Forward Industries (FORD), which previously took the world by storm several months ago when it rebranded itself as the premier Solana-focused treasury company on the planet, recently announced a $1 billion share buyback.
The announcement followed the approval of a repurchase authorization by its board on November 3, enabling Forward to repurchase as much as $1 billion of its common stock. But this authority sunsets September 30, 2027.
It also mentioned in the release that a resale prospectus supplement had been filed with the U.S. Securities and Exchange Commission (SEC). That is, it registers the shares from a private placement (pipe) in September 2025 and it apparently went effective upon filing.
Forward Industries places a bullish bet on Solana
Although the resale prospectus is mostly procedural — it permits anyone who purchased securities in Solaris’s September 2025 private placement to sell those shares — its $1 billion buyback of outstanding notes has been framed as a powerful vote of confidence in SOL.
“Today’s announcement demonstrates the former designer and manufacturer of medical and tech products’ belief in Forward Industries’ differentiated strategy as well as the underlying robustness of Solana’s ecosystem,” Kyle Samani, Chairman of the Board, said today.
Forward has actively managed and partnered with leading investors, such as Galaxy Digital, Jump Crypto and Multicoin Capital to consolidate its SOL balance sheet since September.
Forward Industries’ new identity
Forward said the buyback program, which its board of directors has authorized, provides flexibility to manage its capital structure and demonstrates a commitment to creating shareholder value through open-market repurchases, private negotiated transactions, or structured buyback programs, including, but not limited to, buying shares from stockholders at fixed prices.
The repurchase may be made as and when Forward Industries deems appropriate, depending on factors such as market conditions and regulatory requirements.
“While the resale registration is a standard post-PIPE process, to do so with a buyback program speaks volumes – we are laser-focused on creating long-term shareholder value and believe in Solana technology’s potential for capital market applications,” Samani said in the announcement.
“Having the approval gives us flexibility though to return capital to our shareholders when, where and how we feel like it, under the constraint that we continue executing against Solana treasury and operational initiatives,” Samani added.
The move is similar to others made by crypto treasuries like Strategy, which embarked on a campaign of buybacks and treasury re-allocations that aimed at “increasing shareholder value” pegged to the value of digital assets.
Over six decades ago as a product design and manufacturing company serving the medical and tech sectors: The Forward Industries story took a new direction, seeing it accelerate its crypto exposure (and then become the world’s largest Solana treasury company).
