In its Nov. 10 update, Forward Industries reported more Solana (SOL) and equivalent holdings as of Nov. 9, even as its preliminary net asset value fell by $270.1 million from Sept. 30.
The company’s SEC-filed update put its balance at 8,727,694 SOL and equivalents, up 226,396, or 2.7%, over the period. Forward estimated that total represented about 1.5% of Solana’s circulating supply.
The total includes SOL, fwdSOL and SOL pledged as collateral, but excludes borrowed SOL. Forward did not separate purchases from staking rewards in the reported increase. The company put the average cost of additions at $75 per SOL, including staking rewards to which it assigned no cash cost.
Forward’s fully diluted SOL-per-share measure rose to 0.0824 from 0.0806, a 2.3% increase over 40 days. The company annualized the gain to about 21%. It calculates the metric by dividing SOL and equivalents by fully diluted shares outstanding. That share count rose to 105,933,854 from 105,535,801, while common shares remained at 76,288,215.
Preliminary net asset value stood at $600,251,077 on Nov. 9, compared with $870,382,702 on Sept. 30. Institutional debt rose to $187.5 million from $167.5 million. Cash and marketable securities fell to $5,247,704 from $7,292,000. Forward said the interim figures are preliminary and unaudited, and that Sept. 30 data remains subject to its annual audit.
The company also announced a $50 million credit facility with a two-year term and an interest rate of SOFR plus 150 basis points. The rate has a floor set at SOFR’s level when the facility originated. Forward said SOL pledged as collateral would remain staked and would not be rehypothecated, or pledged again. It warned that a decline in the collateral’s value could require it to add collateral or repay borrowings.
Ryan Navi, Forward Industries’ chief investment officer, said the company had “increased SOL per share by 2.3% and added approximately 226,000 SOL to our holdings.” Forward said it began its digital-asset treasury strategy in September 2025 to grow SOL per share and create shareholder value.
