Forward Industries reports 8.5 million SOL holdings

Forward Industries reported that its holdings of Solana tokens and token-equivalent assets rose by 948,601 during the fiscal quarter ended September 30, bringing its total to 8,501,298. The company’s preliminary figures show its holdings increased from 7,552,698 at June 30. Forward said the quarterly gain reflected purchases and staking, but did not disclose how much came from each. The company valued its SOL treasury at about $1.004 billion using a September 30 reference price of $118.06 per token. It reported preliminary net asset value of approximately $870.4 million after accounting for $167.5 million in institutional debt, up from $105 million at the end of the previous quarter. Forward said its quarter-end financial and capitalization figures are preliminary and unaudited pending completion of its annual audit. Forward’s reported SOL per fully diluted share rose 10.4% during the quarter, from 0.0730 at June 30 to 0.0806 at September 30. That metric divides the company’s SOL and equivalent holdings by its fully diluted share count. The increase occurred alongside an expansion in fully diluted shares, which rose from about 103.53 million to 105.