Shares of Forward Industries (FWDI) posted strong gains this Wednesday after the company announced a new expansion of its Solana reserve. The stock rose more than 17% after the company reported the acquisition of more than 500 thousand SOL during the third fiscal quarter, consolidating its position as the largest publicly traded company with a treasury strategy based on the cryptocurrency.
With the new purchase, the company now holds more than 7,55 million SOL. Considering current market prices, the position is valued at approximately US$ 576 million, widening the gap over other companies that have also adopted Solana as a strategic asset on their balance sheets.
According to the company, the tokens were acquired at an average price of around US$ 79 per unit throughout the quarter ended on Tuesday. In addition, Forward said that the number of SOL per fully diluted share showed annualized growth of 36% compared with the previous quarter.
The reserve expansion reinforces the company's leadership among publicly listed companies that accumulate Solana. Currently, its SOL volume exceeds the combined reserves held by three other major companies following a similar strategy, demonstrating the scale of Forward's bet on the asset.
During the same period, the company also carried out its share buyback program, acquiring 93.642 shares traded on the market. The strategy was applied when the shares were trading below adjusted net asset value (mNAV), a situation in which the market assigned the company a value lower than the amount of its Solana holdings.
Another highlight presented by the company was its recent entry into the Russell 2000 and Russell 3000 indexes. Management believes this inclusion increases the company's exposure among institutional investors and may facilitate future fundraising aimed at acquiring more SOL units.
"Our goal is simple: maximize earnings per share and create long-term value for shareholders," said chief investment officer Ryan Navi in a statement, adding that the company intends to continue issuing shares when they are traded at a premium to net asset value, while buying back shares at a discount.
In addition to the appreciation in Forward Industries shares, Solana itself also posted positive performance in the market. The cryptocurrency surpassed the US$ 77 mark, reaching its highest price in about a month, after recovering from the low near US$ 60 recorded in early June. The move reinforced investor interest in the network, especially amid the growth of corporate reserves and greater institutional participation in the Solana ecosystem.