Forward Industries secures an additional 50,000 Solana, pushing holdings past 7 million

Nasdaq-listed Forward Industries said on the 20th (Korea time) that it recently increased its Solana (SOL) holdings from 6.96 million to around 7.01 million.

Forward Industries positions itself as a “Solana treasury company” that stockpiles Solana as a core asset.

The increase in holdings was carried out alongside a share buyback. Forward signed an agreement to repurchase about 6.16 million shares of common stock from institutional investors for $27.4 million. The company said the buyback also increased Solana holdings per share.

Kyle Samani, chairman of Forward Industries, said, “We will further improve profitability going forward through a better cost structure and greater operating efficiency,” adding, “We will work to enhance long-term shareholder value through a structure that combines share buybacks with staking income.”