TheBlock
Forward Industries added roughly 226,000 SOL through purchases and staking rewards since the end of September, bringing its treasury to approximately 8.7 million SOL, worth about $726.5 million. The holdings represent roughly 1.5% of Solana's circulating supply.
Why it matters
Forward holds the largest SOL treasury among publicly traded companies, ahead of DeFi Development Corp.'s more than 2.6 million SOL. It also secured a two-year, $50 million credit facility from an unnamed U.S. national bank, backed by SOL that will remain staked and earn rewards.
The company committed up to $50 million to USHP, a tokenized product tracking U.S. home prices. Forward plans to use income from the investment to buy more SOL. The Galaxy-Sharplink Onchain Yield Fund also anchored the product's launch.
Market impact
The expansion comes as SOL fell to $82 on Tuesday, its lowest level in almost three months, before recovering to around $83.50. Forward shares also hit a near three-month low of $5.25 and were down more than 28% for the year.
Frequently asked questions
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How did Forward increase its Solana holdings?
Forward added roughly 226,000 SOL through purchases and staking rewards since the end of September.
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How does Forward's SOL treasury compare with other public companies?
Forward holds the largest SOL treasury among publicly traded companies. DeFi Development Corp. holds more than 2.6 million SOL.
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What backs Forward's $50 million credit facility?
The two-year facility is backed by SOL that will remain staked, allowing Forward to continue earning rewards.
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How does Forward plan to use income from USHP?
Forward plans to use income from its investment in USHP, a tokenized product tracking U.S. home prices, to buy more SOL.
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How did SOL and Forward shares trade around the announcement?
SOL fell to $82 before recovering to around $83.50. Forward shares hit $5.25, a near three-month low, and were down more than 28% for the year.
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