Forward Industries Reaches 8.73 Million SOL, Secures $50 Million Bank Credit Facility Backed by Staked SOL

Forward Industries has a $50 million credit facility from a US national bank, secured by SOL that keeps earning staking rewards while it is pledged. The Nasdaq-listed treasury company disclosed the two-year facility on 10 November 2026, alongside an update showing it held 8,727,694 SOL on 9 November, up 226,396 SOL since 30 September.

Forward Industries described the lender only as "a federally chartered, FDIC-insured national bank". The facility carries interest at SOFR plus 150 basis points, and the company said it intends to use the proceeds to accelerate what it calls its "SOL++" strategy.

Forward Industries' $50 million bank credit facility: SOFR + 150bp over two years

The facility lets Forward Industries borrow up to $50 million for two years against SOL held in its treasury, at 1.5 percentage points over SOFR, the benchmark rate for overnight dollar borrowing secured by US Treasuries. Per the release, the rate's SOFR component is floored at its level on the origination date, so a later fall in SOFR does not cut the cost below that starting point.

The company's description adds two features. The pledged SOL "remains staked and continues to earn native staking yield", so the collateral keeps producing the rewards the network pays to delegated SOL while it secures the loan. And there is "no rehypothecation", meaning the bank does not re-lend or re-pledge Forward Industries' SOL to anyone else.

Forward Industries has borrowed against staked SOL before. In March 2026 it borrowed $40 million from Galaxy Digital under a Master Digital Currency Loan Agreement, at a weighted average rate of about 3.4% APR and a weighted average maturity of about 4.9 months, secured by fwdSOL, a SOL-equivalent token the company counts in its holdings. Forward Industries said then that it would keep earning staking rewards on the underlying SOL, and it used the money to buy back 6,164,324 of its own shares for $27.4 million.

The new facility changes the lender and the tenor. A regulated US bank is now on the other side, on a two-year term, where the Galaxy Digital borrowings averaged under five months. The closest everyday comparison is a securities-backed credit line at a bank: the borrower pledges an investment portfolio, the holdings keep paying out, and the bank lends against them.

The release also names the risk that comes with it. Among its cautionary statements, Forward Industries lists "the risk that declines in the price of SOL pledged as collateral could require the Company to post additional collateral or repay borrowings".

FWDI SOL per share rises to 0.0824 after 226,396 SOL added

Forward Industries grew its SOL and SOL-equivalent holdings by 2.7% between 1 October and 9 November 2026, to 8,727,694 SOL, which the company puts at about 1.5% of Solana's circulating supply. The company's official X account summarised it as "8.73M $SOL held. 226K SOL added so far this quarter."

Forward Industries put the average cost of the added SOL at $75 per SOL, a figure that includes SOL earned through staking at no cash cost. Solana Compass's daily SOL price data shows SOL closed at or above $86.61 on every day of the period, consistent with zero-cost staking rewards pulling that average down; the release does not split purchased SOL from staking rewards.

SOL per fully diluted share, total SOL divided by the share count including in-the-money and out-of-the-money warrants, options and stock units, rose to 0.0824 from 0.0806. The company calls that 2.3% growth over 40 days, or about 21% annualised. Fully diluted shares rose to 105,933,854 from 105,535,801, while common shares outstanding held at 76,288,215.

"Just six weeks into the quarter, we have increased SOL per share by 2.3% and added approximately 226,000 SOL to our holdings, marking a strong start to our fiscal year," said Ryan Navi, Chief Investment Officer of Forward Industries. He said the credit facility and a separate housing-index commitment advance the company's aim to build "the 'Berkshire Hathaway of Solana'".

As we covered when Forward Industries closed its fiscal fourth quarter at 8.5 million SOL, the company added 948,601 SOL over the three months to 30 September. The latest update covers the first 40 days of fiscal Q1 2027, which runs to 31 December.

Source: Forward Industries release, 10 November 2026. Figures are preliminary and unaudited; 30 September figures remain subject to the annual audit.

NAV falls to $600 million as SOL drops 27% over 40 days

Forward Industries' net asset value fell to $600,251,077 on 9 November from $870,382,702 on 30 September, according to the release, even as its SOL count and SOL per share rose. The company valued its SOL treasury at $86.61 per SOL, or $755.9 million.

The gap is the SOL price. On the same Solana Compass data, SOL closed at $118.29 on 30 September and $86.61 on 9 November, a fall of about 27% over the period, and the 9 November close matches the price Forward Industries used.

Institutional debt rose by $20 million to $187.5 million over the same period; the release does not tie that increase to the new bank facility. On our arithmetic, total debt equals about 25% of the SOL treasury's stated value, and the $50 million facility on its own equals about 7%.

Forward Industries' shares traded at a reference price of $5.53 in the release, against net asset value of $5.67 per fully diluted share, which the company expresses as an mNAV of 0.976x. The company also added Barclays as a sales agent on its at-the-market (ATM) equity programme, which lets it sell new shares into the market over time, alongside existing agent Cantor.

USHP housing-index commitment and the next disclosures to watch

The same release says Forward Industries committed up to $50 million to USHP, a tokenized index tracking US home prices, co-anchoring its $100 million launch. The company expects to direct income from USHPi, the product's income-bearing token, toward SOL purchases, and it intends to work with USHP on an expansion to Solana in 2027. Forward Industries also took a minority stake in Index Industries, with warrants for more equity.

The next points to check are the identity of the bank, the facility's loan-to-value and covenant terms, and how much of the $50 million Forward Industries draws, along with its fiscal Q1 results for the quarter ending 31 December 2026.