Solana purchases continue by Nasdaq-listed Forward Industries despite a seven-week market slump.
Forward Industries held 8,727,694 SOL tokens on Nov. 9 according to a Pflichtmitteilung an die US-Börsenaufsicht SEC filed with regulators. That total marks an increase from the 8,501,298 SOL reported at the end of September. The firm now controls roughly 1.5 percent of the circulating supply.
Ryan Navi described the firm’s ambition to become the Berkshire Hathaway of Solana. Forward plans to accumulate the cryptocurrency while investing directly in Solana-based ecosystem projects.
Forward adds SOL and secures a $50 million credit line
The company added 226,396 SOL between Sept. 30 and Nov. 9. These recent additions came in at an average purchase price of $75 per token.
Forward funded part of its operations through a new $50 million credit line with an insured US bank. The two-year facility carries an interest rate based on the Secured Overnight Financing Rate plus 1.5 percentage points. Solana tokens serve as collateral for the borrowing.
The firm’s total net asset value stood at $600.3 million on Nov. 9 based on a token price valuation of $86.61. Market trading prices sat lower at $80.65 by Friday noon, reducing the calculated net asset value to roughly $548 million.
Real estate tokenization partnership
Forward announced a partnership with Boston-based firm Groma on Nov. 12. Groma issues GromaCoin, a token representing shares in a regulated real estate investment trust holding residential rental properties.
Forward expects to acquire up to $30 million of GromaCoin upon its launch on the Solana network. Groma scheduled that blockchain rollout for the first quarter of 2027.
Solana prices fluctuate below record highs
Solana traded at $80.65 on Friday after hitting a daily high of $82.13 and a low of $78.10. The asset lost 10.4 percent over seven days and 24.8 percent over 30 days.
Tokens remain far below the record high of $293.31 reached in January 2025. Support levels now center on the $75 average purchase price of Forward’s recent acquisitions and the August low of $71.89.
Frequently Asked Questions
What is a digital asset treasury company?
A digital asset treasury is a publicly traded corporation whose primary business involves purchasing, holding, and generating yields from a specific cryptocurrency. Forward Industries operates as a treasury focused specifically on Solana.
Are GromaCoin tokens currently available to the public?
GromaCoin is currently restricted to accredited investors within the United States. A broader public offering of up to $75 million remains dependent on regulatory approval from the Securities and Exchange Commission.