Forward Industries Adds Over 500,000 SOL in Fiscal Q3, Bringing Total Treasury to 7.55 Million SOL

Forward Industries (NASDAQ: FWDI) purchased more than 500,000 SOL during its fiscal third quarter of 2026, the company disclosed in a July 1 press release, bringing its total Solana SOL$99.98+0.4% treasury to 7.55 million SOL as of June 30. FWDI shares jumped approximately 17% on the announcement.

The quarter's acquisitions were made at an average price of roughly $79 per SOL, implying a total outlay of around $39.5 million, according to the company's Q3 treasury update. The press release describes Forward Industries as "the largest Solana treasury company," a claim based on total SOL holdings.

SOL Per Share: 36% Annualized Growth Rate in Q3

The metric Forward Industries tracks as its primary performance benchmark moved meaningfully in the quarter. SOL held per fully diluted share rose from 0.0669 at the March 31 quarter-end to 0.0729 at June 30, a gain of roughly 9% over three months that translates to a 36% annualized rate, per the press release.

Chief Investment Officer Ryan Navi framed the objective plainly in the announcement.

The strategy relies on issuing equity at premiums to net asset value and using the proceeds to buy SOL, while repurchasing shares at a discount when the stock trades below NAV. The company also runs the treasury at a positive carry: its staking yield on held SOL ranges from 6.4% to 7.3%, and its borrowing cost sits below that band, according to the press release.

Share Issuance and Buybacks in Q3

Forward Industries sold 93,642 common shares through its at-the-market offering during the quarter. Shares outstanding fell slightly over the period, from 76,314,617 at March 31 to 73,846,883 at June 30, suggesting buybacks more than offset the ATM issuance during portions of the quarter.

Context: Russell Inclusion and Failed Acquisition Bids

The Q3 treasury update lands roughly a week after Forward Industries and Upexi entered major U.S. equity indexes, with FWDI joining the Russell 2000 and Russell 3000 at the June 26 reconstitution close. That index entry is expected to funnel passive fund flows into the stock without requiring additional purchases from benchmarked managers.

The company spent parts of the second quarter attempting to consolidate the Solana treasury sector through acquisition, approaching at least three other companies with all-stock bids. Each was rejected or ignored. The Q3 figures reflect organic purchasing as the primary channel of SOL accumulation.

For context, Upexi (NASDAQ: UPXI), which partnered with Blueprint to stake its 2.4 million SOL treasury last week, holds roughly a third as many tokens. DeFi Development Corp and SOL Strategies hold smaller positions by comparison, though relative rankings may shift as each company reports Q2 and Q3 figures. The press release does not provide a direct comparison table to those peers, so the "largest" designation should be read against the figure disclosed, not as a competitive audit.

FWDI Share Performance on the Announcement

Shares opened approximately 17% higher following the press release, reaching roughly $4.94, according to Decrypt's reporting. The stock had fallen 26% over the prior six months and was trading about 89% below its 52-week high of $46 at the time of the announcement. The treasury itself carried unrealized losses relative to the company's original average cost of purchase, which Decrypt reported at $232 per SOL.

The gap between original cost basis and current prices reflects the mechanics of treasury company reporting: the SOL per share metric tracks accumulation pace independent of SOL's price direction.

Forward Industries (NASDAQ: FWDI) is a NASDAQ-listed Solana treasury company. Nothing in this article constitutes investment advice. The figures cited are drawn from the company's July 1, 2026 press release and Decrypt's independent reporting; all financial claims are attributed accordingly.