Forward Industries repurchases shares with Solana-backed loan

Forward Industries bought back 6.16M shares for $27.4M, funded by a $40M loan from Galaxy Digital secured by staked Solana, reducing shares by 7% and boosting SOL-per-share.

Forward Industries has completed a strategic share buyback, repurchasing approximately 6.16 million shares for $27.4 million in a private deal with an institutional investor. The buyback was financed by a $40 million digital asset-backed loan from Galaxy Digital, secured by staked Solana (SOL) held in the company’s treasury. The loan carries an average interest rate of about 3.4% and matures in less than five months. This transaction reduces Forward Industries’ outstanding shares by around 7%, boosting its SOL-per-share metric and aiming to enhance shareholder value. The company continues to earn an annual staking yield of roughly 6.2% on the pledged SOL, enabling it to maintain yield generation while accessing liquidity for the buyback. Forward Industries now holds over 7 million SOL, consolidating its position as a major corporate holder of the token. This move is part of a broader strategy to optimize capital structure and increase Solana exposure per share.