Svmuu News Forward Industries (NASDAQ: FWDI) announced the repurchase of approximately $27.4 million worth of its own shares, funded by a short-term loan provided by Galaxy Digital, while continuing to advance its Solana-focused treasury strategy.
The company stated it will repurchase approximately 6.16 million shares from an institutional investor through a private transaction, reducing the number of outstanding shares by about 7%, which is expected to improve its per-share SOL metric. For this purpose, Forward secured a $40 million digital asset-backed loan from Galaxy Digital, with an average interest rate of approximately 3.4% and a term of less than five months, collateralized by pledged SOL, which yields an annualized return of about 6.2%.
This repurchase comes at a time when both the company's stock price and its underlying assets have declined. FWDI's stock price has fallen by about 25% year-to-date, while SOL has dropped by approximately 30% over the same period. Forward began building its position in SOL around September 2025 when the price was about $240; the current SOL price is around $88, representing a decline of over 60% from the initial entry level.
Despite the drawdown, Forward continues to expand its holdings and currently holds over 7 million SOL, valued at approximately $616 million at current prices, making it the largest known corporate holder of SOL. Solana Company ranks second with holdings of about 2.3 million SOL. Furthermore, Forward expects its operating expenses to decline in the coming quarters, with core SG&A costs projected to decrease by approximately 45% between the first and third fiscal quarters.