The Company Holding 8.7 Million Solana Just Bought More at $75. Will SOL Bounce Back Soon?
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Forward Industries (NASDAQ:FWDI) told the SEC on November 10, 2026, that it holds 8,727,694 Solana (CRYPTO:SOL) tokens and equivalents as of November 9, up from 8,501,298 on September 30. The company says that the holding represents about 1.5% of SOL’s circulating supply.
Forward added 226,396 SOL at an average price of $75, totaling about $17 million. It also secured a $50 million, two-year credit facility priced at SOFR, a benchmark overnight lending rate, plus a 1.5% margin, and it added Barclays (NYSE:BCS | BCS Price Prediction) as an agent for its share sales program.
Despite these purchases, Solana’s price kept falling. SOL trades around $84, down 0.8% over the past 24 hours, 12.2% over the past week, and a steep 20.6% over the past month. So does buying from the largest corporate holder give the Solana price a reason to bounce soon?
Forward’s $75 Average Blends Purchases With Staking Rewards
Solana hit its lowest price of the past 90 days at $75 on August 16, while its lowest close in the last 30 days was $83 on November 10. So regular market buying from October through November 9 likely didn’t produce a $75 average price.
Instead, the 226,396 figure combines new purchases with staking rewards, the new tokens the network awards holders for helping secure it, which Forward received at no cash cost. Those rewards pull the blended average down, so the SOL Forward paid for cost more than $75 each.
Staking is also Forward’s main business. It runs Forward Validator, one of Solana’s top 10 validators, which confirms transactions and has about 1.8% of the network’s stake weight. In the fiscal third quarter, Forward reported $10.8 million in revenue, but a $49.8 million unrealized loss on its SOL drove the quarter to a $69 million net loss. That revenue depends on network activity, and Solana’s app and ETF numbers have sent mixed signals.
The loan costs 1.5 percentage points over SOFR, since a basis point is one-hundredth of a percentage point. According to the release, the pledged SOL “remains staked and continues to earn native staking yield, with no rehypothecation,” meaning the lender can’t re-lend it. At $84, SOL trades about 12% above Forward’s average cost, putting the total value of its holdings at about $732 million.
Forward Buys SOL While Solana ETFs See Outflows
This update covers only Forward’s own purchases. The credit line is a dollar loan backed by SOL, and Forward says the funds are meant to fast-track its SOL++ strategy. However, the release identifies the lender only as “a federally chartered, FDIC-insured national bank,” so readers can’t see who bears the risk if SOL keeps falling.
Forward ranks as the largest corporate holder of Solana, ahead of DeFi Development Corp. (NASDAQ:DFDV), which holds about 2.6 million SOL. Galaxy Digital (NASDAQ:GLXY) supported Forward’s September 2025 launch, held $105 million of its related-party debt as of the August filing and owns about 761,000 SOL. Galaxy is also moving its shares onto Solana, so it acts as a supporter, lender, and competing treasury at once.
In contrast to Forward’s buying, spot Solana ETFs posted a net outflow of $13.4 million on November 10. While Forward spread its $17 million of purchases across October and early November, the ETFs lost nearly that same amount in just one day.
Forward’s Valuation and Solana’s Chart Pose Challenges for a Bounce
According to Forward’s website, its fully diluted mNAV, the ratio of its market value to the net value of its holdings, stood at 0.98x as of November 9. Below 1x, every share Forward sells to buy more SOL reduces its SOL per share, which is now 0.0824. The stock trades at $5.31 premarket, down 27.7% over the past month.
On the chart, Solana trades below its 20-day average of $95, its 50-day average of $106, and its 200-day average of $89. First, it would need to recover its recent closes of $90 on November 7, $86 on November 8, and $87 on November 9. If it falls below the $75 low from August, the next level is the one-year low of $62 from June 6, and we’ve covered how low Solana could go.
Does Forward’s Buying Give SOL a Reason to Bounce?
In our assessment, Forward’s purchases give SOL only a modest reason to bounce. They benefit Forward’s shareholders, who get a bigger staking base and a loan at 150 basis points over SOFR, but they’re a minor factor for SOL holders. Forward is one steady buyer, yet SOL still dropped 12.1% in November, and Solana reaching $1,000 would take far more demand than one company can supply.
A recovery could begin if SOL closes above $90 and then its $95 20-day average while spot ETFs swing back to inflows. However, if SOL drops below its August low of $75, Forward’s recent purchases would be underwater, and an mNAV below 1x would limit its room for more buying. Until ETF flows improve and SOL regains those closing levels, a lasting bounce looks unlikely.
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Sam Daodu is a crypto analyst and the editor of 24/7 Wall St.'s Crypto Desk, where he covers Bitcoin, XRP, Ethereum, Solana and the altcoins investors search for most. His work focuses on price levels, spot ETF flows, on-chain data and the regulatory decisions that move crypto markets, written so a first-time buyer and a seasoned trader can both use it.
Sam has written about crypto professionally since 2019 and has published more than 2,000 articles. Before joining 24/7 Wall St., he wrote for crypto media outlets and Web3 companies and ghostwrote for crypto founders and token launches. His analysis is syndicated on Yahoo Finance, MSN and AOL and has been cited by other crypto news sites. He also founded MacLabs Marketing, a content and personal branding agency for crypto founders and executives.
When he isn't reading charts, Sam is usually at the gym or watching One Piece, a series he maintains has better tokenomics than most altcoins.
