Solana (SOL) hit a roughly three-month low of $82, while Forward Industries, which has grown its treasury to 8.7 million SOL, plans to fund new purchases with proceeds from an investment in a housing-price product.
According to a company statement cited by The Block, Forward Industries has added approximately 226,000 SOL to its treasury through purchases and staking rewards since late September. Forward, which has the largest Solana treasury among publicly traded companies, holds 8.7 million SOL, equivalent to approximately 1.5% of the circulating supply and worth about $726.5 million at the time of publication.
SOL fell to $82 on Tuesday before recovering to around $83.50. Forward shares also dropped to a roughly three-month low of $5.25, losing more than 28% since the start of the year.
Where will Forward get the funds for new SOL purchases?
Forward has committed to investing up to $50 million in USHP, a tokenized product that tracks U.S. home prices. The company plans to use proceeds from this investment to purchase more SOL.
Forward has also secured a two-year, $50 million credit facility from a U.S. bank. The SOL pledged as collateral for the loan will remain staked and continue earning rewards.
Not investment advice.