BlockBeats News, March 19th, according to The Block, Nasdaq-listed company Forward Industries (FWDI) announced that it will repurchase approximately 6.16 million shares of stock from an institutional investor for $27.4 million. The transaction was completed through a private agreement, reducing the company’s outstanding shares by about 7% and improving its key metric of per-share SOL holdings.
On the funding side, Forward obtained a $40 million digital asset collateralized loan from Galaxy Digital, with an average interest rate of around 3.4% and a maturity of less than five months. The loan is collateralized by pledged SOL, with the company stating an approximate 6.2% annualized yield on the collateral, allowing it to continue earning staking rewards while financing.
This buyback comes against the backdrop of a simultaneous decline in the company’s stock price and the underlying asset. FWDI has fallen by about 25% since the beginning of the year, while SOL has declined by around 30% during the same period. Forward began accumulating SOL in September 2025 when the token’s price was around $240. The current price is approximately $88, representing a decrease of over 60% from the acquisition price. Nevertheless, the company continues to expand its holdings, now owning over 7 million SOL, valued at around $616 million at the current price, making it the largest known corporate holder of SOL, with the second-largest Solana Company holding about 2.3 million SOL.
