SOL Treasury Gets a Side Hustle to Fund a Stock Spa Day: Forward's Leveraged Glow-Up

Forward Industries is buying back roughly $27.4 million of its own stock, and they skipped the couch cushion money. The capital is being fronted via a slick, $40 million short-term loan from Galaxy Digital, locked in at an average interest rate of about 3.4% and maturing in less than five months.

The collateral backing this play? A chunk of staked SOL, which the company casually mentions is still dutifully printing about 6.2% APY. It's a classic degen move: why sell your yield-generating bag when you can just rehypothecate it for cheap fiat and keep the rewards flowing? Pure financial alchemy.

This maneuver doubles down on the firm's all-in bet on a Solana-centric treasury. They first started aping into SOL back in September 2025 when the token was lounging comfortably around $240. Fast forward to today, and it's hovering near $88—a not-so-cozy 60%+ haircut from those glory days, proving even corporate treasuries aren't immune to the charts.

In tandem with the share scoop-up, Forward anticipates its operational burn rate will take a serious chill pill in the next few quarters. The company forecasts its core SG&A costs will plummet by roughly 45% between its fiscal Q1 and Q3, citing trimmed service fees, lighter legal bills, and less vendor spend—basically, they're cutting the corporate fat to get lean.