TLDR
- Forward Industries authorized a $1 billion share repurchase program on Monday
- The company holds approximately 6.82 million SOL tokens valued at roughly $1.2 billion
- FORD stock dropped nearly 20% on Tuesday and has fallen 73.6% from its peak of $39.60
- The company’s market cap sits at around $900 million, below its net asset value
- Forward Industries faces unrealized losses of about $382 million on its Solana position
Forward Industries has authorized a $1 billion share repurchase program as its stock continues to slide. The company announced the buyback plan on Monday.
According to Defillama, Solana DAT firm Forward Industries, Inc. (Nasdaq: FORD) holds 6.82 million SOL purchased at an average price of $232. The position is now worth $1.2 billion, reflecting a 24.13% unrealized loss totaling $382 million. The company's stock has fallen 73.6%…
— Wu Blockchain (@WuBlockchain) November 5, 2025
The authorization allows Forward to purchase its own stock through open-market transactions, block trades, or private deals. The program has no set end date.
Forward Industries currently holds more than 6.8 million SOL tokens on its balance sheet. This makes it the largest corporate holder of Solana.
Forward Industries, Inc., FORD
The company purchased its SOL holdings at an average price of around $232 per token. At current market prices, the total position is worth approximately $1.2 billion.
However, the investment hasn’t worked out as planned. Forward is sitting on unrealized losses of about $382 million, representing a 24.13% decline from its purchase price.
The company’s stock took another hit on Tuesday, dropping almost 20% as crypto-related equities faced broad selling pressure. This continues a painful trend for shareholders.
FORD stock has crashed from a high of $39.60 to its current price of $10.44. That represents a 73.6% decline from peak levels.
Market Value Falls Below Asset Value
The stock’s collapse has created an unusual situation. Forward’s total market capitalization now sits at approximately $900 million.
This is actually less than the $1.2 billion value of Solana tokens the company holds. The market-to-net-asset-value ratio has dropped below 1.
This means investors are valuing the entire company at less than just its crypto holdings. The situation reflects growing skepticism about crypto treasury business models.
Forward said the buyback program gives it flexibility to purchase shares when they trade below intrinsic value. The company plans to continue its Solana treasury strategy while buying back stock.
The company recently launched a validator node on the Solana network. This move deepens its involvement in the blockchain ecosystem beyond just holding tokens.
Crypto Treasury Model Under Pressure
Forward isn’t alone in facing pressure. Multiple companies adopted crypto treasury strategies during the bull market.
These firms hoped to boost their stock prices by pivoting to digital assets. The strategy has backfired for many as crypto prices declined.
Standard Chartered analysts warned that crypto treasury companies are experiencing a valuation crunch. Enterprise values have fallen relative to the market value of their crypto holdings.
This creates a problematic dynamic where the market values these companies at discounts to their holdings. The gap suggests investors see little value in the business beyond its crypto.
Venture capital firm Breed issued a warning in June about Bitcoin treasury companies. The firm said only a handful would avoid a “death spiral” triggered by collapsing net asset values.
The pressure extends across both Bitcoin-focused and altcoin-focused treasury strategies. Forward’s situation with Solana illustrates the challenges facing companies betting on alternative cryptocurrencies.
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