Forward Industries Eyes Crypto Treasury Consolidation With Unlevered Balance Sheet and Massive Solana Holdings

Nasdaq-listed Forward Industries (FWDI) is positioning itself as a potential consolidator in the struggling digital asset treasury sector, leveraging a rare advantage among peers: a completely unlevered balance sheet. According to Chief Investment Officer Ryan Navi, the absence of corporate debt gives Forward Industries the flexibility to pursue growth opportunities while other crypto-focused firms are forced into defensive postures amid the ongoing market downturn.

Digital asset treasury companies, whose balance sheets are heavily weighted toward cryptocurrencies, have faced mounting pressure as falling crypto prices compress asset values and magnify leverage risks. Many have been compelled to liquidate holdings to service debt or shore up liquidity, raising concerns about the sustainability of the model in prolonged bear markets. Forward Industries has not been immune to market volatility, but its structure allows it to weather the storm differently.

The company holds approximately 7 million Solana (SOL) tokens acquired at an average price of $232. With SOL trading near $85, the holdings are currently valued around $600 million, implying a significant unrealized loss. FWDI shares have also declined sharply, falling from nearly $40 at the height of the digital asset treasury boom to just above $5. Despite this, Navi argues that depressed valuations across crypto equities create attractive, accretive opportunities for disciplined capital allocation.

Forward’s transformation accelerated in 2025 after raising about $1.65 billion through a private investment in public equity backed by Galaxy Digital, Jump Crypto, and Multicoin Capital. This move made Forward Industries the largest Solana-focused treasury company in the public markets. The strategy centers on accumulating SOL, staking it for yield, and exploiting a lower cost of capital to drive long-term per-share value.

Beyond buy-and-hold, Forward stakes its SOL for roughly 6% to 7% yield and has partnered with Sanctum to issue a liquid staking token, fwdSOL, which can be used as collateral in decentralized finance. Navi envisions Forward as a permanent-capital vehicle, capable of consolidating distressed crypto treasury firms and expanding into tokenized real-world assets over time. With no leverage, strong institutional backing, and the largest public Solana treasury, Forward Industries believes it is well positioned to lead the next phase of consolidation in the digital asset space.