Forward Industries, trading under the ticker FWDI, has expanded its Solana treasury to approximately 8.73 million SOL and SOL-equivalent assets as of November 9. The company disclosed the update on November 10, showing an increase of 226,396 tokens since September 30 through a combination of purchases and staking rewards.

The latest total stands at 8,727,694 SOL, representing roughly 1.5 percent of Solana’s circulating supply and valued at about $726.5 million at the time of the report. Forward Industries maintains the largest Solana position among publicly listed companies, well ahead of DeFi Development Corp., which holds just over 2.6 million SOL.

Treasury Growth and Per-Share Metrics

Holdings rose 2.7 percent over the roughly 40-day period. SOL per fully diluted share increased from 0.0806 to 0.0824, a 2.3 percent gain that the company annualizes at approximately 21 percent. The additional tokens carried an average cost of $75, a figure that includes staking rewards booked at zero cash cost.

Net asset value declined from approximately $870.4 million on September 30 to $600.3 million on November 9. Institutional debt outstanding rose from $167.5 million to $187.5 million over the same interval.

$50 Million Credit Facility Secured

Alongside the treasury update, Forward Industries announced a two-year, $50 million credit facility from an unnamed federally chartered, FDIC-insured U.S. national bank. The facility carries an interest rate of SOFR plus 150 basis points.

The loan is secured by SOL held in the company’s treasury. The pledged tokens will remain staked and continue generating network rewards, with the lender prohibited from rehypothecating the collateral.

Commitment to Tokenized Housing Product

The company also committed up to $50 million to USHP, a tokenized product that tracks U.S. residential property prices. The Galaxy-Sharplink Onchain Yield Fund anchored the product’s launch. Management intends to use any dollar-denominated income generated by the investment to support further SOL purchases.

In a related move, Forward Industries added Barclays as a sales agent alongside Cantor Fitzgerald for its existing at-the-market equity offering program.

Market Conditions and Share Performance

The disclosures arrived as Solana traded near multi-month lows. The token fell to around $81–$82 during the session, its weakest level in nearly three months, before recovering to the mid-$83 range. Forward Industries shares declined to $5.25, approaching a three-month low and leaving the stock more than 28 percent lower for the year.

The company has continued its accumulation strategy despite volatility in both the token and its own equity since beginning large-scale SOL purchases.