Solana Treasury Forward Industries Uses Loan to Buy Back Shares After 89% Price Dive
Forward Industries, a leading Solana treasury firm, is repurchasing over 6 million FWDI shares for $27.4 million from an institutional investor, reducing its outstanding shares by 7.4%. The buyback was funded with a $40 million crypto loan from Galaxy Digital, secured by staked Solana from the firm’s treasury. This move aligns with Forward’s $1 billion share repurchase program approved in November, aiming to increase SOL-per-share value for shareholders. Forward prioritizes share buybacks when its stock trades at a significant discount to its net asset value, viewing this as a more efficient way to boost SOL exposure per share than direct Solana purchases. The company also plans to cut operating expenses by up to 45% in Q1. After acquiring 6.8 million SOL for $1.58 billion at an average of $232 per token, Forward now holds more than 7 million SOL valued at $614 million but faces $1.1 billion in unrealized losses. FWDI shares have fallen over 83% in six months and 89% since last September’s peak.
