Forward Industries has executed a $27.4 million share repurchase, buying back 6,164,324 shares from an unnamed institutional investor. The transaction reduces its outstanding shares to 76,977,809.
The buyback was funded by a $40 million loan from Galaxy Digital LLC at 3.4% interest, secured against Forward’s 7,013,536 SOL-worth roughly $613 million at current prices. This allows the company to retain its crypto assets while accessing liquidity and continuing to earn staking yield.
The move aligns with Forward’s previously announced $1 billion share repurchase authorization. The company holds the largest public Solana treasury, but faces steep unrealized losses-nearly $972 million-as SOL prices have dropped below $90, dragging its stock down 87% from its September peak.
Forward is among at least 19 public firms using crypto treasury strategies, many now under pressure as asset values fall below equity valuations and cash flow tightens-a trend likely to spur sector consolidation.