Forward Industries says its Solana holdings reached approximately 8.7 million SOL. The company also secured a $50 million credit line backed by SOL and committed up to $50 million to a tokenized home-price product, while SOL fell to its lowest level in almost three months.
Forward Industries added roughly 226,000 SOL to its treasury through purchases and staking rewards since the end of September.
The company said Tuesday that its holdings reached approximately 8.7 million SOL, worth roughly $726.5 million. That totals about 1.5% of Solana's total circulating supply.
Forward holds the largest public SOL treasury
Forward controls the largest Solana treasury among publicly traded companies by a wide margin. Its closest rival, DeFi Development Corp., holds just over 2.6 million SOL.
SOL and Forward shares slide
The update comes amid a slide in SOL and in Forward's own shares. SOL dropped as low as $82 on Tuesday, its lowest level in almost three months, before recovering to around $83.50.
Forward shares also dipped to a near three-month low of $5.25, leaving the stock down more than 28% so far this year.
A $50 million credit line and a tokenized home-price bet
Forward also disclosed a two-year, $50 million credit facility from an unnamed U.S. national bank. The loan is backed by SOL that will remain staked, which will allow Forward to continue earning rewards.
The company added that it committed up to $50 million to USHP, a tokenized product that tracks U.S. home prices. It plans to use income from the investment to purchase more SOL.
Source: The Block
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