Solana Treasury Firm Buys Back Stock After Massive Drawdown

Forward Industries is buying back shares using a crypto-backed loan from Galaxy, betting its discounted stock offers leveraged exposure to SOL amid steep losses.

Forward Industries is taking an unusual route to navigate the downturn. The Solana focused treasury company has repurchased over 6 million shares for $27.4 million, funded through a $40 million crypto backed loan from Galaxy Digital. The loan is secured by the firm’s staked SOL holdings, allowing it to raise liquidity without selling its crypto.

The move comes after a brutal stretch. Forward’s stock is down roughly 89% from its peak, while its Solana treasury, built at much higher prices, is sitting on significant unrealized losses. Instead of buying more SOL, the firm is leaning into share buybacks, arguing that when the stock trades below net asset value, it is effectively acquiring SOL at a discount.

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This reflects a broader shift across crypto treasury firms. Many are now under pressure as falling token prices compress valuations and strain balance sheets. Using crypto as collateral to restructure capital and support share price could become a more common playbook if volatility persists.