Forward Industries adds 948,601 SOL, lifting its Solana treasury to 8.5 million tokens

Forward Industries just finished another quarter of doing what it said it would do: buying Solana, and a lot of it.

The Nasdaq-listed company (ticker: FWDI) added 948,601 SOL during its fiscal fourth quarter, which ended September 30, 2026. That brings its stash to 8,501,298 SOL and SOL-equivalent tokens, roughly 1.4% of Solana’s circulating supply.

The quarter by the numbers

The new purchases lifted Forward’s holdings 13% from the prior quarter. Last quarter’s total stood at 7,552,698 tokens.

The company paid an average of $83 per SOL for the quarter’s buys. On September 30, 2026, the reference price for SOL was $118.06, which means the latest batch was marked well above its purchase price at quarter-end.

Using that reference price, the full treasury was valued at approximately $1.004 billion. After subtracting debt, Forward reported a preliminary net asset value of approximately $870.4 million.

How Forward paid for it

First, debt. The company raised its institutional borrowing to $167.5 million, up from $105 million the previous quarter.

Second, equity. In September 2026, Forward completed a $25 million registered direct stock offering.

Forward’s SOL per fully diluted share rose from 0.0730 to 0.0806 over the quarter, a 10.4% quarter-over-quarter gain. The company put the annualized growth rate at approximately 42%.

Background: a strategy that started in 2025

Forward’s Solana pivot began in September 2025. At that point, the company set out to become a leading player in the Solana market, backed by significant capital investments and asset management capabilities.

Staking has also been part of the approach. Forward has previously noted cumulative staking rewards, which come from locking up tokens to help secure the Solana network in exchange for additional SOL.

What this means for shareholders and the Solana market

For FWDI investors, the per-share metric is the headline that matters most. Rising SOL per fully diluted share suggests the buying is outpacing the dilution, at least for this quarter.

Institutional debt climbed to $167.5 million from $105 million, and that debt does not shrink if SOL’s price does.

The $83 average cost gives Forward some cushion. With SOL referenced at $118.06 on September 30, 2026, the quarter’s purchases were sitting comfortably in the green at period-end.

For the Solana ecosystem, a single public company holding about 1.4% of circulating supply is a notable concentration of ownership.

The things to track next are straightforward. Watch whether SOL per fully diluted share keeps rising, whether debt keeps growing faster than the treasury, and how the net asset value moves relative to the company’s market value.