Forward Industries jumps 17% after expanding Solana treasury to 7.55 million SOL

Shares of Forward Industries (FWDI), the top Solana digital asset treasury company, surged more than 17% on Wednesday after it said it expanded its treasury holdings by more than 500,000 SOL during its fiscal third quarter.

Its total holdings now top 7.55 million SOL, worth about $576 million.

The Nasdaq-listed company said it acquired the tokens at an average price of about $79 each during the quarter that ended on Tuesday. It also reported annualized SOL-per-fully diluted share growth of 36% from the previous quarter.

The latest purchases further extend FWDI's lead as the largest publicly traded Solana (SOL) treasury company. According to The Block's data, its 7.55 million SOL stash is more than the holdings of the next three largest Solana treasury firms combined. Solana Company, DeFi Development Corp., and Upexi together hold roughly 6.7 million SOL.

Forward said it sold 93,642 shares through its at-the-market equity program during the quarter while continuing to repurchase stock when shares traded below an mNAV of 1, where investors valued the company at less than the value of its SOL holdings.

The company also said its recent inclusion in the Russell 2000 and 3000 indexes opens up its access to institutional investors and is another avenue for raising capital to buy more SOL.

"Our mandate is simple: maximize SOL per share and create long-term shareholder value," Chief Investment Officer Ryan Navi said in a statement, adding that the company intends to continue issuing shares when they trade at a premium to net asset value while repurchasing stock at discounts.

FWDI shares were trading around $4.93, up more than 17% on the day. Solana also climbed to a one-month high above $77 after rebounding from a two-and-a-half-year low near $60 earlier in June.