Shares of Forward Industries (FWDI), the largest publicly traded Solana treasury company, surged more than 17% on Wednesday following the announcement of a massive expansion of its digital asset holdings. The NasDAQi-listed firm confirmed the acquisition of over 500,000 Solana (SOL) tokens during its fiscal third quarter, bringing its total reserves to 7.55 million SOL, worth approximately $576 million. The tokens were acquired at an average price of about $79 each during the quarter that ended Tuesday.
The company reported an annualized SOL-per-fully diluted share growth of 36% from the previous quarter, underscoring its aggressive accumulation strategy. With this latest purchase, FWDI now controls more SOL than the next three largest publicly traded Solana treasury firms combined—Solana Company, DeFi Development Corp., and Upexi collectively hold around 6.7 million SOL.
FWDI also continued tactical capital management, selling 93,642 shares through its at-the-market equity program while repurchasing stock whenever shares traded below a net asset value multiplier of 1. Additionally, its recent inclusion in the Russell 2000 and 3000 indexes provides broader access to institutional investors, creating fresh avenues for raising capital to acquire more SOL.
“Our mandate is simple: maximize SOL per share and create long-term shareholder value,” stated Chief Investment Officer Ryan Navi. He added that the company will keep issuing shares when they trade at a premium and repurchasing them at discounts.
FWDI shares were trading around $4.93, up over 17% on the day. Meanwhile, Solana itself rallied to a one-month high above $77, rebounding from a two-and-a-half-year low near $60 earlier in June.
