World’s Largest Solana Treasury Company Has Over 6.9 Million SOL Holdings
Forward Launches fwdSOL Liquid Staking Token and Announces Forward PropAMM Backed by Galaxy and With Input From Jump Crypto
NEW YORK--(BUSINESS WIRE)--Forward Industries, Inc. (NASDAQ: FWDI) (the "Company" or “Forward Industries”), the leading Solana treasury company, today announced a shareholder update with key operational highlights following the launch of its digital asset treasury strategy in September 2025.
“Since the inception of our Solana treasury strategy in September, Forward Industries has rapidly built the largest Solana treasury in the world and established an institutional-grade foundation capable of compounding long-term SOL-per-share,” said Kyle Samani, Chairman of Forward Industries. “In just a matter of weeks, we have accumulated more than 6.9 million SOL, deployed nearly all of it across our high-performance validator infrastructure launched in October, and implemented tax-efficient strategies that meaningfully strengthened our capital position. As we pursue initiatives such as bringing our equity on-chain and executing on accretive M&A, we believe we are well-positioned to continue to expand our SOL treasury and compound SOL-per-share. We believe this is just the beginning, and we remain committed to delivering sustainable long-term shareholder value as we build the primary public markets gateway to Solana.”
Operational Highlights Since Launch of Treasury Strategy
- Closed $1.65 billion private placement in public equity (“private placement”) led by Galaxy Digital, Jump Crypto, and Multicoin Capital. This financing, which closed on September 11, 2025, marked the largest Solana-focused digital asset treasury raise to date.
- Announced an at-the-market equity offering program covering the offer and sale of shares of the Company’s common stock for up to $4 billion.
- Partnered with financial technology firm Superstate to allow stockholders to tokenize and hold FWDI shares on the Solana blockchain. As part of the agreement, Forward Industries expects to take an equity stake in Superstate to further align interests and advance internet capital markets.
- Launched a Forward Industries’ owned institutional grade validator on the Solana blockchain, powered by DoubleZero, underscoring the Company’s commitment to adopting the highest-performing decentralized technology platforms.
- Established a crypto advisory board with 25 inaugural members with significant experience spanning the Solana ecosystem, digital assets, capital markets, and financial services.
- Authorized a new share repurchase program to repurchase up to $1 billion of the Company’s common stock.
- Changed Forward Industries’ ticker from “FORD” to “FWDI” on the Nasdaq Stock Exchange to further align the Company with its Solana treasury strategy.
- Completed a tax optimization process between October 16, 2025, and November 15, 2025, to reset $334 million in notional value and spent approximately $51,600 in value (net of fees)
- Announced the launch of Forward’s PropAMM, backed by Galaxy and with infrastructure input from Jump Crypto.
- Launched fwdSOL, Forward’s liquid staking token to maximize yield from staked SOL while utilizing fwdSOL as DeFi collateral.
- Bolstered leadership team with the appointments of Ryan Navi as Chief Investment Officer and Georgia Quinn as General Counsel.
Forward Industries Treasury Update
- Treasury Holdings: As of December 1, 2025, the Company’s liquid SOL holdings totaled 6,921,342 SOL SOL. Since inception, 6,834,505.96 SOL have been purchased at a net cost of $232.08 per SOL, representing a total cost of approximately $1.59 billion.
- Staking: Since inception, the Company’s validator infrastructure has generated between 6.82% and 7.01% gross annual percentage yield (APY) before fees, outperforming top peer validators. Nearly all of the Company’s SOL holdings are currently staked.
- Balance Sheet: As of December 2, 2025, Forward Industries had approximately $30.0 million of operating capital between cash and USDC reserves. The Company remains debt free.
Conference Call
The Company will host a conference call today, December 2, 2025, to discuss its recently launched Solana digital asset treasury strategy, operational milestones, and ongoing initiatives to grow SOL-per-share.
Forward Industries’ leadership team will host the conference call, followed by a question-and-answer period.
Date: Tuesday, December 2, 2025
Time: 5:00 p.m. ET
Toll-free dial-in number: (877) 407-2991
International dial-in number: (201) 389-0925
Webcast: FWDI's Shareholder Update Conference Call
Participants can also access the Company’s shareholder update call using the call me option here for instant telephone access to the event, which will be active approximately 15 minutes before the scheduled start time.
If you have any difficulty registering or connecting with the conference call, please contact Elevate IR at (720) 330-2829.
About Forward Industries, Inc.
Forward Industries, Inc. (NASDAQ: FWDI) is a global design company serving top tier medical and technology companies. For over 60 years the company has been successful in developing and producing a portfolio of outstanding products for some of the world’s leading companies and brands. In September 2025, Forward Industries initiated a Solana treasury strategy dedicated to acquiring SOL and increasing SOL-per-share through bespoke strategies and active management of the company’s treasury. The Company’s Solana treasury strategy is supported by industry leading investors and operating partners, including Galaxy Digital, Jump Crypto, and Multicoin Capital. For more information on the Company’s Solana treasury strategy, visit https://www.forwardindustries.com/.
Forward Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “expect,” “plan,” “could,” “may,” “will,” “believe,” “estimate,” “forecast,” “goal,” “project,” and other words of similar meaning. These forward-looking statements address various matters including statements relating to the Company’s plan for value creation and strategic advantages, market size and growth opportunities. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, failure to realize the anticipated benefits of the proposed digital asset treasury strategy (including the share repurchase program); changes in business, market, financial, political and regulatory conditions; risks relating to the Company’s operations and business, including the highly volatile nature of the price of Solana and other cryptocurrencies; the risk that the price of the Company’s common stock may be highly correlated to the price of the digital assets that it holds; risks related to increased competition in the industries and markets in which the Company does and will operate (including the applicable digital assets market); risks relating to significant legal, commercial, regulatory and technical uncertainty regarding digital assets generally; risks relating to the treatment of crypto assets for U.S. and foreign tax purposes, as well as those risks and uncertainties identified in the Company’s filings with the Securities and Exchange Commission. The forward-looking statements in this press release speak only as of the date of this document, and the Company undertakes no obligation to update or revise any of these statements.
Contacts
Media
Carissa Felger / Sam Cohen
Gasthalter & Co.
(212) 257-4170
Forward@gasthalter.com
Investor Relations
Sean Mansouri, CFA / Aaron D’Souza
Elevate IR
(720) 330-2829
ir@forwardindustries.com