Solana is a public blockchain network built to move transactions quickly and cheaply, and SOL is the digital currency that runs it. People buy and hold SOL much the way they might hold a foreign currency or a commodity, betting that the network’s usefulness keeps growing. Over the past year, a small group of publicly traded companies has begun buying large amounts of SOL and parking it on their balance sheets, treating the token less like a speculative trade and more like a corporate asset.
Forward Industries, Inc. (NASDAQ: FWDI) is the largest of these companies, and today it filed a disclosure that highlighted its complete capital structure, a standard requirement for any publicly traded company. Forward has to report those figures under Rule 2.12 of the Irish Takeover Rules, a requirement that applies because it remains in an active offer period tied to acquisition attempts that have not formally closed.
The more immediate story is what Forward has been doing with its own treasury. During fiscal third quarter 2026, the company acquired more than 500,000 SOL at an average price of about $79 per token, lifting its total holdings to 7.55 million SOL as of June 30, 2026. To help fund the purchases, Forward sold 93,642 shares of common stock through an At-The-Market offering, a method that lets a company issue new shares gradually rather than all at once. The company says this pushed its SOL per share metric up at an annualized rate of 36%, meaning existing shareholders effectively own a growing slice of Solana without buying anything themselves.
Forward’s outstanding share count actually declined over the quarter, moving from roughly 76.3 million shares on March 31 to about 73.8 million on June 30, largely reflecting stock repurchases made earlier in the year. Its SOL per fully diluted share climbed from 0.0669 to 0.0729 over the same period. Most of the underlying SOL stays staked, generating a yield between 6.4% and 7.3% that the company can borrow against using its fwdSOL token as collateral, a structure it says lets it raise cash while still earning more than it pays in interest.
Ryan Navi, the company’s chief investment officer, described the approach in plain terms: the firm buys back shares when they trade below the value of its SOL holdings and issues new shares when they trade above it, a pattern meant to compound SOL per share over time.
Forward’s recent addition to the Russell 2000 and Russell 3000 indexes has also widened the pool of institutional investors able to buy the stock.
The offer period referenced in the July filing traces back to mid June, when Forward proposed all stock acquisitions of two smaller Solana treasury companies. It offered shareholders of Solana Company (NASDAQ: HSDT) newly issued Forward shares worth roughly a 10% premium, and offered SkyAI, Inc. (NASDAQ: SKYA) shareholders a similar arrangement at about a 20% premium. Neither deal advanced. Solana Company’s board rejected the offer without opening discussions, and SkyAI simply let the proposal deadline pass without responding.
That outcome says something about where the Solana treasury sector stands right now. Several public companies collectively hold more than fifteen million SOL between them, and Forward alone accounts for close to half of that total, well ahead of its smaller peers. Forward’s argument for combining forces is that scale lowers costs and widens access to capital, but its own shares trade below the value of its SOL holdings, which makes an all stock offer a harder sell to a target company’s board. Whether that changes will likely depend less on negotiating tactics than on where SOL’s price goes from here, since a stronger token price would narrow Forward’s paper losses and make its stock a more convincing form of payment in any future deal.
