Forward Industries Faces $382M Blow as Solana Bet Turns Risky

TLDR

• Forward Industries reported an unrealized loss of 382 million dollars on its Solana investment.
• The company purchased 6.82 million Solana tokens at an average price of 232 dollars each.
• Solana is currently trading at 156.43 dollars according to DeFiLlama data.
• The market capitalization of Forward Industries is now 900 million dollars below its crypto holdings.
• The company’s share price dropped from 39.60 dollars to 10.44 dollars this year.

Forward Industries, Inc. (Nasdaq: FORD) reported an unrealized loss of $382 million from its Solana (SOL) investment. The company holds 6.82 million SOL tokens, currently valued below the initial purchase cost. Its market capitalization fell nearly $900 million below the value of its cryptocurrency assets.

Forward Industries Faces Steep Loss on Solana Investment

Forward Industries purchased 6.82 million SOL at an average price of $232 each. The investment now represents an unrealized loss of 24.13%. The loss equals $382 million, reflecting the sharp decline in Solana’s price.

Solana currently trades at $156.43, according to DeFiLlama data. The cryptocurrency’s market capitalization stands at $86.51 billion. Its fully diluted market capitalization is $95.98 billion.

DeFiLlama data also show Solana’s total value locked at $9.92 billion. The figure marks a 5.44% decrease from the previous day. The decline mirrors broader market volatility across the DeFi sector.

Forward Industries’ share price collapsed from a peak of $39.60 to $10.44. This represents a 73.6% decline from its highest point. The company’s market value now trails far below its crypto holdings.

Google Finance data indicate Forward Industries shares fell 3.54% to $10.44. After hours, the stock rose slightly to $10.60. It traded between $10.34 and $11.45 during the day.

Solana Treasury Data Reflects Ongoing Market Weakness

According to DeFiLlama, Solana’s trading volume fell from $1 million to $608,800 by October 31. The figure peaked at $2.7 million on September 8. The price has since settled around $14.26 in related treasury data.

On-chain statistics show decentralized applications generated $6.13 million in income. Fees reached $17.74 million, while NFT trading volume totaled $797,785. Inflows to the network amounted to $29.33 million during the same period.

The network earned $870,332 in chain fees over the past 24 hours. Chain revenue reached $114,934, according to the same report. These figures highlight the active but fluctuating on-chain activity.

Forward Industries continues to rely heavily on its Solana exposure. The unrealized loss now exceeds $382 million on paper. Market trends indicate further volatility in the near term.

The company’s average daily trading volume stands at 520,630 shares. Its annual range spans between $3.32 and $46.00. This range reflects intense trading swings throughout the year.

Forward Expands Solana Strategy with Advisory Board

On November 4, the Solana Treasury Company filed its Resale Prospectus Supplement with the SEC. The filing followed its earlier registration on Form S-3 (File No. 333-290312). The supplement covers the resale of shares from the September 2025 private placement.

Forward Industries also announced a $1 billion share repurchase program on November 3. The program runs until September 30, 2027. It aims to repurchase outstanding common stock under the approved authorization.

The company formed a crypto advisory board on October 22. The board includes 25 members from Solana and DeFi communities. It also features participants from traditional finance.

Board members include Amir Haleem of Helium and Armani Ferrante of Backpack. Cindy Leow of Drift Labs and Robert Leshner of Superstate joined as well. Tarun Chitra of Gauntlet also holds a position.

Galaxy Digital executives Michael Marcantonio and Harry Austin joined the same panel. The board will advise Forward Industries on Solana-focused treasury strategy. “Establishing a dedicated Crypto Advisory Board is an important milestone,” said Chairman Kyle Samani.

The company filed a $4 billion at-the-market share offering weeks earlier. The offering supports further accumulation of Solana assets. Forward Industries spent about $1.6 billion acquiring 6.8 million SOL tokens.

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