Forward Industries Secures $50 Million Facility Backed by Solana Holdings

Key Facts

Forward Industries said on November 10, 2026, that it had secured a two-year, $50 million credit facility backed by its SOL holdings, according to a statement filed with the U.S. Securities and Exchange Commission. The financing is priced at SOFR plus 150 basis points, subject to a floor at the SOFR rate on the facility’s inception date. The company said the financing forms part of the implementation of its SOL++ strategy, without specifying that the proceeds would be used directly to buy additional SOL. The arrangement allows the company to borrow against its digital assets while keeping them in its treasury. The announcement comes as the company continues to increase its holdings of the token and expand related instruments.

The facility is provided by a U.S. national bank insured by the Federal Deposit Insurance Corporation and is secured by SOL held in the company’s treasury, according to the statement. The collateral will remain pledged throughout the financing term while continuing to earn staking yield, without being rehypothecated. This means the company is combining borrowing against digital assets with retaining the staking yield on them. The company set the financing term at two years and the margin at 150 basis points above SOFR, with a floor tied to the benchmark rate when the facility is established. The statement did not specify a direct use of the facility’s proceeds to purchase new units.

Company data showed that holdings of SOL and equivalents rose to 8,727,694 units on November 9, from 8,501,298 units on September 30. The increase was 226,396 units, or 2.7%, from October 1 to November 9, according to the disclosure. The holding represents about 1.5% of Solana’s circulating supply. The figure includes SOL, fwdSOL and staked units, but excludes borrowed SOL units. The company estimated the treasury’s fair value at about $755,905,553, based on SOL’s closing price of $86.61 on November 9.

SOL per fully diluted share rose to 0.0824 on November 9, from 0.0806 on September 30, according to the company’s calculation. That represents growth of 2.3% over 40 days, or about 21% on an annualized basis. Chief Investment Officer Ryan Navi said the company added about 226,000 SOL to its holdings during the first six weeks of the fiscal quarter and increased SOL per share by 2.3%, calling it a "strong start to our fiscal year." The average cost of the units added was $75 per SOL, according to the company; the calculation includes units purchased and those earned through staking, with staking-earned units counted at no cash cost. The first quarter of fiscal 2027 began on October 1, while the update covered the period through November 9 and the quarter had not yet ended.

In a parallel move, Forward pledged to invest up to $50 million in USHP as part of a $100 million launch. The company said it expects to direct dollar income generated from the USHPi token toward accumulating SOL. Navi described the move and the credit facility as part of activating the SOL++ strategy, which links capital allocation to the goal of increasing SOL per share and creating shareholder value. The company also added Barclays as a sales agent under its at-the-market equity offering program, alongside Cantor. These steps place treasury financing, investment in the new product and the equity program within the same company update.

The announcement coincided with the stock trading near its lowest levels in about three months; The Block reported that Forward shares fell to $5.25 on Tuesday, November 10. EL7 data showed the stock closed at $5.24 in the same session. In financial position indicators reported by the company, cash and marketable securities totaled $5,247,704 on November 9, against $187.5 million in outstanding institutional debt; the company said these figures were preliminary and unaudited. Compared with September 30, debt rose from $167.5 million and cash and marketable securities fell from $7.292 million, while net asset value declined from $870,382,702 to $600,251,077. The company’s update, published on November 10, covered the period from the start of its fiscal quarter on October 1 through November 9.