Forward Industries adds 948,601 SOL, lifting its Solana treasury to 8.5 million tokens

Forward Industries just finished another quarter of doing what it said it would do: buying Solana, and a lot of it. The Nasdaq-listed company (ticker: FWDI) added 948,601 SOL during its fiscal fourth quarter, which ended September 30, 2026. That brings its stash to 8,501,298 SOL and SOL-equivalent tokens, roughly 1.4% of Solana’s circulating supply. The quarter by the numbers The new purchases lifted Forward’s holdings 13% from the prior quarter. Last quarter’s total stood at 7,552,698 tokens. The company paid an average of $83 per SOL for the quarter’s buys. On September 30, 2026, the reference price for SOL was $118.06, which means the latest batch was marked well above its purchase price at quarter-end. Using that reference price, the full treasury was valued at approximately $1.004 billion. After subtracting debt, Forward reported a preliminary net asset value of approximately $870.4 million. How Forward paid for it First, debt. The company raised its institutional borrowing to $167.5 million, up from $105 million the previous quarter. Second, equity. In September 2026, Forward completed a $25 million registered direct stock offering. Forward’s SOL per fully diluted share rose ...