Forward Industries lifts Solana holdings to 8.7 million SOL

Forward Industries added about 226,000 SOL since late September, raising its reported holdings to roughly 8.7 million tokens valued at $726.5 million, according to The Block’s Nov. 10 report.

The additions came through additional purchases and staking rewards, taking Forward’s position to about 1.5% of Solana’s circulating supply. The report did not specify how much of the 226,000-token increase came from purchases rather than rewards.

Forward Industries plans to continue acquiring SOL through a two-year, $50 million credit facility secured by its holdings and a planned investment of up to $50 million in USHP, a tokenized investment product tied to U.S. home prices.

How is the $50 million credit facility structured?

Forward secured the two-year facility from a U.S. national bank, according to The Block. The company backs the loan with SOL, while the collateral is structured to remain staked so the treasury can continue generating rewards.

That design preserves staking income while the same tokens support borrowing capacity. Beyond the facility’s size, two-year term and SOL backing, the report did not identify the bank or specify its interest rate, covenants or repayment schedule.

What does the USHP allocation do?

Forward plans to invest as much as $50 million in USHP and use the proceeds to buy additional SOL, according to The Block. Galaxy and SharpLink’s on-chain yield fund also participated in the product’s launch.

As described, the allocation creates an indirect funding route: Forward places capital into a home-price-linked tokenized investment product and directs the resulting proceeds toward Solana purchases. The report did not provide a purchase timetable or identify the amount Forward has already committed.

How large is Forward’s lead?

Forward Industries holds the largest SOL treasury among U.S.-listed companies, according to The Block. DeFi Development ranks second with about 2.6 million SOL, leaving Forward’s reported holdings roughly 6.1 million SOL ahead.

The company’s 1.5% share of Solana’s circulating supply gives its treasury unusual scale within the listed-company market. Forward also continues to hold the collateral supporting its credit facility, meaning staking rewards and token purchases can increase its holdings without requiring the loan collateral to leave the staking arrangement.

What does market pressure mean for the treasury?

SOL fell to about $82 during the session, its lowest level in roughly three months, before recovering to around $83.50, according to The Block. Forward’s shares dropped to about $5.25, nearing a three-month low, and are down more than 28% this year.

Those declines have placed the reported $726.5 million value of Forward’s holdings and the company’s financial health in focus, according to the report. A lower SOL price can reduce the marked value of the treasury and the value of collateral pledged for the loan even if Forward does not sell tokens.

The Block did not disclose the facility’s loan-to-value ratio, collateral thresholds or liquidation terms, so the report provides no basis for calculating a margin-call threshold. The relevant operating variables are therefore the size and timing of further acquisitions, the continued contribution from staking rewards, and the effect of SOL’s market value on both the reported treasury and its secured borrowing.

Over the two-year credit facility term, investors will be watching whether Forward deploys the available borrowing capacity and USHP proceeds into additional SOL, and how changes in the token price affect the collateral supporting its debt.