Forward Industries bought 500,000 SOL worth $38 million, sending shares up 17%. The Nasdaq-listed company now holds roughly 620,000 SOL in its corporate treasury.
Forward Industries, a publicly traded company that holds a corporate treasury in Solana, said Wednesday it bought more than 500,000 SOL for roughly $38 million. The stock rose 17% to $4.94 in early trading, its biggest single-day gain in seven months.
The purchase was disclosed in a filing after Tuesday's close. Forward Industries now holds about 620,000 SOL in total, according to a person familiar with the matter. The company did not say whether the acquisition was funded with cash or proceeds from a recent equity offering.
Solana traded near $76 at the time of the filing, up 2% on the day. The token has rallied 35% over the past month, outperforming Bitcoin and Ether. Forward Industries first disclosed a Solana treasury position in March, when it held roughly 120,000 SOL. The company's CEO said in a statement that Solana's staking yields and transaction throughput made it a superior cash-management tool compared with traditional money-market funds.
The decision to double down on SOL comes as other public companies, including MicroStrategy and Coinbase, have added to their Bitcoin and Ether holdings. Corporate treasuries with exposure to crypto remain rare, and Forward Industries is the only Nasdaq-listed firm that holds Solana as its primary reserve asset.
Shares of Forward Industries have more than tripled since the company announced its initial Solana purchase in March. Even after Wednesday's move, the stock still trades at roughly half its 52-week high of $9.80, set in January before the broader crypto market correction in April.
The filing did not disclose a timeframe for the purchase, and the company declined to comment beyond the filing. Solana's next major protocol upgrade, expected in the third quarter, could affect staking yields and network fees, both of which factor into Forward Industries' stated treasury strategy.
Forward Industries reports second-quarter earnings on Aug. 14. Analysts surveyed by FactSet expect a loss of $0.02 per share on revenue of $8.2 million.
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