Forward Industries adds 500,000 SOL, shares rise 17%

Shares of Forward Industries surged more than 17% on Wednesday, July 1, 2026, after the company announced a major expansion of its digital asset treasury. The Nasdaq-listed firm acquired over 500,000 Solana (SOL) tokens during its fiscal third quarter, bringing its total holdings to 7.55 million SOL, a stake valued at approximately $576 million based on current prices.

The purchase, executed at an average price of about $79 per token, solidifies Forward Industries' position as the largest publicly traded company with a Solana-backed treasury. Its holdings now exceed the combined SOL reserves of its three closest competitors-Solana Company, DeFi Development Corp., and Upexi-which collectively hold roughly 6.7 million tokens.

To fund the acquisition, the company sold 93,642 common shares through an at-the-market equity program during the quarter. Simultaneously, it repurchased stock when shares traded below the net asset value of its SOL holdings. This strategy increased the company's SOL-per-fully-diluted-share metric by an annualized rate of 36% compared to the previous quarter, according to company disclosures.

Chief Investment Officer Ryan Navi stated the company's mandate is...