ChainThink reports that on March 19, according to The Block, Nasdaq-listed Forward Industries (FWDI) announced it will repurchase approximately 6.16 million shares from an institutional investor for $27.4 million. The transaction, completed via a private agreement, will reduce the company’s outstanding shares by approximately 7% and increase its key metric of SOL held per share.
In terms of funding sources, Forward secured a $40 million digital asset-backed loan from Galaxy Digital, with an average interest rate of approximately 3.4% and a maturity of less than five months. The loan is collateralized by staked SOL, and the company notes that the annualized staking yield is approximately 6.2%, enabling it to continue earning staking rewards while securing financing.
This buyback occurred against the backdrop of declining share prices and underlying asset values. FWDI has fallen approximately 25% year-to-date, while SOL has declined about 30% over the same period. Forward began accumulating SOL in September 2025, when the token price was around $240; the current price is approximately $88, representing a decline of over 60% from the initial purchase price. Despite this, the company has continued to expand its position and currently holds over 7 million SOL, valued at approximately $616 million at current prices, making it the largest known corporate holder of SOL. The second-largest holder, Solana Company, holds approximately 2.3 million SOL.