Forward Industries, Inc. (FWDI), operator of the largest Solana treasury among publicly traded companies, saw its shares trade near $5.24 on Tuesday. That is close to the near three-month low of $5.25 touched during the session and well below the stock's 52-week high of $11.32. The stock is down more than 28% so far this year. The slide came as Solana's SOL fell as low as $82, its weakest level in almost three months, before recovering to around $83.50.

The price weakness did not slow the company's accumulation. In a treasury update published the same day, Forward disclosed holdings of 8,727,694 SOL, a pile worth roughly $726.5 million and equal to about 1.5% of Solana's circulating supply. Since Oct. 1, the company has added 226,396 SOL through purchases and staking rewards, with those tokens recorded at an average cost of $75 each, a figure that treats staking rewards as carrying no cash cost. The additions continued even as the token slid toward three-month lows.

Forward Industries keeps stacking $SOL into the dip 8.7M SOL ($726.5M), ~1.5% of supply ⁰+226K SOL since end of Sept ⁰$50M bank credit line backed by staked SOL ⁰SOL hit ~$82, near a 3-month low Treasuries buying while CT cries #Solana #SOL #FWDI #CryptoTreasury … pic.twitter.com/nhggL4uAO2

— ₿lockChain Advisors 𝕏 (@PresidentNoble_) November 11, 2026

The Largest Solana Treasury Among Public Companies

That scale keeps Forward well ahead of every other public company holding SOL. DeFi Development Corp. (DFDV) is a distant second, with just over 2.6 million SOL in its own treasury.

Accumulation is also visible on a per-share basis. SOL per fully diluted share, a measure of how much SOL backs each share, rose to 0.0824 from 0.0806 at the end of September, a 2.3% increase in 40 days, or roughly 21% annualized. Net asset value, however, moved in the opposite direction, falling to $600.3 million from $870.4 million over the same stretch as it tracked the lower SOL price. That divergence captures the core trade-off of a token-denominated treasury: the company can keep growing its SOL per share through a drawdown, while the dollar value of its holdings falls with the market. Per-share accumulation yardsticks of this kind, adapted from the bitcoin treasury playbook, have become a standard reporting metric for digital-asset treasury companies.

A $50 Million Loan Backed by Staked SOL

Forward has also lined up a new two-year, $50 million credit facility, with an unnamed U.S. national bank serving as the lender. The loan carries an interest rate of SOFR plus 150 basis points and is secured by SOL held in the company's treasury. Because the pledged tokens will remain staked, Forward continues to collect staking rewards even while that SOL sits behind the loan, a structure that lets the company raise cash against its holdings without unwinding its position. The deal illustrates how digital-asset treasury companies now fund accumulation — borrowing against holdings rather than selling tokens into a weak market — and the involvement of a U.S. national bank puts a traditional lender on the other side of a crypto-collateralized loan.

The proceeds are earmarked for the company's SOL++ strategy, which Chief Investment Officer Ryan Navi has described as an "all-weather" approach.

A Housing Bet With a Solana Twist

Forward has separately committed up to $50 million to USHP, which the company calls the first tokenized liquid index product tracking U.S. home prices. Forward will co-anchor the $100 million launch; the Galaxy–Sharplink Onchain Yield Fund also anchored the product.

Through USHP's income-bearing token, Forward expects to earn U.S. dollar income tied to the housing market, and it plans to direct that income toward buying more SOL. Navi said the steps advance the goal of building the "Berkshire Hathaway of Solana." The structure hands the treasury a second income stream denominated in dollars — alongside staking rewards — and routes it back into the same accumulation engine.

For readers tracking the strategy, the company's treasury updates serve as the scoreboard: the next data points to watch are how the $50 million credit line is drawn, how the USHP commitment is deployed, and whether per-share accumulation holds its recent pace.

Shares were trading at $5.24 at last check.

Based on reporting by Blockonomi: Forward Industries (FWDI) Is Borrowing Against Solana to Buy More Solana.