Forward Industries announced Thursday it is buying back more than 6 million FWDI shares for $27.4 million from an institutional investor in a privately negotiated deal. The transaction, financed through a $40 million crypto loan from Galaxy Digital secured by staked Solana in its treasury, reduces common shares outstanding by 7.4%.
Chief Investment Officer Ryan Navi confirmed the buyback falls under a $1 billion share repurchase program authorized by the board in November. He noted the firm prioritizes repurchasing stock over buying Solana when shares trade at a discount to net asset value, calling it an effective way to acquire more SOL at a lower price.
Forward currently holds more than 7 million SOL valued at approximately $614 million, though its original purchase averaged $232 per token against a current price of $88.86. The firm carries over $1.1 billion in unrealized losses, ranking sixth among digital asset treasuries, according to Artemis.
Originally reported by Decrypt.
