TLDR
- Forward Industries (NASDAQ: FWDI) shares rose 8% in premarket trading Friday.
- The company’s SOL treasury grew 13% to 8.5 million tokens in fiscal Q4.
- SOL per share climbed 10% quarter over quarter, or roughly 42% annualized.
- Net asset value nearly doubled to $870.4 million as of September 30.
- The company’s OnRe reinsurance investment jumped 41% in market cap during the quarter.
Forward Industries (FWDI) stock jumped 8% in premarket trading Friday. The move came after the company revealed a sharp increase in its Solana holdings.
Forward Industries, Inc., FWDI
The treasury-focused firm said it added 948,601 SOL during its fiscal fourth quarter. That brought total holdings to 8.5 million SOL as of September 30.
The increase marks a 13% rise from the 7.6 million SOL the company held at the end of June. Forward bought the tokens at an average cost of $83 each.
The company’s stake now represents about 1.4% of Solana’s entire circulating supply. That’s a sizable chunk for a single corporate holder.
A Strong First Year
This quarter capped Forward’s first full fiscal year running its Solana-focused strategy. The results tell a clear story.
SOL per share, measured on a fully diluted basis, grew 33% over the past twelve months. It rose from 0.0604 a year ago to 0.0806 now.
Quarter over quarter, that same metric increased 10%. Annualized, that works out to roughly 42% growth.
Some of this quarter’s SOL purchases were funded by selling Forward shares. The company said the move was accretive, meaning SOL-per-share still rose despite more shares being issued.
Common shares outstanding increased to 76.3 million from 73.8 million. Fully diluted shares rose to 105.5 million from 103.5 million.
Beyond the Treasury
Forward’s bet extends past simply holding SOL. Its investment in OnRe, a Solana-based tokenized reinsurance platform, is paying off too.
ONyc, the platform’s token, saw its market cap grow 41% during the quarter. It rose from about $203.4 million to $286.2 million.
That figure has roughly doubled since Forward first invested back in May. The broader tokenized asset market on Solana also expanded, growing from $3.3 billion to $4.3 billion over the same period.
Chief Investment Officer Ryan Navi has described the company’s approach as building a Berkshire Hathaway for Solana. The idea is to blend debt and equity capital access with diversified yield and stakes across the ecosystem.
As of September 30, Forward’s net asset value stood at $870.4 million. That’s nearly double the $481.3 million reported at the end of June.
Institutional debt outstanding rose too, climbing to $167.5 million from $105 million over the same stretch. The fully diluted NAV per share came in at $8.25, with a market-to-NAV ratio of 0.946x.
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