Forward Industries reports 6.9 million SOL holdings after treasury launch

Forward Industries Inc. (NASDAQ: FWDI) reported holding 6,921,342 SOL tokens valued at approximately $1.59 billion as of December 1, according to a company statement. The holdings represent what the company describes as the world's largest Solana treasury position.

The company launched its Solana treasury strategy in September 2025, purchasing 6,834,505.96 SOL tokens at an average cost of $232.08 per token. Nearly all holdings are currently staked through the company's validator infrastructure, which has generated between 6.82% and 7.01% gross annual percentage yield since inception.

Forward Industries completed a $1.65 billion private placement in September led by Galaxy Digital, Jump Crypto, and Multicoin Capital. The company also announced an at-the-market equity offering program covering up to $4 billion in common stock sales and authorized a $1 billion share repurchase program.

The company launched two new products: fwdSOL, a liquid staking token, and Forward PropAMM, developed with backing from Galaxy and infrastructure input from Jump Crypto. Forward Industries also partnered with Superstate to allow shareholders to tokenize FWDI shares on the Solana blockchain.

As of December 2, the company maintains approximately $30 million in operating capital through cash and USDC reserves and reports no debt obligations. The company changed its ticker symbol from "FORD" to "FWDI" on the Nasdaq Stock Exchange.

Forward Industries appointed Ryan Navi as Chief Investment Officer and Georgia Quinn as General Counsel. The company established a 25-member crypto advisory board and completed a tax optimization process that reset $334 million in notional value at a net cost of approximately $51,600.

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