The firm added 500,000 SOL to its treasury, lifting total holdings to 7.55 million SOL valued at $579 million.
Forward Industries shares climbed 17% to $4.94 after the company disclosed a $38 million purchase of Solana during its fiscal third quarter. The acquisition added over 500,000 SOL at an average price of $79, increasing its total holdings to 7.55 million SOL, now worth approximately $579 million.
The firm’s SOL per share metric rose 9% over the last three months to 0.0729, reflecting its strategy to maximize holdings. Despite the recent gain, shares remain 89% below their 52-week high of $46 and have declined 26% over the past six months.
Forward Industries used an at-the-market offering to sell 93,642 common shares, funding the SOL purchase. The firm emphasized its focus on long-term shareholder value through dynamic capital allocation, including share repurchases and equity issuance based on net asset value premiums or discounts.