Forward Industries’ Solana (SOL) Holdings Rise 2.7% as Debt Reaches $187.5 Million

Forward Industries’ Solana (SOL) holdings rose 2.7% between Sept. 30 and Nov. 9, while its institutional debt increased and its cash and marketable securities declined. The figures show the company’s growing SOL treasury alongside changes in its reported financial position.

Forward held 8,727,694 SOL on Nov. 9, up from 8,501,298 at Sept. 30. That was an increase of 226,396 tokens, or about 2.7%, and the holdings represented about 1.5% of Solana’s circulating supply. The company put the average cost of its newly purchased SOL at $75 per token.

The Sept. 30 figure is the baseline for that quarter-to-date comparison. A separate Forward’s Sept. 21 treasury update listed about 8.16 million SOL and SOL equivalents; that balance was preliminary and included SOL, fwdSOL, pledged SOL and SOL equivalents.

Forward secured a two-year, $50 million credit facility backed by SOL from its treasury. The interest rate is the Secured Overnight Financing Rate plus 150 basis points. The pledged tokens remain staked while serving as collateral, and the agreement prohibits rehypothecation, meaning the SOL cannot be pledged again.

Institutional debt stood at $187.5 million on Nov. 9, up from $167.5 million at Sept. 30. Cash and marketable securities fell to $5.25 million from $7.29 million over the same period. That amounts to a $20 million increase in debt and a $2.04 million decline in cash and marketable securities.

Forward also added Barclays as an agent for its at-the-market stock sales program, alongside Cantor. The appointment adds a sales agent to the company’s equity-raising program as it maintains a SOL-backed credit facility.

The company committed up to $50 million to support USHP, a tokenized product tied to U.S. home prices, as part of a planned $100 million total launch with other investors. Forward plans to use income from USHPi, its yield-bearing token, to buy SOL. It also plans to bring USHP to Solana in 2027; the investment includes a minority stake and warrants in Index Industries.