Forward Industries is repurchasing roughly $27.4 million of its own stock (NASDAQ: FWDI), funding the buyback with a short-term loan from Galaxy Digital as the company leans further into its Solana-focused treasury strategy.
In a Thursday release, the firm said it will buy back about 6.16 million shares from an institutional investor in a private transaction, reducing its share count by roughly 7%. The move is expected to lift its SOL-per-share metric, a key figure the company uses to frame shareholder value.
To finance the purchase, Forward secured a $40 million digital asset-backed loan from Galaxy at an average interest rate of about 3.4%, with a maturity of under five months.
The loan is collateralized by staked SOL, which the firm says yields about 6.2% annually, allowing it to keep earning staking rewards while accessing capital.
The buyback comes as both the company’s stock and its underlying asset base have declined this year. FWDI shares are down about 25% year to date, while SOL has fallen roughly 30% over the same period.
Forward began accumulating SOL in September 2025 when the token was trading near $240. It now changes hands for around $88, a drop of more than 60% from those levels.
Despite the drawdown, the company has continued to expand its holdings. Forward said it now holds just over 7 million SOL, worth about $616 million at current prices, making it the largest known corporate holder of the token. The next-closest treasury, Solana Company, holds approximately 2.3 million SOL, according to The Block's data dashboard.
Alongside the buyback, Forward said it expects operating expenses to decline in the coming quarters. The company projects core SG&A costs will fall by about 45% between its fiscal first and third quarters, driven by lower service fees, legal costs, and vendor spending.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.