Forward Industries Reports 8.73 Million SOL Holdings, Secures $50 Million Credit Line

Forward Industries held a treasury of about 8.73 million Solana (SOL) and SOL equivalents as of Nov. 9, equal to about 1.5% of SOL’s circulating supply. Its holdings increased by about 226,000 SOL quarter to date at an average cost of $75 per SOL, including staking rewards.

The company secured a two-year, $50 million credit facility from a federally chartered national bank. The facility is backed by SOL and carries interest at SOFR plus 150 basis points. Forward plans to use the proceeds to advance its SOL++ strategy.

Forward also committed up to $50 million to USHP, a product linked to U.S. home prices, and acquired a minority stake in Index Industries.

In September, the company completed a $25 million registered direct offering, with net proceeds planned mainly for additional SOL purchases.