The firm bolstered its treasury with more than 500,000 SOL at an average price around $79 and now maintains a balance sheet with around 7.55 million SOL, currently valued around $579 million as Solana trades just under $77.
“Our mandate is simple: maximize SOL per share and create long-term shareholder value,” said Forward Industries CIO Ryan Navi in a statement. “Our execution this quarter demonstrates our ability to employ multiple capital formation strategies to acquire additional SOL in a highly accretive manner.”
The firm utilized its at-the-market offering, selling 93,642 common shares during the quarter to raise funds.
Despite Wednesday's price jump, shares have fallen around 26% in the last six months of trading and are now 89% off their 52-week high of $46.
Beyond share price, the firm measures SOL held per share as an indicator of its performance, which has grown to 0.0729 or around 9% in the last three months.
“By repurchasing shares when Forward trades at a discount to NAV and issuing equity when our shares trade at a premium, we dynamically allocate capital in a way that compounds SOL per share and enhances long-term intrinsic value,” said Navi.
SOL is up about 3.3% in the last 24 hours, but has fallen more than 74% from its all-time high of $293.
