Forward Industries (FWDI), the largest publicly listed Solana treasury company, has been hit hard by the crypto downturn—but its leadership says the firm’s unlevered balance sheet puts it in a rare position to play offense while others retrench.
Biggest Public Solana Treasury, No Debt
Forward holds nearly 7 million SOL, more than its next three public competitors combined. Acquired at an average price of about $232, those holdings are now worth roughly $600 million, implying a sizable paper loss as SOL trades near the mid-$80s. FWDI shares have fallen from around $40 to just above $5.
Despite the drawdown, CIO Ryan Navi argues the company’s lack of corporate debt and leverage is the key differentiator. “Scale plus an unlevered balance sheet is a real advantage in this market,” he said, positioning Forward as a potential consolidator of weaker digital asset treasury firms.
Capital Discipline and Yield Strategy
Backed by Galaxy Digital, Jump Crypto, and Multicoin Capital, Forward uses a mix of:
- SOL staking (about 6%–7% yield, declining over time),
- Liquid staking via its token fwdSOL (in partnership with Sanctum),
- DeFi borrowing where costs can undercut staking yields, improving capital efficiency.
Navi says this structure supports per-share accretion even in weak markets and gives Forward flexibility to issue equity only when trading above NAV.
Forward’s Solana-first bet is rooted in performance and cost. Navi argues Ethereum’s fragmentation via L2s has diluted base-layer value, while Solana’s speed, low fees, and finality make it better suited for consumer apps and capital markets. Viral usage spikes last year demonstrated the chain’s scalability—even if the apps were short-lived.
Long-Term Vision: Permanent Capital
Looking ahead, Navi frames Forward as a permanent-capital vehicle—closer to Berkshire Hathaway than a trading fund. The company aims to eventually underwrite cash-flowing assets (including tokenized real-world assets) that exceed its cost of capital and can be brought in-house.
With sector-wide stress leaving many crypto treasury companies trading at deep discounts, Forward believes its no-debt stance, blue-chip backers, and dominant SOL position make it one of the few firms positioned to lead consolidation if—and when—sentiment turns.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.