Forward Industries lifts SOL treasury to 8.7 million, $726.5 million

Forward Industries, Inc. said on Tuesday that its treasury reached approximately 8.7 million SOL, worth roughly $726.5 million and equal to about 1.5% of Solana's circulating supply. The company also disclosed a two-year, $50 million credit facility from an unnamed U.S. national bank and a commitment of up to $50 million to USHP, a tokenized product tracking U.S. home prices.

What changed in Forward's SOL treasury?

Forward has added roughly 226,000 SOL since the end of September through purchases and staking rewards. The additions brought reported holdings to 8.7 million tokens, according to the company, and enlarged the base on which it can accrue staking rewards.

Those September-to-Tuesday additions combine two sources of tokens: Forward's buying and rewards earned on staked SOL. Only the purchases require a matching outlay, while staking rewards add tokens without one.

The SOL backing the credit facility will remain staked, allowing Forward to continue earning staking rewards while the two-year line remains available. The lender remains unnamed.

Forward's disclosures thus pair credit access with continued yield generation. The $50 million facility sits alongside the 8.7 million-token reserve, with the supporting SOL remaining in the staking arrangement.

Forward also said it will use income from its USHP investment to purchase additional SOL. That links home-price product investment income to token accumulation, adding an income-funded purchase route alongside direct purchases and staking rewards.

How large is the Solana position?

Forward said its treasury is the largest among publicly traded companies by a wide margin. DeFi Development Corp., its closest listed rival, holds just over 2.6 million SOL, compared with Forward's approximately 8.7 million tokens.

At 1.5% of Solana's total circulating supply, Forward's position makes SOL price movements material to its reported treasury value. The token count, however, changes through company purchases and staking rewards rather than market pricing alone.

How do the two commitments work?

The $50 million facility adds a financing route to Forward's treasury strategy by pairing access to credit with continued staking on the SOL that supports it. The structure preserves reward generation while securing access to financing, though the lender remains unnamed.

USHP gives the company a second capital-allocation channel. Its tokenized design links U.S. home-price performance to investment income, and Forward intends to direct that income toward more SOL rather than treat the position as a passive holding.

The product's launch was also anchored by the Galaxy-Sharplink Onchain Yield Fund. The disclosed structure links three parts of Forward's strategy: its 8.7 million-SOL reserve, a SOL-backed $50 million credit line and a tokenized home-price product.

How did SOL and FWDI trade?

SOL fell as low as $82 on Tuesday, its lowest level in almost three months, before recovering to about $83.50. Forward Industries shares under FWDI fell 5.24%, touched a near three-month low of $5.25 and remained more than 28% lower year to date.

The market moves did not change the disclosed operating commitments: Forward still reported 8.7 million SOL, a SOL-backed $50 million credit facility and up to $50 million for USHP. The financing and product commitments extend the company's Solana strategy after declines in token and equity prices.

What comes next?

Over the two-year facility term, the next checkpoints are any credit drawdown, continued staking rewards and USHP income funding additional SOL purchases. Those disclosures will show whether Forward's financed, income-linked structure extends the roughly 226,000-SOL increase recorded since late September.