Forward Industries shares down 25% after unlocking PIPE shares

Shares of the Solana treasury firm Forward Industries have declined 25% today amid a flight from risky assets.

Risk-off sentiment hit both the equity and crypto assets, with valuations getting crushed. On Tuesday, Nov. 4, shares of the Solana treasury firm Forward Industries dropped 25%, while Solana was down 7.5%.

The steep decline followed the company’s announcement that it had registered the shares sold in its September 2025 private placement. This means that investors who bought shares in the PIPE deal can immediately resell them on the open market.

The September deal raised $1.58 billion from private investors. It also enabled the firm to buy 6.822 million Solana (SOL) at an average price of $232 per token. Galaxy Digital, Jump Crypto, and Multicoin Capital, were among the firms that invested.

Forward Industries authorizes $1b share buyback

To boost its declining share price, Forward Industries announced that its board approved a share repurchase program worth up to $1 billion. The authorization, signed on November 3, will expire on Sept. 30, 2027. The program means that the company is allowed to, but doesn’t have to, buy back up to $1 billion worth of its own shares.

Crypto treasury firms use a combination of debt, staking, and yield strategies to outperform the underlying asset. However, these strategies often turn them into a leveraged bet, making them more volatile than the crypto assets they invest in.