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Forward Industries repurchased approximately $27.4 million of its own stock through a Galaxy loan
Forward Industries (NASDAQ: FWDI) announced that it will repurchase approximately $27.4 million of its own stock using short-term loans provided by Galaxy Digital, while continuing to advance its treasury strategy centered around Solana.
The company stated that it will repurchase approximately 6.16 million shares through a private transaction from an institutional investor, reducing the number of outstanding shares by about 7%, which is expected to enhance its per-share SOL metric. To this end, Forward obtained a $40 million digital asset-backed loan from Galaxy Digital, with an average interest rate of about 3.4% and a term of less than five months, using pledged SOL as collateral, which has an annualized yield of about 6.2%. This repurchase comes at a time when the company's stock price and its underlying assets have both declined. FWDI's stock price has fallen about 25% this year, while SOL has dropped about 30% during the same period. Forward began accumulating SOL at around $240 in September 2025, and the current price of SOL is about $88, down over 60% from the accumulation level. Despite the shrinkage, Forward continues to expand its holdings, currently holding over 7 million SOL, valued at approximately $616 million at current prices, making it the largest known corporate holder of SOL. The second-largest holder, Solana Company, holds about 2.3 million SOL. Additionally, Forward expects operating expenses to decline in the coming quarters, with core SG&A costs projected to decrease by about 45% between the first and third fiscal quarters.
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