A Costly Bet: Forward Industries Grapples with Major Losses on Solana Treasury
Forward Industries, the public company that boldly pivoted to become a dedicated Solana treasury, is now facing the stark realities of crypto market volatility. The company’s substantial investment in SOL has soured with the recent market downturn, resulting in a significant financial hit and testing the resilience of its novel corporate strategy.
The scale of the loss is considerable. According to a report from November 23, 2025, Forward Industries holds 6,910,568 SOL, which it acquired at an average price of $230 per token. With the value of Solana dropping, the company’s treasury is now worth approximately $917 million, reflecting a paper loss of around $668 million from its original $1.59 billion investment. This challenging position is part of a broader market slump that has left nearly 80% of Solana’s circulating supply held at a loss.
Navigating the Downturn and Looking Ahead
In response to market pressure and to signal confidence, Forward Industries’ board authorized a substantial $1 billion share repurchase program, effective through September 2027. However, this move was met with a negative short-term reaction, as the company’s stock price fell approximately 30% on the day of the announcement. The company has also engaged in portfolio restructuring, with a recent large transfer of 1.727 million SOL to a custody wallet, which was later clarified as an internal maneuver rather than a sale.
Despite the current downturn, Forward Industries appears committed to its long-term thesis. The company continues to stake nearly all of its SOL holdings, earning a yield to help offset the price decline. The firm’s leadership, including Chairman Kyle Samani, maintains that the strategy is designed for the long haul, focusing on increasing “SOL-per-share” and participating in the growth of the Solana ecosystem.
The future of Forward Industries is now inextricably linked to the performance of Solana. The company’s ability to recover investor confidence and stabilize its financial position will depend heavily on both a broader recovery in the crypto market and the successful execution of its active treasury management plans.
