Forward Industries added 948,601 SOL during fiscal Q4, lifting its treasury to 8.501 million tokens worth roughly $1.004 billion. The purchases followed a $25 million stock sale in September, and Solana itself traded near $122 on October 2, up about 4% over 24 hours.
Forward Industries lifts SOL holdings to 8.5 million
Forward Industries added nearly 949,000 SOL during fiscal Q4, taking its total holdings to 8.501 million tokens as of Sept. 30, 2026. The company said the 13% quarterly increase came from a mix of purchases and staking, with the new tokens carrying an average cost of $83. Holdings had stood at 7.553 million at the end of June, so the gain builds on an already large position.
The company valued its SOL treasury at $1.004 billion using a Sept. 30 reference price of $118.06 per token. It calculated total net asset value at approximately $870.4 million after accounting for $167.5 million in institutional debt, up from $105 million the previous quarter.
A stock sale helped fund the buying
Forward closed a $25 million registered direct stock offering in September, with a Sept. 22 purchase agreement covering 3.125 million shares at $8 each. The company said it would use the proceeds for SOL purchases, working capital and general corporate purposes, though it did not disclose how much had been deployed into SOL by quarter-end.
SOL per fully diluted share rose 10.4% quarter-over-quarter to 0.0806, a metric Forward uses to measure its holdings against its expanding share count. Chief Investment Officer Ryan Navi described the quarter as a "building the Berkshire Hathaway of Solana" strategy, a characterization that reflects management's own framing rather than an independent assessment.
Solana price holds near $122
Solana itself traded near $122 on Oct. 2, up roughly 4% over the previous 24 hours and about 3% over the past week, after recovering from levels below $100 in mid-September. No verified data ties Forward's treasury purchases to that price move; the two remain separate data points reported alongside each other.
Forward's broader Solana exposure also grew: the market capitalization of tokenized reinsurance asset ONyc rose to $286.2 million by Sept. 30, up from roughly $203.4 million three months earlier. The company's quarter-end figures remain preliminary pending its annual audit.
Source: crypto.news
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