The firm now holds 7.55 million SOL, valued at $579 million, as shares surge 17% after the announcement.
Forward Industries increased its Solana treasury by over 500,000 SOL, worth $38 million, during fiscal Q3. The acquisition was made at an average price of $79, expanding its total holdings to 7.55 million SOL, now valued at $579 million as SOL trades near $77.
The firm’s shares jumped 17% to $4.94 following the announcement, though they remain 26% lower over the past six months and 89% below their 52-week high of $46. Forward Industries utilized an at-the-market offering, selling 93,642 common shares to fund the purchase.
Forward Industries measures performance by SOL held per share, which rose 9% in the last three months to 0.0729. The firm’s CIO stated the strategy aims to maximize SOL per share and create long-term value.