Forward Industries Launches Share Buyback Backed by Solana Holdings

Forward Industries has announced a $27.4 million share buyback program covering 6.16 million shares, financed through a $40 million loan provided by Galaxy. What makes the deal notable is that the financing is secured directly by the company’s holdings in Solana, allowing Forward to unlock liquidity without selling its crypto assets.

This structure enables the company to maintain its exposure to Solana while continuing to generate additional income through staking. Rather than reducing its crypto position, Forward is effectively using it as collateral to fund corporate actions, signaling a more advanced treasury strategy built around digital assets.

Crypto Exposure per Share Becomes a Key Metric

Beyond the buyback itself, the move is designed to increase the amount of crypto backing each share. The company’s SOL-per-share ratio is expected to rise from 0.0624 to 0.0662 following the operation, reinforcing the idea that digital asset exposure per share is becoming an important valuation metric.

Forward now holds more than 7 million SOL, strengthening its position within the crypto ecosystem. This approach reflects a broader shift where companies are not only holding cryptocurrencies but actively structuring financial strategies around them.

Strategy Aims to Restore Confidence Amid Market Pressure

The announcement comes at a challenging time for both the company and the broader market. Forward’s stock has fallen roughly 25% since the start of the year, while Solana has dropped significantly from around $240 in September 2025 to near $89. This decline has put pressure on crypto-based treasury strategies.

In response, the buyback serves as a signal to investors that the company is confident in its long-term positioning. At the same time, Forward is cutting operational costs, reducing SG&A expenses from $6.5 million to approximately $3.6 million as it shifts toward a leaner and more efficient model.

By turning its Solana holdings into a financing инструмент, Forward is demonstrating how digital assets can play a central role in corporate finance. If such strategies prove effective, they could reshape how public companies use cryptocurrencies, especially during periods of market uncertainty.