SOL Treasury

Learn more about Forward Industries’ Solana Treasury. Holdings and calculations are updated based on most recent filings.

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Forward Industries

NASDAQ: FWDI

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FWDI Treasury

Internal SOL position data

SOL Holdings

8,501,298

CHANGE

+948,601

*As of

September 30, 2026

SOL Treasury Value

$1,003,663,266

*As of September 30, 2026

SOL per Fully Diluted Share

0.0806

CHANGE

+10.42%

*As of September 30, 2026

Net Asset Value

$870,382,702

*As of September 30, 2026

Fully Diluted Shares Outstanding

105,535,801

*As of September 30, 2026

Fully Diluted mNAV

0.946x

*As of September 30, 2026

SOL Treasury Growth

Total SOL Held

8,501,298

6.5M7M7.5M8M8.5M9M$0$40$80$120$160$200Avg. Cost (USD)6.96M7.04M7.55M8.50MFQ1 '26FQ2 '26FQ3 '26FQ4 '26
SOL added in quarter (purchases + staking)SOL held, prior quarter endAvg. cost this quarter
6.5M7M7.5M8M8.5M9M$0$40$80$120$160$2006.96M7.04M7.55M8.50MFQ1 '26FQ2 '26FQ3 '26FQ4 '26
SOL added in quarter (purchases + staking)SOL held, prior quarter endAvg. cost this quarterCumulative avg. cost
6.5M7M7.5M8M8.5M9M$0$40$80$120$160$200Avg. Cost (USD)6.96M7.04M7.55M8.50MFQ1 '26FQ2 '26FQ3 '26FQ4 '26
SOL added in quarter (purchases + staking)SOL held, prior quarter endAvg. cost this quarter
Average Cost History
Quarterly history through September 30, 2026
DATESOL HELD, PRIOR QUARTER ENDSOL ADDED IN QUARTER (PURCHASES + STAKING)Avg. cost this quarterCUMULATIVE SOL
Fiscal Quarter 1, 20266,854,293108,209—6,962,502
Fiscal Quarter 2, 20266,962,50281,577—7,044,079
Fiscal Quarter 3, 20267,044,079508,618$79.037,552,698
Fiscal Quarter 4, 20267,552,698948,601$83.008,501,298
Average cost basis is the volume-weighted purchase price. Staking rewards are SOL earned from validating during the period and are included in cumulative holdings. Figures are based on company records and public disclosures as of the dates indicated.
Average Cost History
Quarterly history through September 30, 2026
Fiscal Quarter 1, 2026
SOL HELD, PRIOR QUARTER END6,854,293
SOL ADDED IN QUARTER (PURCHASES + STAKING)108,209
Avg. cost this quarter—
CUMULATIVE SOL6,962,502
Fiscal Quarter 2, 2026
SOL HELD, PRIOR QUARTER END6,962,502
SOL ADDED IN QUARTER (PURCHASES + STAKING)81,577
Avg. cost this quarter—
CUMULATIVE SOL7,044,079
Fiscal Quarter 3, 2026
SOL HELD, PRIOR QUARTER END7,044,079
SOL ADDED IN QUARTER (PURCHASES + STAKING)508,618
Avg. cost this quarter$79.03
CUMULATIVE SOL7,552,698
Fiscal Quarter 4, 2026
SOL HELD, PRIOR QUARTER END7,552,698
SOL ADDED IN QUARTER (PURCHASES + STAKING)948,601
Avg. cost this quarter$83.00
CUMULATIVE SOL8,501,298
Average cost basis is the volume-weighted purchase price. Staking rewards are SOL earned from validating during the period and are included in cumulative holdings. Figures are based on company records and public disclosures as of the dates indicated.
Average Cost History
Quarterly history through September 30, 2026
DATESOL HELD, PRIOR QUARTER ENDSOL ADDED IN QUARTER (PURCHASES + STAKING)Avg. cost this quarterCUMULATIVE SOL
Fiscal Quarter 1, 20266,854,293108,209—6,962,502
Fiscal Quarter 2, 20266,962,50281,577—7,044,079
Fiscal Quarter 3, 20267,044,079508,618$79.037,552,698
Fiscal Quarter 4, 20267,552,698948,601$83.008,501,298
Average cost basis is the volume-weighted purchase price. Staking rewards are SOL earned from validating during the period and are included in cumulative holdings. Figures are based on company records and public disclosures as of the dates indicated.

