Despite the market reaction, company executives framed the move as a strategic way to unlock capital while reinforcing its balance sheet.
“Through this offering, Forward Industries gains a flexible and efficient mechanism to raise and methodically deploy capital in support of our Solana treasury strategy.”
Forward’s aggressive accumulation aligns with a broader trend among companies integrating Solana into their treasury strategies.
According to him, Solana’s higher volatility creates opportunities for financial engineering through bonds and warrants, which may accelerate token accumulation for treasury firms. Second, its staking yield, currently about 7-8% compared with Ethereum’s 3-4%, offers a compounding effect that steadily increases net asset value over time.
Marcantonio also pointed to Solana’s relative undervaluation, noting that despite its smaller market capitalization, the blockchain network processes more transactions and supports more users than Ethereum.
Considering this, he surmised that:
“If Solana treasury companies execute well, they can offer asymmetric upside (because NAV/share can compound both from treasury mechanics and from market repricing of SOL relative to ETH).”
