Forward Industries grows SOL treasury to 8.7 million as token hits nearly three-month low

Forward Industries added roughly 226,000 SOL to its treasury through purchases and staking rewards since the end of September.

The company said Tuesday that its holdings reached approximately 8.7 million SOL, worth roughly $726.5 million, totaling about 1.5% of Solana's total circulating supply.

Forward controls the largest Solana treasury among publicly traded companies by a wide margin, with its closest rival, DeFi Development Corp., holding just over 2.6 million SOL.

The update comes amid a slide in SOL and Forward's own shares Forward Industries, Inc. (FWDI). SOL dropped as low as $82 on Tuesday, its lowest level in almost three months, before recovering to around $83.50. Forward shares also dipped to a near three-month low of $5.25, leaving the stock down more than 28% so far this year.

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Forward also disclosed that it had secured a two-year, $50 million credit facility from an unnamed U.S. national bank. The loan is backed by SOL that will remain staked, which will allow Forward to continue earning rewards.

The company added that it committed up to $50 million to USHP, a tokenized product that tracks U.S. home prices whose launch was also anchored by the Galaxy-Sharplink Onchain Yield Fund. It plans to use income from the investment to purchase more SOL.