Forward Industries Adds 226,396 SOL as Solana Price Falls to $82

• SOL per fully diluted share rose 2.3%, from 0.0806 to 0.0824.
• A two-year bank credit line lets Forward borrow against SOL while the tokens remain staked.
• Forward plans to use income from a U.S. home-price investment to buy more SOL.

Forward Industries added 226,396 SOL through purchases and staking rewards in the 40 days through November 9. Its Solana treasury reached 8.73 million SOL and equivalents, about 1.5% of the circulating supply. The company disclosed the increase on November 10, when SOL touched $82, its lowest price in nearly three months, before recovering to around $83.50.

Forward Industries grew SOL per share as treasury value fell

In its fiscal first-quarter update, Forward Industries reported a 2.7% increase in holdings from September 30. SOL per fully diluted share rose 2.3%, from 0.0806 to 0.0824. The per-share figure grew slightly more slowly because the fully diluted share count also increased.

The company valued its SOL treasury at $755.9 million on November 9, using a price of $86.61 per token. A day later, The Block put the holdings at roughly $726.5 million. Forward Industries remained the largest publicly traded Solana treasury holder. Its nearest rival, DeFi Development Corp., held just over 2.6 million SOL.

Bank credit keeps pledged SOL staked and earning rewards

Forward Industries secured a two-year, $50 million credit line from an unnamed U.S. national bank. The pledged SOL continues to earn staking rewards, and the bank cannot pledge those tokens elsewhere. The interest rate is 1.5 percentage points above the Secured Overnight Financing Rate, subject to a floor.

Separately, the company committed up to $50 million to help launch USHP, a tokenized product that tracks U.S. home prices. It expects USHP’s income-bearing token to generate dollar income, which it plans to use for further SOL purchases. The company also took a minority stake in Index Industries and acquired warrants to buy more of its shares.