ChainThink report, March 19: According to The Block, Nasdaq-listed Forward Industries (FWDI) announced it would repurchase approximately 6.16 million shares from an institutional investor for $27.4 million via a private agreement. The transaction is expected to reduce the company’s outstanding shares by around 7%, thereby enhancing a key metric—its per-share SOL holdings.

On funding sources, Forward secured a $40 million digital asset-backed loan from Galaxy Digital, with an average interest rate of approximately 3.4% and a maturity period of less than five months. The loan is collateralized by staked SOL, and the company notes that its annualized staking yield on the pledged assets is about 6.2%, enabling it to maintain staking rewards while securing financing.

This buyback comes amid declining share prices and deteriorating underlying asset values. FWDI has declined roughly 25% year-to-date, while SOL has dropped approximately 30% during the same period. Forward began accumulating SOL in September 2025, when the token was trading at around $240, compared to its current price of approximately $88—a decline exceeding 60% from entry levels. Despite this, the company continues to expand its position, now holding over 7 million SOL tokens, valued at approximately $616 million at current market prices. This makes Forward the largest known corporate holder of SOL, surpassing Solana Company, which holds roughly 2.3 million SOL tokens.