Forward Industries buys back $27 million in stock using Galaxy loan as SOL treasury faces drawdown
Forward Industries is using a $40 million Galaxy loan collateralized by staked SOL to repurchase $27.4 million of its stock.Summary
Forward Industries announced a strategic share repurchase of approximately $27.4 million, or 6.16 million shares, from an institutional investor in a private transaction, which is expected to reduce its share count by about 7% and boost its SOL-per-share metric.
To finance this buyback, the company secured a $40 million digital asset-backed loan from Galaxy Digital at an average interest rate of about 3.4%, maturing in under five months. This loan is collateralized by its staked Solana (SOL), which yields about 6.2% annually, allowing Forward to continue earning staking rewards while accessing capital.
The move occurs as both Forward's stock (down 25% YTD) and its primary asset, SOL (down roughly 30% YTD), have declined. Despite the drawdown from when it began accumulating SOL near $240 in September 2025, Forward remains the largest known corporate holder of the token with just over 7 million SOL, valued around $616 million currently. The company also projects a 45% decline in core operating expenses (SG&A) in the coming quarters.
(Source：The Block)