Forward Industries has made a significant move by appointing Ryan Navi as its new Chief Investment Officer, tasked with steering the company’s treasury strategy centered around Solana amid a rocky market for digital assets.
According to a recent announcement, Navi will be responsible for identifying and structuring capital market opportunities, guiding Forward Industries in how it leverages its staking and validator infrastructure to enhance its holdings of SOL, the native currency of the Solana blockchain.
Before accepting this role, Navi gained experience in digital-asset investments at ParaFi Capital and served as a principal at KKR, focusing on liquid and distressed credit strategies. His career beginnings trace back to Citi in investment banking.
Since pivoting from a global design firm catering to the medical and technology sectors, Forward Industries launched its treasury strategy last September, aiming to capitalize on the growing interest in SOL tokens.
Top Solana treasury companies
Top 10 Solana treasury companies. Source: CoinGecko
Currently, Forward Industries holds over 6.9 million SOL, valued at approximately $863.5 million, representing just over 1% of all SOL in circulation according to CoinGecko.
In expanding its role in the crypto ecosystem, the company also launched an institutional-grade validator node on the Solana blockchain in October.
In November, Forward authorized a $1 billion stock repurchase program, enabling it to buy back shares through various market transactions.
Shares of Solana Treasury Companies Face Declines
Numerous Solana treasury firms have emerged in recent months, with several experiencing a surge in share prices following their launch announcements.
For instance, shares of Sharps Technology skyrocketed over 96% after declaring a shift from medical devices to accumulating SOL.
However, a price drop of more than 30% for SOL over the past month, currently around $125 per token, has adversely impacted many of these companies’ stock performances.
The second-largest SOL treasury company, Solana Co. (HSDT), has seen its shares fall nearly 37% recently, while shares of DeFi Development Corporation (DFDV) dropped 40% during the same timeframe.
Forward Industries itself is under pressure, with shares plummeting nearly 80% from a $39 high in September.
