In a mid-quarter treasury update, the Nasdaq-listed company (FWDI) said it added 226,396 SOL between October 1 and November 9 through purchases and staking, at an average cost of $75 per token.

Holdings now stand at 8,727,694 SOL, about 1.5% of circulating supply, valued near $756M at the company's $86.61 mark.

SOL per fully diluted share rose 2.3% to 0.0824. Forward also secured a $50M two-year credit line backed by staked SOL, committed up to $50M to the tokenized US home price index USHP and added Barclays to its at-the-market equity program alongside Cantor.

The buying comes as net asset value fell to $600M from $870M at the end of September, with institutional debt up to $187.5M and shares trading below NAV (0.976x fully diluted mNAV).