The announcement shows that Forward Industries purchased over 500,000 SOL between April and June 2026, at an average purchase price of approximately $79 per SOL, for a total transaction value of about $39.5 million. After this increase, the company’s SOL treasury holdings rose to 7.55 million SOL.
Holdings increased to 7.55 million SOL
The company disclosed that inclusion in the Russell 2000 and Russell 3000 indices has enhanced its access to institutional capital. Forward also stated that it has structured its financing to use fwdSOL as collateral, securing loans from institutional partners at a cost below the current staking yield of 6.4% to 7.3%.
Management states that the company’s current goal is to increase the amount of SOL per share and continue expanding its holdings through various financing methods. This includes repurchasing shares when the stock price is below book value and issuing shares when the stock price exceeds book value, thereby optimizing capital allocation.
Corporate-side SOL buy orders were previously limited.
This transaction is one of the larger corporate SOL accumulation events in recent months. A previously notable move came from SOL Strategies, but in the opposite direction: the company sold 65,001 SOL in June, approximately 12.4% of its holdings, to repay around CAD 5.75 million in debt.
According to Artemis data, the previous notable treasury addition to Solana occurred in January. On January 13, Upexi entered into a securities purchase agreement with Hivemind Capital Partners, completing a transaction of approximately $36 million through convertible notes backed by locked SOL, increasing its holdings from about 2.2 million to over 2.4 million SOL.
Other companies have also signaled intentions to increase their holdings.
Another Nasdaq-listed company, Solana Company, disclosed in late April that it had completed an $8 million private placement led by Mirae Asset Securities and participated in by HashKey Capital. The company stated that part of the proceeds will be used to continue purchasing SOL, as well as to supplement working capital and support business expansion.
Currently, Solana Company holds approximately 2.3 million SOL. The report noted that Forward previously attempted to increase its holdings through acquisitions, but following recent improvements in market conditions, the company shifted to directly purchasing SOL. Over the past week, SOL has risen more than 20% among the top 100 cryptocurrencies by market capitalization.
Additional information: The original text referred to Forward as the largest treasury holder of SOL in the open market and noted that after this purchase, the market began to pay attention to whether other Solana treasury firms would resume buying.