Forward Industries (NASDAQ: FWDI) adds 949K SOL and lifts SOL per share

Posted by Ethan Ryder on Oct 2nd, 2026

What happened

Forward Industries, Inc. (NASDAQ: FWDI) said SOL and SOL equivalent holdings rose by 948,601 to 8,501,298 in the quarter ended September 30, 2026. That was a 13% increase from 7,552,698 on June 30, 2026, and the company said the added SOL cost an average of $83 per token. Forward said the holdings were about 1.4% of Solana's circulating supply.

SOL per share on a fully diluted basis rose to 0.0806 from 0.0730, a 10.4% quarterly increase and about 42% annualized. The first full fiscal year on the Solana-focused strategy ended with SOL per share up 33% from 0.0604 on September 30, 2025.

Forward also said its investment in OnRe, the Solana-based tokenized reinsurance platform, continued to grow, with ONyc market capitalization rising 40.7% to about $286.2 million. Over the same period, the total tokenized real-world asset market capitalization on Solana grew from more than $3.3 billion to approximately $4.3 billion.

The capitalization table showed net asset value of $870.38 million, cash of $7.29 million, institutional debt of $167.5 million, and mNAV on a fully diluted basis of 0.946x. It also showed a fully diluted share count of 105,535,801 and common shares outstanding of 76,288,215.

Key numbers

Metric	Latest	Change	Source
SOL and SOL equivalent holdings	8,501,298 SOL	+948,601 SOL	Press release dated October 1, 2026
SOL per share on a fully diluted basis	0.0806 SOL per share	+0.0076 SOL per share	Press release dated October 1, 2026
Net asset value	$870.38 million	+$389.05 million	Press release dated October 1, 2026
Institutional debt outstanding	$167.5 million	+$62.5 million	Press release dated October 1, 2026
Fully diluted share count	105,535,801 shares	+2,009,920 shares	Press release dated October 1, 2026

Why it matters

OptimistFi's case is that FWDI works only if SOL exposure compounds per-share value faster than dilution and crypto-specific risks consume it. This filing strengthens that view because SOL per share rose 10.4% in the quarter and net asset value increased to $870.38 million. The quarter-over-quarter gain was 0.0076 SOL per share, while fully diluted shares rose to 105,535,801 from 103,525,881.

The table put fully diluted market cap at $823.18 million against net asset value of $870.38 million. mNAV on a fully diluted basis improved to 0.946x from 0.908x. That said, part of the quarter's purchases was funded through the sale of FWDI shares, and institutional debt rose to $167.5 million from $105 million.

The figures are preliminary and unaudited.

What's next

The figures remain preliminary and unaudited until the annual audit is complete. If the audit holds the current SOL per share and NAV figures, it supports the treasury strategy. A material revision would weaken that case.

Sources

Press release dated October 1, 2026 — Forward Industries said SOL holdings rose to 8,501,298 and SOL per share rose to 0.0806.
Form 8-K dated October 1, 2026 — Current report that furnished the press release as Exhibit 99.1.

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Originally published on OptimistFi, evidence-first equity research. More at optimistfi.com.