The company reported that its total SOL and SOL-equivalent holdings reached 8.501 million by September 30, 2026. This increase, representing a 13% quarterly rise, was achieved through a mix of staking rewards and direct market purchases at an average cost of $83 per token. Valued at a reference price of $118.06, the treasury stash is worth roughly $1.004 billion, accounting for about 1.4% of Solana’s circulating supply.
Chief Investment Officer Ryan Navi described the period as a standout quarter, highlighting the firm’s ambition to become a major institutional player within the ecosystem. To fund these acquisitions, Forward leveraged a combination of equity financing and institutional debt, which climbed to $167.5 million by the end of the quarter. While the firm issued additional shares to raise capital, management maintained that the strategy remains accretive, evidenced by the growth in SOL per fully diluted share from 0.0730 to 0.0806 over the three-month period.
Beyond direct token accumulation, the firm is deepening its footprint in the Solana ecosystem through investments in tokenized real-world assets. Forward reported significant value growth in its stake in OnRe, a reinsurance platform, as the broader Solana RWA market expanded to approximately $4.3 billion. While these figures remain unaudited pending the completion of the fiscal year-end report, they underscore a broader trend of institutional entities treating Solana as a foundational asset for treasury management.
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