Forward Industries, Inc. (FORD) saw its shares fall 3.64% to $17.98 by Tuesday afternoon, following the announcement of a major Solana-focused treasury strategy and the formation of a dedicated Crypto Advisory Board. The stock experienced volatility, initially plunging before partially recovering, reflecting market uncertainty around the company's aggressive crypto pivot.
The company confirmed it acquired 6.8 million SOL tokens for $1.6 billion, establishing itself as the largest public holder of Solana based on corporate treasury data. This move is part of a broader trend, with public companies now holding nearly 15.9 million SOL, up from almost none in early 2025. Additionally, Forward Industries filed for a $4 billion at-the-market equity offering to support ongoing SOL accumulation and blockchain initiatives.
The newly formed 25-member Crypto Advisory Board includes high-profile figures such as Amir Haleem (Helium founder), Armani Ferrante (Backpack CEO), Robert Leshner (Superstate), Cindy Leow (Drift Labs), and Tarun Chitra (Gauntlet), along with Galaxy Digital executives Harry Austin and Michael Marcantonio. These members bring expertise from Solana, decentralized finance, and traditional capital markets. Chairman Kyle Samani emphasized the board's role in guiding treasury strategy and increasing "SOL per share" to enhance long-term value.
The initiative has received endorsements from the Solana Foundation, Galaxy Digital, Multicoin Capital, and Jump Crypto, indicating strong institutional confidence in Forward's blockchain expansion. The advisory board aims to accelerate the company's integration into the Solana ecosystem and support capital market engagement.
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