SOL per Share

Quarterly history through September 30, 2026

.0604.0624.0669.0730.0806Sep 30, 2025Dec 31, 2025Mar 31, 2026Jun 30, 2026Sep 30, 2026
+10.4% QoQ | ~42% annualized
  1. SOL per share calculated on a fully diluted share basis, consistent across all periods shown.
  2. mNAV as of 9/30/26 based on SOL at $118.06 and FWDI at $7.80.
  3. September 30, 2026 figure is preliminary and unaudited, on 105,535,801 fully diluted shares.
+10.4% QoQ | ~42% annualized
.0604
09.30.2025
.0624
12.31.2025
.0669
03.31.2026
.0730
06.30.2026
.0806
09.30.2026
  1. SOL per share calculated on a fully diluted share basis, consistent across all periods shown.
  2. mNAV as of 9/30/26 based on SOL at $118.06 and FWDI at $7.80.
  3. September 30, 2026 figure is preliminary and unaudited, on 105,535,801 fully diluted shares.
.0604.0624.0669.0730.0806Sep 30, 2025Dec 31, 2025Mar 31, 2026Jun 30, 2026Sep 30, 2026
+10.4% QoQ | ~42% annualized
  1. SOL per share calculated on a fully diluted share basis, consistent across all periods shown.
  2. mNAV as of 9/30/26 based on SOL at $118.06 and FWDI at $7.80.
  3. September 30, 2026 figure is preliminary and unaudited, on 105,535,801 fully diluted shares.

Capitalization Table

The tables below present Forward’s net asset value and capitalization as of September 30, 2026. Figures are preliminary and unaudited. [12]

Net Asset Value CalculationQuantityPriceValue ($)
Total FV of SOL Treasury [11]8,501,298$118.06 [9]$1,003,663,266
Other Digital Assets – FV [10]42,587,366Various$26,927,436
Cash & Cash Equivalents7,292,000$1.00$7,292,000
Institutional Debt(167,500,000)$1.00($167,500,000)
Total Net Asset Value$870,382,702
Capitalization TableQuantityPrice [3]Market Cap ($)NAV / SharemNAV [7]
Common Shares76,288,215$7.80 [8]$595,048,077$11.410.684x
ITM Warrants [1] — Vested12,383,212$0.06
ITM Options [2] — Vested481,497$5.03
ITM Options — Unvested256,667$4.97
RSUs — Unvested950,996
ITM Fully Diluted Share Count90,360,587$7.80$704,812,579$9.630.810x
Advisor & Lead Investor Warrants13,376,388$0.01
OTM Warrants [4] — Vested0
OTM Options [5] — Vested151,896$18.14
OTM Options — Unvested921,606$11.90
PSUs [6] — Unvested725,324
Fully Diluted Share Count105,535,801$7.80$823,179,248$8.250.946x
  1. “In-the-money warrants” are warrants with an exercise price below the fair market value of the common shares at 09/30/26 market close.
  2. “In-the-money options” are options with an exercise price below the fair market value of the common shares at 09/30/26 market close.
  3. Weighted average exercise price (exercise price shown in price column for each applicable security).
  4. “Out-of-the-money warrants” are warrants with an exercise price at or above the fair market value of the common shares at 09/30/26 market close.
  5. “Out-of-the-money options” are options with an exercise price at or above the fair market value of the common shares at 09/30/26 market close.
  6. Performance stock units vesting is subject to various key performance indicators, namely SOL per share accretion.
  7. “mNAV” or “market price to net asset value” represents the ratio of the company’s market capitalization to its net asset value, calculated as total assets less institutional debt.
  8. Closing price of the common shares based on 09/30/26 market close price of FWDI of $7.80.
  9. SOL Treasury price reflects the closing price of SOL on 09/30/26 of $118.06.
  10. Other digital assets includes USDC, 2Z and ONYC.
  11. Includes SOL, fwdSOL, pledged SOL, and excludes borrowed SOL.
  12. Figures are preliminary and unaudited and remain subject to completion of the Company’s annual audit. Net asset value is the fair value of treasury and other assets less institutional debt. mNAV is the FWDI share price divided by net asset value per share.

