Forward Industries, a publicly traded company with a Solana-focused treasury strategy, has launched a share repurchase program funded through a crypto-collateralized loan from Galaxy Digital LLC, highlighting how digital assets are being used in traditional corporate finance.
The company said it will repurchase 6,164,324 shares of its common stock from an unnamed institutional investor for approximately $27.4 million, cutting total shares outstanding to 76,977,809. Cointelegraph’s request for the seller’s identity was not answered before publication.
Public filings show only six institutional investors hold enough shares to sell that volume back to Forward. Data compiled by Fintel.io indicates Galaxy Digital LP held 8.68 million shares (as of Sept. 18, 2025) and Galaxy Group Investments LLC held 8.11 million shares (as of Feb. 18, 2026), making them among the few plausible sellers.
To fund the buyback, Forward secured a $40 million loan from Galaxy Digital LLC at a 3.4% interest rate. The loan is collateralized by Forward’s Solana (SOL) holdings—7,013,536 SOL—valued at roughly $613 million at current market prices. The structure lets Forward access cash without selling its crypto reserves and continue generating staking yield.
The repurchase is part of Forward’s November authorization to buy up to $1 billion of its stock on an ongoing basis, a program the company said would provide financial flexibility amid crypto market volatility. That volatility has intensified, with Solana’s price slipping below $90. The buyback may also support Forward’s stock, which is down about 87% from its September peak.
Forward began aggressively accumulating Solana last year as crypto treasury strategies gained traction. It now holds the largest publicly traded SOL treasury, and at least 18 other public companies have adopted similar strategies.
By February, companies using crypto treasuries collectively faced more than $1.5 billion in unrealized losses tied to the market downturn. A significant portion of those losses is attributed to Forward, which is down roughly $972 million.
Industry observers expect consolidation among crypto treasury companies as falling crypto prices push valuations below asset holdings and limited cash flow strains operations. Wojciech Kaszycki of crypto infrastructure firm BTCS said the sector’s volatility is likely to prompt broader consolidation.
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