Forward Industries holds the largest publicly listed Solana treasury in the market

Forward Industries (FWDI) owns nearly 7 million SOL, becoming the largest publicly traded company holding Solana, surpassing the combined holdings of the next three competitors. The company is backed by Galaxy Digital, Jump Crypto, and Multicoin Capital, implementing staking and liquid staking tokens to increase value per share.

Thanks to not using debt or leverage, FWDI has an advantage in expansion and aims to consolidate struggling digital asset treasury companies during volatile market periods. However, the average purchase price of SOL at $232 now amounts to only about $600 million, representing an unrealized loss of nearly $1 billion, while the stock has fallen from nearly $40 to around $5.

In the long term, the company positions itself as a permanent capital vehicle, focusing on accumulating SOL, generating staking yields of approximately 6%–7%, and leveraging low capital costs to grow value.