Key Developments in Forward Industries' Solana Strategy
- •Forward Industries has appointed Ryan Navi as its Chief Investment Officer, tasked with leading its treasury and capital markets strategy focused on Solana.
- •The company now holds over 6.9 million SOL and has launched a validator node.
- •Forward Industries has also approved a $1 billion share buyback program.
- •Stocks of companies with Solana-focused treasury strategies have experienced declines, mirroring Solana's recent price drop.
Ryan Navi to Lead Solana Capital Deployment
Forward Industries has appointed Ryan Navi as its new chief investment officer. In this role, Navi will be responsible for guiding the firm's treasury strategy, which is centered around the Solana ecosystem. This appointment, announced on Monday, will see Navi overseeing the identification and structuring of capital markets opportunities. He will also direct how the company utilizes its staking and validator infrastructure to expand its holdings of SOL.
Forward Industries Appoints Ryan Navi as Chief Investment Officer
“I have come to know Ryan well over the years and have always admired his deep understanding of the Solana ecosystem, as well as his disciplined and rigorous investment approach. Ryan’s vision for both Solana and… pic.twitter.com/tIsrBBYi9X
— Forward Ind. | NASDAQ-$FWDI (@FWDind) December 1, 2025
Prior to joining Forward Industries, Ryan Navi held a leadership position in digital asset investments at ParaFi Capital. He also served as a principal at the global investment firm KKR, where his focus was on liquid and distressed credit. Navi commenced his career in investment banking at Citi.
Forward Industries Intensifies its Focus on the Solana Ecosystem
The company, which transitioned from its original medical-tech design business in September, has rapidly established itself as a significant institutional holder of SOL. According to data from CoinGecko, Forward Industries currently controls 6.91 million SOL, a holding valued at approximately $863.5 million. This represents just over 1% of the token's total circulating supply.
In September, Forward Industries secured $1.65 billion to establish a Solana-based crypto treasury. This funding was supported by investors including Galaxy, Jump Crypto, and Multicoin Capital. The firm further solidified its commitment to the Solana ecosystem in October by launching its first institutional-grade validator on the network. Additionally, Forward Industries approved a $1 billion share repurchase program in November, which permits buybacks through open market trades, block transactions, or privately negotiated agreements.
Decline in SOL Treasury Stocks Coincides with Token Price Drop
Earlier this year, a number of companies began pursuing treasury strategies centered on Solana, many of which saw immediate increases in their stock prices following these announcements. For example, Sharps Technology experienced a surge of over 96% in August after shifting its business focus from medical devices to SOL accumulation.
However, this positive momentum has waned as Solana's price has fallen by more than 30% in the past month, currently trading around $125. Publicly traded companies with Solana-focused treasury operations have experienced a similar downturn. Solana Co. (HSDT) has seen its stock price decrease by nearly 37% over the last 30 days. DeFi Development Corporation (DFDV) has dropped 40% during the same period.

