Forward Industries Reaches 8.16 Million SOL, Confirming Largest Public Solana Treasury

Forward Industries Forward Industries (NASDAQ: FWDI) accumulated approximately 357,000 SOL and SOL equivalents between August 4 and September 20, 2026, lifting total holdings to roughly 8.16 million SOL as of September 21, the company said in a GlobeNewswire press release. At that level, FWDI controls approximately 1.39% of Solana's circulating supply, the largest disclosed SOL position among publicly traded companies.

The seven-week accumulation ran through purchases and staking rewards at an average cost of $78.26 per SOL, according to the press release. The company's holdings include outright SOL, fwdSOL (fwdSOL, the company's liquid staking token), pledged SOL collateral, and other SOL equivalents. The September 21 figures are preliminary and unaudited.

How FWDI Accumulated 1.39% of Solana's Supply

Forward Industries launched its SOL treasury strategy in September 2025. In fiscal Q3 2026, the three months ended June 30, the company acquired more than 508,000 SOL through purchases and staking, with 106,000 tokens generated as staking rewards. Cumulative staking rewards since strategy launch total 300,000 SOL, according to the company's Q3 fiscal 2026 report filed with the SEC.

"Fiscal Q3 was another strong period of execution — we acquired, through purchases and staking, more than 500,000 SOL," said Chairman Kyle Samani in the Q3 filing.

FWDI also runs a validator that ranked in the top ten by delegated stake on the Solana network as of the Q3 report, carrying roughly 1.8% of total network stake weight. That on-chain position generates staking yield that compounds the SOL holdings without requiring additional capital outflows.

SOL Per Share as the Core Tracking Metric

Forward Industries reports SOL per diluted share as its primary internal performance measure, treating the company as a vehicle for growing each shareholder's indirect SOL exposure over time. At June 30, 2026, the company held 0.0730 SOL per share, up from 0.0669 at the March 31 close, a 9% sequential gain or roughly 36% annualized, per the SEC filing. Post-quarter acquisitions through August 3 lifted that figure to approximately 0.0754 SOL per share.

Per the same SEC filing, FWDI carries a $105 million debt facility with Galaxy Digital at a weighted-average interest rate of 2.6%, using pledged SOL as collateral. As of June 30, pledged SOL had a carrying value of $239.5 million. Total shareholders' equity was $474.2 million against a fully diluted market cap of $436.9 million.

FWDI and the Solana DAT Landscape

"DAT" (Digital Asset Treasury) describes a group of public companies that have converted their balance sheets to hold SOL as a primary reserve asset, drawing a structural parallel to MicroStrategy's bitcoin treasury model. Forward Industries holds the largest position in this cohort by a wide margin.

DeFi Development Corp. (NASDAQ: DFDV), which reached 2.49 million SOL last week, is the next-largest public Solana treasury, holding roughly 30% of what FWDI has accumulated.

FWDI's Chief Investment Officer Ryan Navi noted in the Q3 filing that "current market conditions are creating compelling opportunities for consolidation," language that arrived in the same quarter Forward made three unsuccessful acquisition approaches toward smaller Solana DAT companies. None of those all-stock bids succeeded.

The company was added to the Russell 2000 and Russell 3000 indexes effective June 29, 2026, per the Q3 filing, giving passive index funds exposure to a pure-play Solana treasury company for the first time. Forward also announced on September 15 an agreement to acquire SkyAI, Inc., without disclosing financial terms.

Forward's tokenized equity shares, listed on Sunrise via Backpack Securities and redeemable 1:1 for FWDI shares, add an onchain dimension to the company's market presence. That listing was covered by Solana Compass on September 17.