Forward Industries Expands SOL Treasury to 8.7M, Secures $50M Credit Line

Forward Industries (NASDAQ: $FWDI), the largest public Solana (CRYPTO: $SOL) treasury company, said Tuesday it added 226,396 SOL since Oct. 1 to bring its holdings to 8,727,694 tokens, and that it secured a $50 million credit facility backed by its SOL.

The update comes as SOL fell as low as $82 on Tuesday, its lowest level in nearly three months, and Forward shares dipped to $5.25, down more than 28% this year. The company’s holdings equal about 1.5% of Solana’s circulating supply. The closest public rival, DeFi Development Corp. (NASDAQ: $DFDV), holds just over 2.6 million SOL.

According to the press release, the SOL was added at an average cost of $75 per token, a figure that includes staking rewards, which the company counts as having no cash cost. SOL per fully diluted share rose to 0.0824 from 0.0806 at the end of September, an increase of 2.3% in 40 days, or about 21% annualized. Forward’s net asset value fell to $600.3 million from $870.4 million over the period, reflecting the lower SOL price.

The new two-year credit facility carries an interest rate of SOFR plus 150 basis points. The loan is secured by SOL in Forward’s treasury, which will remain staked and continue to earn rewards, the company said. Forward plans to use the proceeds to accelerate its SOL++ strategy.

Forward also committed up to $50 million to USHP, which it described as the first tokenized liquid index product tracking U.S. home prices, and will co-anchor its $100 million launch. The company expects to earn U.S. dollar income from the housing market through USHP’s income-bearing token and to put that income toward buying more SOL.

“We are also putting our all-weather SOL++ strategy into action,” Chief Investment Officer Ryan Navi said in the release, adding that the steps advance the company’s goal of building the “Berkshire Hathaway of Solana.”

Shares of Forward Industries (NASDAQ: FWDI) are currently trading at $5.24, down from a 52 week high of $11.32.