Summary
- Forward Industries acquired over 500,000 SOL during its fiscal third quarter.
- The company now possesses approximately 7.55 million SOL, valued at about $573 million as Solana trades above $76 on Wednesday.
- Following the announcement, the company’s shares soared nearly 17% shortly after the market opened on Wednesday.
Shares of Forward Industries, a prominent firm in the Solana treasury sector, surged nearly 17% to $4.94 after revealing it had purchased more than $38 million in Solana during its fiscal Q3.
The company enhanced its treasury by acquiring over 500,000 SOL at an average price of approximately $79 and now holds a total of about 7.55 million SOL, currently valued at around $579 million as Solana trades just under $77.
Ryan Navi, CIO of Forward Industries, stated, “Our mandate is simple: maximize SOL per share and create long-term shareholder value. Our execution this quarter demonstrates our ability to employ multiple capital formation strategies to acquire additional SOL in a highly accretive manner.”
To fund its purchases, the company utilized its at-the-market offering, selling 93,642 common shares during the quarter.
Despite the increase in share price on Wednesday, the stock has declined approximately 26% over the past six months and is currently down 89% from its 52-week peak of $46.
In terms of performance metrics, the firm tracks SOL held per share, which has risen to 0.0729, marking a growth of around 9% in the last three months.
“By repurchasing shares when Forward trades at a discount to NAV and issuing equity when our shares trade at a premium, we dynamically allocate capital in a way that compounds SOL per share and enhances long-term intrinsic value,” Navi added.
Looking ahead, the company anticipates improved liquidity and visibility for its shares due to its inclusion in the Russell 2000 and 3000 indexes.
In June, the company, which is a leader among publicly traded Solana treasury firms, attempted to acquire competitors including Solana Company and Brera Holdings but was unsuccessful.
Last year, Forward Industries purchased its initial 6.8 million SOL, building a treasury valued at approximately $1.6 billion. After acquiring most of its treasury at an average price of $232 per SOL, the firm is now facing over $1 billion in unrealized losses.
Currently, SOL has increased by about 3.3% in the last 24 hours, yet it remains down more than 74% from its all-time high of $293.