The Kyle Samani-led Forward Industries has resumed accumulating $SOL, purchasing more than 500,000 $SOL from April to June 2026 at an average price of approximately $79 per token. The acquisition, valued at roughly $39.5 million, increased the company's treasury to 7.55 million $SOL, reinforcing its position as the largest publicly traded Solana treasury company by holdings.
The company also disclosed that it sold 93,642 shares of common stock through its At The Market offering during the quarter while achieving an annualized $SOL per share growth of 36%. According to Forward, this reflects its ability to raise capital from public markets while increasing $SOL exposure on an accretive basis for shareholders.
Forward said its recent inclusion in the Russell 2000 and Russell 3000 indexes improves its ability to access institutional capital. The company also highlighted its financing structure, which uses $fwdSOL as collateral with institutional partners to borrow at a lower cost than its staking yield, which currently ranges from 6.4% to 7.3%.
“Our mandate is simple: maximize SOL per share and create long-term shareholder value. Our execution this quarter demonstrates our ability to employ multiple capital formation strategies to acquire additional SOL in a highly accretive manner. By repurchasing shares when Forward trades at a discount to NAV and issuing equity when our shares trade at a premium, we dynamically allocate capital in a way that compounds SOL per share and enhances long-term intrinsic value.” - Ryan Navi, Chief Investment Officer of Forward Industries
A Shift After Months of Limited Buys
Forward's purchase marks one of the largest corporate $SOL acquisitions in months. The previous notable treasury activity came from SOL Strategies in June, although that transaction moved in the opposite direction. The infrastructure firm sold 65,001 $SOL, representing about 12.4% of its holdings, to reduce approximately CAD 5.75 million in debt after a series of acquisitions, including Houdini Swap and Darklake.
According to Artemis data, the last significant $SOL accumulation by a Solana-focused digital asset treasury before Forward occurred in January. On January 13, Upexi entered into a securities purchase agreement with Hivemind Capital Partners for a convertible note backed by locked $SOL. The approximately $36 million transaction increased Upexi's treasury from about 2.2 million $SOL to more than 2.4 million $SOL.
Solana Company also signaled renewed interest in accumulation earlier this year. In late April, the NASDAQ-listed firm announced an $8 million registered direct offering led by Mirae Asset, with participation from HashKey Capital.
The company said it would allocate part of the proceeds toward purchasing additional $SOL while also supporting working capital and business expansion. Solana Company currently holds approximately 2.3 million $SOL.
Accumulation Returns After Failed Takeover Efforts
Forward's latest purchase follows an active month of merger and acquisition attempts. In June, the company pursued acquisition proposals involving Solana Company, Solmate, and SkyAI. Solana Company rejected Forward's all-stock proposal, which valued the business at approximately $1.63 per share. Earlier proposals involving Solmate and SkyAI also failed to result in transactions.
Those proposals suggested that Forward viewed consolidation as one way to expand its position during a period when lower $SOL prices pressured treasury company valuations. Now, instead of growing through acquisitions, Forward has expanded directly by purchasing additional $SOL.
With Solana outperforming 94 of the top 100 cryptocurrencies by market capitalization in the past week and gaining more than 20%, Forward's renewed buying raises an important question for the market.
Other Solana-focused treasury companies have remained largely inactive for months, but improving market conditions could encourage more firms to resume accumulating $SOL rather than reducing their holdings.
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