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No Offer, Recommendation or Solicitation

None of the information contained on this Site constitutes a recommendation, solicitation or offer by Forward Industries, Inc. (“Forward Industries”) or its affiliates to buy or sell any securities, digital assets, or other financial instruments.

Without limiting the generality of the foregoing, no information contained on this Site constitutes or would be deemed to constitute an invitation in any jurisdiction to invest or otherwise deal in the shares (“Shares”) of Forward Industries. None of the information contained in this Site constitutes an offer to sell, or a solicitation of an offer to buy or subscribe for, any Shares or other securities in the United States or in any other jurisdiction, nor shall it, or the fact of its distribution, form the basis of, or be relied upon, in connection with or act as an inducement to enter into any contract or commitment therefor.

Neither Forward Industries nor any of its affiliates is, or expects to be, registered as an investment company under the U.S. Investment Company Act of 1940, as amended (the “Investment Company Act”), and investors will not be entitled to the benefits of the Investment Company Act.

Forward-Looking Statements

Certain statements on this site, social media posts or other public statements may constitute “forward-looking statements”. Words such as “may,” “might,” “will,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “predict,” “forecast,” “project,” “plan,” “intend” or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of the release.


Linked Sites


This Site provides links to other websites that we think might be of interest to our users. Please note that when you click on one of these links, you may be moving to another provider’s website. These linked sites and their providers are not controlled by us, and we are not responsible for the contents or the proper operation of any linked site. The inclusion of any link does not imply our endorsement or our adoption of the statements therein. We encourage you to read the terms of use and privacy statements of these linked sites as their policies may differ from ours.


Governing Law and Consent to Jurisdiction


These terms and your use of the Site shall be governed by the laws of the United States of America and the State of New York without regard to its conflicts of laws principles. Any legal action or proceeding related to this Site shall be brought exclusively in a federal or state court of competent jurisdiction sitting in New York.


Social Media Disclaimer


Legal Disclaimer: This feed, and the information contained herein, has been provided to you solely for informational purposes. Neither the information, nor any opinion contained in this feed, constitutes an offer to buy or sell, or a solicitation of an offer to buy or sell, any securities, digital assets or other financial instruments. Nothing contained in this feed constitutes investment, legal or tax advice. You should consult your own advisors and make your own investigations and evaluations of the information herein. Any decisions based on information contained in this feed are the sole responsibility of the viewer. None of Forward Industries nor any of its affiliates, shareholders, directors, officers, management, employees or representatives makes any representation or warranty, express or implied, as to the accuracy or completeness of any of the information or any other information (whether communicated in written or oral form) transmitted or made available to you. Each of the aforementioned parties expressly disclaims any and all liability relating to or resulting from the use of this information. Certain information contained herein (including any financial information) may have been obtained from published and non-published sources. Such information has not been independently verified and we are not responsible for the timeliness or accuracy of such information. Forward Industries and its affiliates may buy, sell or hold investments in some of the companies, digital assets or protocols discussed in this feed. Except where otherwise indicated, the information on this site is based on matters as they exist as of the date of preparation and not as of any future date, and will not be updated or otherwise revised to reflect information that subsequently becomes available, or circumstances existing or changes occurring after the date hereof.

