Forward Industries Expands SOL Treasury to 8.7 Million as Token Nears Three-Month Low

Forward Industries has increased its Solana (SOL) holdings to approximately 8.7 million tokens, even as SOL and the company’s shares fell to near three-month lows. The treasury now represents about 1.5% of Solana’s circulating supply and is valued at roughly $726.5 million.

Treasury Growth Amid SOL Weakness

Forward said it added approximately 226,000 SOL through a combination of purchases and staking rewards since the end of September. The increase reinforces its position as the largest Solana treasury among publicly traded companies by a wide margin.

For comparison:

• Forward Industries: approximately 8.7 million SOL
• DeFi Development Corp.: just over 2.6 million SOL
• Forward’s reported holdings equal roughly 1.5% of Solana’s total circulating supply

The expansion came as the broader market pressured both the token and the company’s stock. SOL fell as low as $82 on Tuesday, its lowest level in almost three months, before recovering to approximately $83.50. Forward shares also reached a near three-month low of $5.25 and were down more than 28% for the year.

Credit Facility and Tokenized Real-World Assets

Forward also disclosed a two-year, $50 million credit facility from an unnamed U.S. national bank. The loan is backed by SOL that will remain staked, allowing the company to preserve its exposure to potential token appreciation while continuing to earn staking rewards.

The structure gives Forward access to financing without requiring it to unstake the collateral, according to the company’s disclosure. It also adds a credit-backed component to a treasury strategy that has so far centered on accumulating and staking SOL.

Separately, Forward committed up to $50 million to USHP, a tokenized product designed to track U.S. home prices. The product’s launch was also anchored by the Galaxy-Sharplink Onchain Yield Fund. Forward plans to use investment income from USHP to purchase additional SOL, linking returns from a tokenized real-world-asset product to future crypto accumulation.

What This Means

Forward’s update highlights how public companies are using corporate balance sheets to build strategic exposure to Solana, even during periods of pronounced price weakness. Its growing treasury could provide a source of institutional demand, while the staking-backed credit line allows the company to seek liquidity without giving up staking income.

At the same time, the strategy carries market and balance-sheet risks. A sustained decline in SOL could reduce the value of Forward’s collateral and treasury, while weaker FWDI shares may make additional capital raising more difficult. The USHP allocation introduces diversification, but its planned role in funding future SOL purchases also ties the company’s expansion to the performance and income of a relatively new tokenized product.