Forward Industries reports $382M hit from Solana exposure

Forward Industries, Inc. (Nasdaq: FORD) has suffered an unrealized loss of $382 million, despite holding $1.2 billion worth of Solana (SOL). According to DeFiLlama data, the company’s market capitalization is now $900 million less than the value of its cryptocurrency assets following a 73.6% decline from its peak.

Forward Industries purchased 6.82 million SOL tokens at an average price of $232 each. The investment has resulted in a 24.13% unrealized loss, or $382 million, despite its substantial size. On-chain data reveals that Forward’s market capitalization dropped to almost $900 million as a result of the share price collapsing from a peak of $39.60 to $10.44.

Solana’s market dip mirrors Forward’s decline

DeFiLlama data reveal that Solana (SOL) is currently trading at $156.43, with a market capitalization of $86.51 billion and a fully diluted market capitalization of $95.98 billion. The statistics show that DeFi’s total value locked (TVL) is $9.92 billion, a 5.44% decrease from the previous day.

Source: DeFiLlama; Solana DeFi Metrics and Performance.

According to the on-chain data, decentralized applications reported $6.13 million in income and $17.74 million in fees, combined with $797,785 in NFT trading volume and $29.33 million in inflows. On-chain data also reveal that Solana earned $870,332 in chain fees and $114,934 in chain revenue over the last 24 hours.

According to DeFiLlama data, the share price of the Solana Treasury Company surged sharply in early September before steadily declining through October. The data also reveal that, as of October 31, the trading volume had decreased from $1 million to $608,800 after reaching a peak of around $2.7 million during the price rise on September 8. The stock is settled at $14.26.

Source: DeFiLlama; Forward Industries’ Volatile Stock Price Swing.

Google Finance data reveal that Forward Industries stock is currently trading at US$10.44, down 3.54% today. The stock rose 1.53% to $10.60 after hours. FORD has fluctuated between $10.34 and $11.45 today.

The data shows Forward Industries’ stock has an annual range of $3.32 to $46.00. The company’s average daily trading volume is approximately 520,630 shares.

Forward expands Solana strategy with advisory board

On November 4, the Solana Treasury Company announced that it has filed its Resale Prospectus Supplement (the “Resale Prospectus Supplement”) with the U.S. Securities and Exchange Commission (“SEC”).

According to the report, the filing was made in accordance with its effective registration statement on Form S-3 file (File No. 333-290312) earlier this year. The Solana treasury company report emphasized that the Resale Prospectus Supplement registers for the resale of specific shares of common stock that were previously issued in the company’s September 2025 private placement (the “PIPE”).

The company’s report revealed that the Board of Directors of Forward Industries approved a share repurchase program on November 3, 2025, in conjunction with this milestone.

The report states that the repurchase program will allow the company to buy back up to $1 billion of its outstanding common stock. According to the report, the authorization is set to expire on September 30, 2027.

On October 22, the Solana treasury company established a crypto advisory board comprising 25 individuals from the Solana and DeFi communities. The firm also formed a traditional finance industry to guide its Solana-focused corporate treasury.

According to the Solana treasury company, the crypto advisory board comprises Amir Haleem, founder of Helium; Armani Ferrante, CEO of Backpack; Cindy Leow, co-founder of Drift Labs; Robert Leshner, CEO of Superstate; and Tarun Chitra, founder of Gauntlet.

Forward also noted that Michael Marcantonio and Harry Austin, executives of Galaxy Digital, also joined the crypto advisory board.

“Establishing a dedicated Crypto Advisory Board is an important milestone as Forward executes on its strategy to bring the value of the Solana ecosystem to investors. The caliber of leaders joining reflects growing conviction in Solana within global capital markets.”
–Chairman Kyle Samani, Chairman at Forward Industries, Inc.

The establishment of the crypto advisory board was made only a few weeks after Forward filed a $4 billion at-the-market share offering to finance further accumulation. The Solana treasury company spent roughly $1.6 billion purchasing 6.8 million $SOL.

Claim your free seat in an exclusive crypto trading community - limited to 1,000 members.