Solana Faces Stiff Competition from Bitcoin, Ethereum, and XRP Amid Leverage Exposure and Corporate Treasury Moves.

Solana is underperforming major cryptocurrencies due to higher leverage exposure, with $31.6 million in liquidations over 24 hours. Recent corporate treasury moves were already priced in, triggering a "buy the rumor, sell the news" sell-off. The upcoming $1.6 billion FTX estate distribution at month-end is also putting downward pressure on SOL, which has dropped over 9% in the last week.

Forward Industries, a 60-year-old company known for manufacturing carrying cases for medical and tech equipment, has undergone a dramatic transformation. In September 2025, the company pivoted from its legacy manufacturing business to become a self-described "Solana treasury company," focusing on cryptocurrency holdings. This shift, led by a new crypto-savvy leadership team, has been backed by major blockchain investors and has resulted in a significant stock surge.

The company's NASDAQ-listed shares (ticker FORD) have skyrocketed in 2025, up ~505% year-to-date and an astonishing 703% in the past six months Forward Industries (FORD) Shocks Wall Street with 2025 Crypto Pivot – 500% Stock Surge & $4B Solana Bet Revealed^[1]. The stock hit a multi-year high of ~$46 in mid-September after the crypto pivot news, before settling around the $30 range by September 23, 2025 – still roughly 10x higher than one year ago. This surge has been accompanied by extreme volatility, with massive trading volumes and double-digit price swings.

Forward Industries has raised $1.65 billion in a private investment (PIPE) led by Galaxy Digital, Jump Crypto, and Multicoin Capital to fund a huge Solana (SOL) purchase . Within days, the company deployed the cash to acquire 6,822,000 SOL tokens (over 1.25% of Solana’s supply) at an average ~$232 each – a $1.58 billion position, making it the world’s largest corporate holder of Solana . The company has staked 100% of these tokens on-chain to earn yield, signaling a long-term commitment to Solana’s network growth .

To further bankroll its crypto strategy, Forward filed for an up to $4 billion at-the-market stock offering program on September 17, 2025 . This flexible shelf registration allows selling new shares gradually to raise capital for more SOL purchases, other investments, and working capital . Forward also announced a partnership with fintech firm Superstate to tokenize FORD shares on the Solana blockchain, enabling 24/7 on-chain trading of its stock and even use of tokenized shares as DeFi collateral .

Analysts have been skeptical of Forward’s new strategy. At least one research note downgraded FORD to a “strong sell,” citing poor earnings and concern that the stock’s surge is unmoored from fundamentals . The stock’s momentum and “Solana proxy” appeal have attracted speculative investors; the momentum grade is “A” by one analysis, even as value and growth grades lag . Notably, even Citadel Advisors, a prominent hedge fund, took a small stake (10,705 shares) earlier, though this represented less than 1% of the company .

Forward Industries has essentially transformed into a publicly traded crypto holding company. Bulls argue this offers equity investors a unique leveraged play on Solana’s success, with Forward actively managing its SOL stash to increase value per share via staking and DeFi yields . The company itself pitches the SOL strategy as a hedge against inflation and a way to drive shareholder value by participating in Solana’s growth . Bears warn that FORD now lives and dies by the volatile crypto market – management even acknowledges the stock could become “tightly linked” to SOL’s price swings . With regulators scrutinizing crypto accounting and the execution of a $4B share sale not guaranteed, investing in FORD is extremely high-risk, high-reward.

Forward’s next chapter will largely depend on Solana’s market trajectory and whether this audacious bet can pay off over the long term. The company’s stock performance suggests that many speculators have eagerly embraced the new Forward Industries, but the high volatility and uncertainty surrounding the crypto market make this a high-stakes investment.