- Earlier this year, Forward Industries pivoted toward digital asset management, transforming into the world’s largest Solana-based DAT.
- The Oak Ridge report observes a notable expansion in institutional activity even amid the downturn in the crypto market.
- The report highlights the company’s rapid expansion of its digital infrastructure.
Forward Industries (NASDAQ: FWDI) is the focus of a new analyst report from Oak Ridge Financial, which reiterates a Buy rating and establishes a $10 price target. The report highlights the company’s ongoing transformation into the world’s largest Solana-based Digital Asset Treasury (“DAT”) and evaluates why analysts believe the company may be positioned for long-term value creation.
Forward Industries previously operated as a design, manufacturing and sourcing group, but earlier this year, the company pivoted toward digital asset management. Following a $1.65 billion private placement that provided significant cash and stablecoin commitments, the company now centers its business strategy on acquiring Solana, deploying those holdings across staking, DeFi strategies and institutional partnerships, and growing its asset value through active management. The firm currently holds nearly seven million Solana tokens and maintains approximately $30 million in operating capital for strategic deployment. This shift has made the company one of the most prominent participants in the emerging Solana DAT category.
The report acknowledges the volatility in the broader crypto market. Bitcoin, Ethereum and Solana have each fallen significantly from recent highs as tighter liquidity and fewer expected interest rate cuts have pressured risk assets. Yet Oak Ridge observes a notable expansion in institutional activity even amid the downturn. The number of publicly traded Solana DATs has doubled from 9 to 18, and combined token holdings across the group have risen 35%. Growth in staking-focused ETFs has also gained momentum, with inflows increasing from about $400 million to more than $880 million since the firm’s earlier research. Oak Ridge interprets both developments as signs of deepening structural adoption.
Within that expanding landscape, Forward Industries stands out for its scale and evolving strategy. The company holds 6.92 million Solana tokens, generating native staking yields between 6.8% and just over 7% before fees. It recently partnered with Sanctum to launch a liquid staking token called fwdSOL, which represents 25% of its holdings.
This arrangement allows the company to continue earning staking yield while simultaneously deploying the token into additional on-chain strategies, including borrowing against the asset to pursue vetted DeFi or institutionally originated yield opportunities. The Oak Ridge report emphasizes that these approaches could allow the company to accrue Solana at a faster rate than traditional staking alone.
The report also highlights the company’s rapid expansion of its digital infrastructure. Since adopting the DAT model, Forward Industries has launched a $4 billion at-the-market program, partnered with Superstate to enable tokenization of its publicly traded shares on the Solana blockchain, established an institutional-grade validator on the network, authorized a $1 billion share repurchase program and formed a 25-member advisory board.
Oak Ridge views these developments as evidence of strong governance and strategic backing from major digital asset leaders including Galaxy Digital, Multicoin Capital and Jump Crypto. The firm also notes key executive appointments, including a new chief investment officer and general counsel, which it believes strengthen the company’s ability to execute advanced capital markets and yield strategies.
In assessing valuation, the report noted that Oak Ridge originally anticipated some reversion of the company’s premium to its mark-to-net asset value (“mNAV”) but did not expect the level of decline that occurred following recent market pressure. With the company now trading at roughly 0.73 times its mNAV, Oak Ridge observes that the valuation may represent an unjustified discount.
The firm’s $10 price target is based on an assumed mNAV of 1.1 times, the company’s current token holdings, and an estimated Solana price of $150 in fiscal year 2026. While Oak Ridge acknowledges the difficulty in forecasting token prices, it cites technical support levels and the company’s ability to generate incremental yield as reasons for applying a premium multiple over time.
The report also noted risks, including the company’s concentrated exposure to Solana, potential leverage-driven vulnerabilities if token prices fall, and competitive or technological risks related to blockchain ecosystem development. Still, Oak Ridge concludes that Forward Industries offers a compelling opportunity for investors who are comfortable with the volatility of digital assets and interested in the long-term potential of the DAT model.
By combining substantial token holdings, advanced yield strategies and the structural advantages of a public DAT, Forward Industries is positioned to benefit from the ongoing institutionalization of the crypto ecosystem. The Buy rating reflects the Oak Ridge’s belief that the current discount to mNAV provides an attractive entry point for risk-tolerant investors willing to look beyond near-term market volatility.
For more information, visit the company’s website at www.ForwardIndustries.com.
NOTE TO INVESTORS: The latest news and updates relating to FWDI are available in the company’s newsroom at https://ibn.fm/FWDI
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