowest level in roughly three months, before recovering to around $83.50. Forward Industries shares also dropped to about $5.25, nearing a three-month low.

Forward Industries shares are down more than 28% this year. While the company continues to expand its assets through SOL purchases and staking, shifts in the value of its holdings and its financial health as Solana's price fluctuates remain key variables.

Suehyeon Lee