Forward Industries repurchases approximately $27.4 million of its own shares through a Galaxy loan

Odaily reported that Forward Industries (NASDAQ: FWDI) announced a buyback of approximately $27.4 million worth of its own shares, funded by a short-term loan provided by Galaxy Digital, while continuing to advance its treasury strategy centered on Solana.

The company stated it will privately repurchase about 6.16 million shares from an institutional investor, reducing its outstanding shares by roughly 7%, and expects this to enhance its per-share SOL metric. To facilitate this, Forward obtained a $40 million digital asset-backed loan from Galaxy Digital, with an average interest rate of about 3.4% and a term of less than five months, using pledged SOL as collateral. The annualized yield on this portion of SOL is approximately 6.2%.

This buyback comes at a time when both the company's stock price and its underlying assets have declined. FWDI's share price has fallen about 25% year-to-date, while SOL has dropped around 30% over the same period. Forward began accumulating SOL in September 2025 when the price was about $240, and now SOL is trading at around $88, down more than 60% from its initial acquisition level.

Despite the contraction, Forward continues to expand its holdings and currently owns over 7 million SOL, valued at approximately $616 million at current prices, making it the largest known corporate holder of SOL. The second largest, Solana Company, holds about 2.3 million SOL. Additionally, Forward expects operating expenses to decrease in the coming quarters, with core SG&A costs projected to drop by about 45% from the first to the third fiscal quarter.