The terms and conditions of use set forth below apply to this website (collectively, the “Site”). Please read these terms and conditions carefully before using the Site. By using this Site, you acknowledge that you have read, understood and agreed to the terms and conditions of use. If you do not agree to these terms and conditions of use, you may not access or use the Site. Forward Industries, Inc. and its affiliates (collectively referred to as the “Forward Industries,” “us”, “we” or “our”) reserves the right, at our discretion, to change, modify, add or remove portions of these terms at any time. Therefore, we suggest that you review these terms periodically for changes. By using our Site after we have posted changes to these terms and conditions of use, you are agreeing to be bound by these terms.

No Offer, Recommendation or Solicitation

None of the information contained on this Site constitutes a recommendation, solicitation or offer by Forward Industries, Inc. (“Forward Industries”) or its affiliates to buy or sell any securities, digital assets, or other financial instruments.

Without limiting the generality of the foregoing, no information contained on this Site constitutes or would be deemed to constitute an invitation in any jurisdiction to invest or otherwise deal in the shares (“Shares”) of Forward Industries. None of the information contained in this Site constitutes an offer to sell, or a solicitation of an offer to buy or subscribe for, any Shares or other securities in the United States or in any other jurisdiction, nor shall it, or the fact of its distribution, form the basis of, or be relied upon, in connection with or act as an inducement to enter into any contract or commitment therefor.

Neither Forward Industries nor any of its affiliates is, or expects to be, registered as an investment company under the U.S. Investment Company Act of 1940, as amended (the “Investment Company Act”), and investors will not be entitled to the benefits of the Investment Company Act.

Forward-Looking Statements

Certain statements on this site, social media posts or other public statements may constitute “forward-looking statements”. Words such as “may,” “might,” “will,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “predict,” “forecast,” “project,” “plan,” “intend” or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of the release.


Linked Sites


This Site provides links to other websites that we think might be of interest to our users. Please note that when you click on one of these links, you may be moving to another provider’s website. These linked sites and their providers are not controlled by us, and we are not responsible for the contents or the proper operation of any linked site. The inclusion of any link does not imply our endorsement or our adoption of the statements therein. We encourage you to read the terms of use and privacy statements of these linked sites as their policies may differ from ours.


Governing Law and Consent to Jurisdiction


These terms and your use of the Site shall be governed by the laws of the United States of America and the State of New York without regard to its conflicts of laws principles. Any legal action or proceeding related to this Site shall be brought exclusively in a federal or state court of competent jurisdiction sitting in New York.


Social Media Disclaimer


Legal Disclaimer: This feed, and the information contained herein, has been provided to you solely for informational purposes. Neither the information, nor any opinion contained in this feed, constitutes an offer to buy or sell, or a solicitation of an offer to buy or sell, any securities, digital assets or other financial instruments. Nothing contained in this feed constitutes investment, legal or tax advice. You should consult your own advisors and make your own investigations and evaluations of the information herein. Any decisions based on information contained in this feed are the sole responsibility of the viewer. None of Forward Industries nor any of its affiliates, shareholders, directors, officers, management, employees or representatives makes any representation or warranty, express or implied, as to the accuracy or completeness of any of the information or any other information (whether communicated in written or oral form) transmitted or made available to you. Each of the aforementioned parties expressly disclaims any and all liability relating to or resulting from the use of this information. Certain information contained herein (including any financial information) may have been obtained from published and non-published sources. Such information has not been independently verified and we are not responsible for the timeliness or accuracy of such information. Forward Industries and its affiliates may buy, sell or hold investments in some of the companies, digital assets or protocols discussed in this feed. Except where otherwise indicated, the information on this site is based on matters as they exist as of the date of preparation and not as of any future date, and will not be updated or otherwise revised to reflect information that subsequently becomes available, or circumstances existing or changes occurring after the date hereof.