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Forward Industries, focused on SOL, faces challenges but the CIO indicates it is set for future success.
With no corporate debt and the largest publicly held Solana treasury, Forward Industries’ CIO asserts it can adopt an aggressive strategy and merge with competitors as the industry faces challenges.
Forward Industries is strategically positioned to consolidate the digital asset treasury market. (CoinDesk)
Key points:
- With approximately 7 million in SOL, Forward Industries (FWDI) possesses the largest publicly traded Solana treasury, surpassing the combined holdings of its next three competitors.
- CIO Ryan Navi states that the current market dislocation has presented an opportunity for the firm to merge with weaker digital asset treasury companies while developing a long-term, permanent-capital framework.
- Supported by Galaxy Digital, Jump Crypto, and Multicoin Capital, the company is leveraging staking, liquid staking tokens, and disciplined capital market strategies to enhance per-share value.
Nasdaq-listed Forward Industries (FWDI) is uniquely equipped to consolidate the distressed digital asset treasury sector as it operates without any corporate debt, allowing it to adopt an offensive strategy while its competitors cut back, according to Ryan Navi, the company’s chief investment officer.
"The combination of scale and an unlevered balance sheet is a significant advantage in the current market. We can pursue aggressive strategies when others are retreating,” Navi remarked in an interview with CoinDesk.
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"Forward Industries has intentionally refrained from leveraging and incurring debt, allowing us the agility to deploy leverage responsibly when market opportunities arise,” Navi stated. "The foundation we’ve established for Forward enables us to function effectively in favorable market conditions and positions us as a net consolidator instead of a compelled seller,” he added.
Digital asset treasury firms, which maintain balance sheets heavily invested in cryptocurrencies, have faced increasing pressure due to the recent market declines. Decreasing crypto prices have diminished asset valuations and increased leverage, compelling some entities to liquidate parts of their crypto holdings to manage debt and improve liquidity, raising concerns about the viability of this model in extended bear markets.
Forward Industries is not immune to these challenges. With roughly 7 million Solana tokens purchased at an average cost of $232, the company’s holdings are valued at approximately $600 million at SOL’s current price just above $85. This indicates a paper loss of around $1 billion. FWDI’s stock has decreased from nearly $40 at the peak of last year’s digital asset treasury market to the current price slightly above $5.
Becoming a Solana treasury leader
Forward Industries’ focus shifted significantly in 2025 when it secured approximately $1.65 billion in a private investment in public equity led by Galaxy Digital, Jump Crypto, and Multicoin Capital. This deal elevated the firm to become the largest Solana-focused treasury company in the public markets, with assets exceeding those of its next three competitors combined. The strategy is clear: accumulate SOL, stake it for on-chain yield, and leverage the firm’s cost-of-capital advantage to enhance per-share value over time.
Acquiring in a dislocated market
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Navi, who joined the firm in December after roles as a principal at KKR and managing director at ParaFi Capital, indicated that crypto equities remain significantly dislocated, presenting opportunities for disciplined capital allocation to yield substantial returns. Once market sentiment improves and stock prices exceed net asset value, Forward can issue equity to acquire additional crypto; during weaker market phases, generating accretion can be more straightforward, he stated, as prices and expectations are already reduced.
Why Solana
The investment in Solana is driven by both fundamentals and strategic positioning. Although Ethereum continues to be the leading smart-contract platform by market capitalization and decentralization, Navi contends that it has become slower and more costly, with layer-2 networks fragmenting liquidity and, in his perspective, diluting value at the base layer.
In contrast, Solana is designed for speed, affordability, and finality—traits that are crucial for consumer applications and capital-market scenarios. Viral events like last year’s meme-driven increase in activity demonstrated the chain’s capability to accommodate millions of users and high transaction throughput, even if those applications were temporary. “That illustrated what’s achievable,” Navi remarked. “It’s a matter of when, not if, the next breakout application will emerge.”
A lower cost of capital
Forward’s balance-sheet flexibility goes beyond mere buy-and-hold strategies. The company stakes its SOL at an estimated yield of 6% to 7%, a rate that will gradually decline as Solana’s programmed issuance decreases and supply becomes increasingly disinflationary.
It has also collaborated with Sanctum to create a liquid staking token, fwdSOL, which earns staking rewards while still being usable as collateral in decentralized finance (DeFi). On platforms like Kamino, Navi noted, Forward can borrow against that collateral at costs lower than the staking yield, resulting in a more capital-efficient structure than what most competitors can access.
A permanent-capital approach
In the long term, Navi envisions Forward as a permanent-capital entity rather than a trading operation, resembling Berkshire Hathaway more than a fund with redemption options or a fixed lifespan. This approach opens possibilities for underwriting real-world assets, tokenized royalties, and other cash-generating ventures that meet the company’s cost of capital and can eventually be internalized.
“We’re not managing a trading portfolio; we’re establishing a long-term Solana treasury,” Navi said. “What sets Forward apart is our discipline: no leverage, no debt, and a long-term perspective on Solana as a foundational infrastructure rather than a short-term gamble.”
In the immediate future, he added, widespread distress across the industry has resulted in many digital asset treasury firms trading at considerable discounts, creating a favorable environment for consolidation.
With no leverage, substantial support from prominent crypto investors, and the largest SOL holdings in the public markets, Navi believes Forward is among the few firms poised to spearhead that consolidation.
Kyle Samani announced on Wednesday that he would be stepping down as managing director of Multicoin Capital while retaining his role as chairman of Forward Industries. He is notably exiting the Multicoin Master Fund with FWDI shares and warrants instead of cash.
Read more: Forward Industries Launches $4B ATM Offering to Expand Solana Treasury
