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The company is leveraging its crypto treasury to fund a share buyback, reducing outstanding shares and potentially boosting per-share value following a six-month slide.Forward Industries, a publicly traded company with a Solana-focused treasury strategy, has launched a share repurchase program funded through a crypto-backed loan from Galaxy Digital LLC, underscoring how digital assets are increasingly being used in traditional corporate finance.
The company said Thursday it will repurchase 6,164,324 shares of its common stock from an unnamed institutional investor for approximately $27.4 million, reducing total shares outstanding to 76,977,809. Cointelegraph’s email to Forward seeking further information on the identity of the selling institutional investor was not answered prior to publication.Public filings indicate that only six institutional investors in Forward Industries hold enough shares to sell that volume back to the company. According to filings data compiled by, one of those holders is Galaxy Digital LP and another is Galaxy Group Investments LLC To fund the buyback, Forward secured a $40 million loan from Galaxy Digital LLC at an interest rate of 3.4%. The loan is collateralized by the company’s Solana (The structure allows Forward to access liquidity without liquidating its crypto reserves, while continuing to generate yield through staking. The move reflects a broader trend of companies leveraging digital asset treasuries to optimize capital structure and potentially enhance shareholder returns.to buy back up to $1 billion of its stock on an ongoing basis. At the time, the company said the program would provide financial flexibility amid heightened volatility in the crypto market. That volatility has intensified in recent months, with Solana’s price falling below $90. The buyback may also help support Forward Industries’ stock, which is down 87% from its September peak. Forward Industries began aggressively accumulating Solana last year, when crypto treasury strategies gained traction during the bull market. The company has since built the largest publicly traded SOL treasury, with at least 18 other public companies adopting similar strategies, according to industry data.tied to the broader crypto market downturn. A significant portion of those losses is attributed to Forward Industries, which is down roughly $972 million.The sector’s volatility is likely to result in broad consolidation among crypto treasury companies, Wojciech Kaszycki of crypto infrastructure company BTCS Many treasury companies are under pressure as declining crypto prices push their valuations below the value of the digital assets they hold, while limited cash flow makes it harder to sustain operations.Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently. Read our Editorial Policy
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