Forward secures $50M credit line to fund Solana buying as SOL hits three-month low
What's the deal? Forward IndustriesDealroom has a profile for this one. Try Dealroom → has secured a two-year, $50 million credit facility from an unnamed US national bank, backed by SOL that will remain staked. The company, the largest publicly traded Solana treasury holder, will use the proceeds to buy more SOL.
Why now? The financing lands as SOL slides. The token fell to $82 on Tuesday — its lowest in nearly three months — while Forward's own shares dropped to $5.25, down more than 28% this year.
The credit line, priced at SOFR plus 150 basis points, lets Forward borrow against its treasury while the pledged collateral keeps earning staking rewards, with no rehypothecation.
By the numbers: Forward's holdings reached roughly 8.7 million SOL as of November 9, worth about $726.5 million and representing 1.5% of Solana's circulating supply. That's up 2.7% from 8.5 million at the end of September. Its closest rival, DeFi Development Corp, holds just over 2.6 million SOL.
What's the endgame? Forward also committed up to $50 million to USHP, which it calls the first tokenized index product tracking US home prices, co-anchoring a $100 million launch. It plans to channel the dollar income into further SOL accumulation.
Chief investment officer Ryan Navi said the moves advance the company's goal to build "the 'Berkshire Hathaway of Solana'" — a permanent-capital firm that reinvests cash flows to grow SOL per share. Forward also added Barclays as a sales agent to its at-the-market equity program, alongside CantorDealroom has a profile for this one. Try Dealroom →.
The signal: The debt facility shows treasury companies seeking ways to finance crypto accumulation beyond issuing new shares as token prices weaken. By borrowing against staked SOL and chasing dollar yield from housing, Forward is testing how far a single-asset treasury model can stretch when its core holding is falling.
Read more: theblock.co, Business Insider
Image credit: Generated with Gemini
