Forward Industries poised to consolidate digital-asset treasury sector

Nasdaq-listed Forward Industries carries no corporate debt and holds the largest public Solana treasury, a combination its chief investment officer says gives the company room to play offense while peers retrench. "Scale plus an unlevered balance sheet is a real advantage in this market.

We can play offense when others are playing defense," Navi said. The firm owns about 7 million SOL tokens acquired at an average price of $232; at roughly $85 per token that stake is worth about $600 million, representing a paper loss of roughly $1 billion. FWDI’s stock has fallen from near $40 last year to just above $5.

In 2025 Forward raised roughly $1.65 billion in a private investment in public equity led by Galaxy Digital, Jump Crypto and Multicoin Capital, a deal that made it the largest Solana-focused treasury in the public markets with holdings larger than its next three competitors combined.