Forward Industries Buys Back $27M Stock With SOL-Backed Loan

Forward Executes $27.4M Buyback with SOL-Backed Loan

On March 19, 2026, Solana treasury company Forward Industries (NASDAQ: FWDI) initiated a $27.4 million stock repurchase, buying back 6,164,324 shares in a privately negotiated transaction. The move reduces the company's total common shares outstanding from 83.1 million to approximately 77 million, a 7.4% decrease. This transaction is part of a larger $1 billion share repurchase program authorized by the company's board in November.

To fund the buyback, Forward secured a $40 million loan from Galaxy Digital LLC at a weighted average annual interest rate of approximately 3.4%. The loan, which has an average maturity of 4.9 months, is collateralized by the company's extensive Solana holdings. This financing structure allows Forward to access capital while continuing to earn staking rewards on its underlying SOL, effectively offsetting the cost of the debt.

Strategy Targets Discount to NAV After 89% Stock Decline

The repurchase is a direct response to the company's stock performance, which has declined 89% from its September peak of $46.00. This has caused the stock to trade at a significant discount to its net asset value (NAV), which is primarily composed of its 7 million SOL treasury. By buying back its own shares, the company effectively acquires its underlying SOL at a discount, increasing the exposure for remaining shareholders. The transaction boosts the company's SOL-per-share from 0.0624 to 0.0662.

If the stock trades at a significant discount to our NAV, then it makes more sense for us to continue to buy our stock rather than buying SOL in the open market, because we're effectively buying more SOL at a discount when we buy our stock.

— Ryan Navi, Chief Investment Officer of Forward Industries.

Company Slashes Costs as Crypto Treasury Model Faces Pressure

In addition to the buyback, Forward Industries announced a significant cost reduction plan. The company projects its SG&A expenses will decrease by approximately 45%, falling from $6.5 million in the first fiscal quarter to an estimated $3.6 million by the third quarter. These operational efficiencies are intended to improve operating leverage as the firm navigates a challenging market.

This strategic pivot occurs as the company sits on substantial unrealized losses, estimated to be over $970 million, from acquiring its SOL at an average price of $232. With Solana's price trading below $90, the pressure on crypto treasury models has intensified. Forward's dual strategy of repurchasing discounted shares and cutting operational costs demonstrates a disciplined approach to capital allocation while maintaining its long-term conviction in its Solana holdings.