Forward Industries (NASDAQ: FWDI), a Solana-focused digital asset treasury company, reported a mid-quarter update for its fiscal first quarter of 2027, showing growth in its Solana (SOL) holdings and SOL per share, alongside a decline in net asset value and an increase in institutional debt.
Between September 30 and November 9, 2026, Forward’s SOL and SOL equivalent holdings increased by 226,396 SOL, or 2.7%, to 8,727,694. This represents approximately 1.5% of Solana’s circulating supply. The additional SOL was acquired at an average cost of $75 per token, including staking rewards assigned no cash cost. SOL per fully diluted share rose 2.3% to 0.0824 from 0.0806 during the same period.
The company’s net asset value declined to approximately $600.3 million from $870.4 million, while institutional debt increased to $187.5 million from $167.5 million. Forward also highlighted several strategic developments: securing a $50 million, two-year credit facility backed by staked SOL; committing up to $50 million to USHP, a tokenized index product tracking U.S. home prices; and acquiring a strategic minority interest in Index Industries with additional equity warrants. Additionally, Barclays was added as a sales agent alongside Cantor for the company’s at-the-market (ATM) equity offering program.
These initiatives are intended to expand Forward’s SOL holdings and generate additional income through its SOL++ strategy. For more details, the full press release is available at https://nnw.fm/rlZhm.
Forward Industries, Inc. (NASDAQ: FWDI) is a Solana-focused digital asset treasury company with the strategy to buy, hold, stake, trade, invest in, and grow SOL and SOL-related digital assets, protocols, and businesses. Its mission is to expand and strengthen the Solana ecosystem by acquiring and staking SOL and engaging with, providing tools to, and investing in the Solana network, Solana developers, and Solana-related projects to increase shareholder value. In connection with a private placement transaction in September 2025, Forward launched a digital asset treasury strategy supported by industry-leading investors and operating partners including Galaxy Digital and Jump Crypto. For more information on the Company’s Solana treasury strategy, visit www.forwardindustries.com. The latest news and updates relating to FWDI are available in the company’s newsroom at https://nnw.fm/FWDI.
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