Forward Industries disclosed that it added 948,601 SOL and SOL-equivalent tokens during its fiscal fourth quarter, bringing total holdings to 8.501 million as of September 30, 2026. The company valued its Solana treasury at approximately $1.004 billion using a reference price of $118.06 per SOL, with other digital assets carried at $26.9 million and cash at $7.3 million. After accounting for $167.5 million in institutional debt, total net asset value stood at around $870.4 million.
The latest accumulation represents a 13% quarterly increase from 7.553 million SOL at the end of June. Forward Industries said the newly added tokens had an average cost of $83 each, and the total stake now equals roughly 1.4% of Solana’s circulating supply. The company’s definition includes native SOL, fwdSOL and pledged SOL while excluding borrowed tokens. On a fully diluted basis, SOL per share rose 10.4% quarter-over-quarter to 0.0806 and 33% year-over-year from 0.0604.
Forward Industries also raised $25 million through a registered direct stock offering in September, selling 3.125 million common shares at $8 each, with proceeds intended primarily for additional Solana purchases. The company closed the transaction on September 24 and acknowledged that part of its SOL buying was funded through FWDI share sales. Common shares outstanding increased to 76.29 million, while fully diluted shares rose to 105.54 million. Institutional debt climbed from $105 million to $167.5 million during the quarter, and the company has used borrowing arrangements with Galaxy Digital as part of its treasury strategy. Forward began its Solana treasury strategy in September 2025 after raising $1.65 billion through a private placement backed by Galaxy Digital, Jump Crypto and Multicoin Capital.
Following the update, Forward Industries stock surged about 8% in premarket trading. Net asset value nearly doubled from $481.3 million at the end of June to $870.4 million, with fully diluted NAV per share at $8.25 and a market-to-NAV ratio of 0.946x. Chief Investment Officer Ryan Navi described the period as a 'standout quarter' and repeated the company’s strategy of building the 'Berkshire Hathaway of Solana'. On October 2, Solana traded near $122, up roughly 4% over 24 hours, with a market capitalization near $72 billion.
Beyond its treasury, Forward Industries’ investment in OnRe, a Solana-based tokenized reinsurance platform, saw the market cap of the ONyc token increase from about $203.4 million to $286.2 million during the quarter. The broader tokenized real-world asset market on Solana, excluding stablecoins, grew from more than $3.3 billion to approximately $4.3 billion by September 30, according to figures cited from RWA.xyz. Forward’s quarter-end treasury numbers remain preliminary and subject to its annual audit.
