Forward Industries Adds $38 Million in Solana to Extend Treasury Lead

Forward Industries (FWDI) increased its Solana holdings by approximately $38 million, extending its position as the largest publicly traded company to hold the cryptocurrency. The purchase pushed the company's digital asset balance to 7.55 million SOL, valued at more than $576 million, according to The Block. This latest accumulation extends its lead over competitors as the largest publicly traded holder of the token.

Shares of Forward Industries spiked following the addition. The company was also recently added to the Russell 2000 and Russell 3000 indexes following an annual rebalancing, which typically broadens access to its shares for institutional investors. The transaction reinforces the growth of the public-market treasury model, where listed companies increasingly deploy balance-sheet capital into Solana, a blockchain platform known for high transaction speeds.