Solana holder Forward Industries grows stash to 8.7M SOL

Solana holder Forward Industries grows its stash to 8.7 million SOL

Forward Industries held 8,727,694 SOL on Nov. 9, up 226,396 since Sept. 30, according to a filing published Tuesday at 5:10 p.m. ET.

The quick take

Price: $SOL $83.17, -3.9% ↓ in 24 hours (CoinGecko, 6:40 p.m. ET).
Trigger: Forward added 226,396 SOL in 40 days at an average cost of $75.
Watch: a new $50 million bank loan backed by staked SOL.

What happened

Solana holder Forward Industries grew its treasury to 8,727,694 SOL as of Nov. 9, according to a press release filed with the SEC on Tuesday. That is 226,396 more tokens than on Sept. 30, a rise of 2.7%. The company says the stake equals about 1.5% of the circulating supply of Solana ($SOL).

Forward, listed on Nasdaq as FWDI, puts the average cost of the added tokens at $75 each. That figure includes staking rewards, which the company counts at no cash cost. Its holdings per fully diluted share rose 2.3% to 0.0824 SOL.

“Just six weeks into the quarter, we have increased SOL per share by 2.3% and added approximately 226,000 SOL to our holdings,” said Ryan Navi, Forward’s chief investment officer.

Who’s buying and selling

Forward kept buying while the token slid. $SOL traded at $83.17 at 6:40 p.m. ET, down 3.9% in 24 hours, after a daily range of $81.59 to $86.71, CoinGecko data show. The Block reported that the token touched $82 on Tuesday, its lowest level in almost three months.

The lower price shows on Forward’s books. Its net asset value fell to $600.3 million on Nov. 9 from $870.4 million on Sept. 30, the filing shows. Debt rose to $187.5 million from $167.5 million over the same span.

The Block also noted that Forward’s closest listed rival, DeFi Development Corp, holds just over 2.6 million SOL.

What to watch next

Forward secured a two-year, $50 million credit line from a federally chartered national bank, priced at SOFR plus 1.5 percentage points. The loan is backed by SOL that stays staked, so the pledged tokens keep earning rewards.

The company also committed up to $50 million to USHP, a tokenized index product that follows U.S. home prices. It plans to put that income toward more SOL. It also added Barclays as a sales agent for its share sale program, next to Cantor.

Bottom line: Forward kept adding SOL through a weak stretch for the token and now plans to borrow against its staked holdings.