Shares of Forward Industries jumped more than 17% on Wednesday after the company expanded its Solana treasury by over 500,000 SOL in its third fiscal quarter, strengthening its position as the largest publicly traded holder of the token.
The Nasdaq-listed firm now holds about 7.55 million SOL, valued near $576 million, after acquiring tokens at an average price of roughly $79 during the quarter that ended Tuesday. Shares were last trading around $4.93.
Solana holdings surge as accumulation strategy accelerates
The latest purchases pushed Forward Industries ahead of its closest peers, with total holdings exceeding the combined 6.7 million SOL held by Solana Company, DeFi Development Corp., and Upexi.
The company reported a 36% annualized increase in SOL per fully diluted share compared with the previous quarter, highlighting a strategy focused on growing digital asset exposure on a per-share basis.
Capital strategy ties equity issuance to asset growth
Forward Industries said it issued 93,642 shares through its at-the-market equity program while continuing to repurchase stock when its price fell below market-adjusted net asset value. This dual approach allows the firm to raise capital efficiently while maintaining discipline around dilution.
The company is also leveraging its holdings by borrowing at rates below its staking yield, which ranges between 6.4% and 7.3%, creating a positive carry that supports further accumulation.
Chief Investment Officer Navi said the firm remains focused on maximizing SOL per share while actively adjusting capital decisions depending on whether its stock trades at a premium or discount.
Index inclusion boosts access to capital
Forward Industries’ addition to the Russell 2000 and Russell 3000 indexes is expected to expand its reach among large market participants and increase demand from index-tracking funds managing an estimated $12.2 trillion in assets.
This structural demand could provide a steadier capital base for the company’s ongoing digital asset purchases.
Solana price and market dynamics in focus
Solana rose to a one-month high above $77, recovering from levels near $60 earlier in June. The $77 to $80 range is now being closely watched by traders as a potential shift in market momentum.
Despite broader market sentiment remaining in “Extreme Fear,” with the Fear & Greed Index at 11, on-chain activity continues to show growth. Decentralized finance fees on the network have increased, with Orca seeing a 150% jump in fees over the past 30 days.
Corporate treasury strategies reshape crypto markets
Forward Industries’ approach reflects a broader shift in how public companies interact with digital assets, using equity markets and balance sheet strategies to accumulate tokens.
This model introduces a new variable for traders, as corporate treasury decisions—such as equity issuance, borrowing, and asset allocation—begin to influence supply and demand dynamics alongside traditional factors like network activity and market sentiment.
Track major Solana treasuries and institutional flows using Toobit’s real-time crypto market data tools today.
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