Forward Industries, a leading Solana-focused digital asset treasury company, has appointed Ryan Navi as its chief investment officer to oversee the execution of its Solana treasury strategy. Navi, who previously led digital-asset investments at ParaFi Capital and served as a principal at investment firm KKR, will handle sourcing and structuring capital markets opportunities and direct the use of the company's staking and validator infrastructure to accumulate SOL, Solana's native token.
According to the announcement, Forward Industries currently holds 6,910,568 SOL, valued at approximately $863.5 million, which represents slightly more than 1% of the total SOL in circulation. The company pivoted from a global design firm to launch this strategy in September, acquiring 6.82 million SOL at an average price of $232 for about $1.58 billion. However, with SOL's price dropping over 30% in the past month to around $125, the value of Forward's holdings has declined by over 40%.
In response, Forward has taken several steps, including launching its first institutional-grade validator node on the Solana blockchain in October and authorizing a $1 billion share repurchase program in November. The company also filed a $4 billion at-the-market equity offering with the SEC to potentially raise more capital for additional SOL purchases.
Navi's hiring is part of a broader effort to stabilize and advance the strategy, with Forward establishing a crypto advisory board of 25 members from Solana, DeFi, and traditional finance sectors. Despite these moves, Forward's Nasdaq-listed shares have fallen nearly 80% from a September peak of $39, reflecting broader pressure on Solana treasury companies like Solana Co. (HSDT) and DeFi Development Corporation (DFDV), which saw stock declines of 37% and 40%, respectively, over the past 30 days.
