Gate News reports that on March 19, Forward Industries (NASDAQ: FWDI) announced that it used a short-term loan provided by a certain crypto financial institution as funding to repurchase approximately $27.4 million worth of its own stock, while continuing to advance its treasury strategy centered around Solana. The company stated it would privately buy back about 6.16 million shares from an institutional investor, reducing the circulating shares by approximately 7%, which is expected to boost its per-share SOL metrics. To do this, Forward obtained a $40 million digital asset secured loan with an average interest rate of about 3.4%, a term of less than five months, with SOL pledged as collateral. The annualized yield on the pledged SOL is approximately 6.2%. This buyback occurred during a period when both the company’s stock price and its underlying assets declined. FWDI’s stock price has fallen about 25% year-to-date, while SOL has dropped approximately 30% during the same period. Forward began accumulating SOL when the price was around $240 in September 2025. Currently, SOL is about $88, down over 60% from the initial purchase level. Despite the decline, Forward continues to expand its holdings, now owning over 7 million SOL, valued at approximately $616 million at current prices, making it the largest known corporate SOL holder. The second-largest is Solana Company, which holds about 2.3 million SOL. Additionally, Forward expects operating expenses to decrease in the coming quarters, with core SG&A (selling, general, and administrative) costs projected to decline by about 45% from the first to the third fiscal quarter.
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