Solana News Today: Forward Industries Pushes $1B Buyback as Solana Pivot Faces Volatility and Skepticism

Forward Industries, Inc. (NASDAQ:FORD) has taken a significant step to bolster shareholder value by authorizing a $1 billion stock repurchase program, effective through September 30, 2027, an Investing.com report said. The move, announced on November 3, 2025, coincides with the filing of a resale prospectus supplement for shares from the company's September 2025 private placement, according to a Lookonchain feed. The repurchase program allows the company to buy back shares via open-market purchases, block trades, or Rule 10b5-1 trading plans, with flexibility to adjust the strategy based on market conditions, the company noted in a StockTitan filing.

The board's decision underscores confidence in Forward Industries' strategic pivot to a Solana (SOL) treasury model, which it describes as a "differentiated strategy" aligned with the growth of the Solana ecosystem, the filing says. Kyle Samani, Chairman of the Board, emphasized that the repurchase program complements the company's ongoing efforts to maximize shareholder returns while expanding its holdings in SOL cryptocurrency. The resale prospectus, meanwhile, facilitates the sale of shares issued in the September 2025 private placement, though the company will not receive proceeds from these transactions.

The announcement comes as Forward Industries navigates a volatile stock market. While the stock has surged nearly 90% over the past six months, it has also experienced a 12% decline in the past week. This volatility contrasts with the company's weak financial fundamentals, including negative EBITDA of $5.01 million and moderate debt levels. Despite these challenges, the repurchase program signals a strategic commitment to stabilizing the stock price and reinforcing long-term value.

The $1 billion repurchase authorization is part of a broader capital allocation strategy initiated in September 2025, when Forward Industries secured $1.65 billion in funding to expand its Solana treasury operations, according to a Seeking Alpha report. The company's pivot to cryptocurrency has drawn both investor enthusiasm and skepticism, with some analysts questioning the sustainability of its financial model. However, the board's recent actions suggest a belief that the Solana ecosystem's growth potential outweighs current financial risks.

Forward Industries' stock repurchase program is structured to operate alongside its Solana treasury strategy, which involves acquiring SOL tokens to increase SOL-per-share through active treasury management, the company said. The company's partnership with firms like Galaxy Digital and Multicoin Capital further signals its alignment with the crypto industry's leading players.