Forward Industries Builds 25-Member Crypto Board to Expand Solana Treasury

Forward Industries, Inc. (NASDAQ: FORD) has taken another major step in its Solana-focused journey by creating a Crypto Advisory Board to guide its expanding digital asset treasury. The company, now widely recognized as a leading Solana treasury firm, has appointed 25 industry veterans from across the blockchain, DeFi, and financial sectors. This move signals Forward’s intent to deepen its influence within the Solana ecosystem and position itself at the forefront of institutional Solana adoption.

Strengthening Solana’s Position in Global Capital Markets

The newly formed Advisory Board includes prominent figures such as Helium founder Amir Haleem, Backpack CEO Armani Ferrante, Drift Labs co-founder Cindy Leow, Superstate CEO Robert Leshner, and Gauntlet founder Tarun Chitra. 

Executives from Galaxy Digital, Harry Austin and Michael Marcantonio, have also joined the initiative. Their inclusion demonstrates growing institutional confidence in Solana’s long-term potential within capital markets.

Forward Industries’ Chairman, Kyle Samani, has been instrumental in shaping the firm’s Solana-focused treasury vision. The company aims to build sustainable shareholder value by expanding SOL per share while leveraging Solana’s technical advantages, including scalability and low-cost transactions. 

Furthermore, Forward may broaden its advisory team to include leaders from finance, technology, and blockchain research, reinforcing its ambition to become the world’s largest Solana treasury company.

Strategic Expansion and Treasury Growth

In recent weeks, Forward Industries attracted attention after purchasing approximately 6.8 million SOL worth around $1.6 billion. The company also filed a $4 billion at-the-market equity offering to fund additional Solana accumulation. 

These bold investments have been endorsed by the Solana Foundation, alongside Galaxy Digital, Jump Crypto, and Multicoin Capital. The foundation’s backing highlights Solana’s expanding role in corporate treasury programs as blockchain-based balance sheet strategies gain traction.

Besides capital accumulation, Forward’s move illustrates a broader shift among Nasdaq-listed companies integrating blockchain assets into traditional treasury models. Consequently, Forward’s initiative may set a precedent for future public firms exploring Solana as a reserve asset.

Solana Price Shows Near-Term Weakness

Despite these institutional developments, Solana’s market performance remains under pressure. The token trades near $179.58, marking a 6.4% daily decline and a 7.7% weekly drop.

Source: X

Crypto analyst Crypto Tony noted that Solana is forming a clear downtrend after losing support at $190. The key support lies between $172 and $168, while a potential recovery could begin above $195. Until then, traders anticipate continued corrective movement through November, with $160 emerging as a possible target.