In June @FWDind approached SkyAI with an all-stock transaction at a 20% premium to their closing price on June 15. They rejected the offer without engaging us. At the 0.367 exchange ratio offered that premium is approximately 80% as of yesterday's closing prices. If any reporters or analysts want to chat about our findings during the diligence process for this offer or other details surrounding SkyAI, my DMs are open.

🚨BREAKING: Forward Industries (@FWDind) is back to buying $SOL. The largest Solana treasury by holdings bought over 500K $SOL ($39.5M) in fiscal Q3 at an average price of $79, taking its total holdings to 7.55M $SOL.

REPORT: Solana Treasury Companies @FWDind and @defidevcorp reported Q1 2026 earnings with revenue at $13M and $2.66M respectively. Both also recorded larger unrealised losses as $SOL prices fell during the quarter, with Forward posting $283.1M in losses and DFDV reporting $83.4M.

Forward Industries just widened its Solana lead @FWDind's shares jumped more than 17% Wednesday after the Nasdaq company said it bought over 500,000 SOL during its fiscal third quarter, which ended June 30. Total holdings now sit at 7.55 million $SOL, worth about $576 million. Acquired at an average price near $79 per token. That's more SOL than the next three largest publicly traded Solana treasury firms combined, per The Block's data. Forward's CIO put it simply: maximize SOL per share, build long-term value. The company is also leaning on its new Russell 2000 and 3000 inclusion to raise fresh capital. $FWDI trading near $4.93. SOL touched a one-month high above $77, well off its June low near $60.

Kyle Samani (@KyleSamani) returns to TOKEN2049 Singapore. Chairman of @FWDind. He co-founded Multicoin Capital in 2017 and led all three fundraising rounds for Solana before network launch. Forward Industries closed a $1.65 billion PIPE, cosponsored by Jump and Galaxy, and Samani invested $25 million of his own capital in the round. 7-8 October, Marina Bay Sands.

Had the chance to catch up on earnings from @BitGo and @FWDind Quick Summary: BitGo is mainly representative of the infra layer being compressed with few catalysts in the short term. Margins are compressing across the board. Assets on platform are resilient and institutional clients keep onboarding, but there isn't much to be excited about beyond prices going up again. Take rates on the core trading business continue to compress, derivatives are still soft, and the competitive landscape is fierce. Staking shows the same dynamic: institutions negotiate lower take rates, so growth comes in at worse economics. Stablecoin-as-a-Service is still relatively small. Beyond the fact that stablecoin supply hasn't grown much, you're essentially underwriting the growth of the market outside USDT and USDC. A very small slice, and not one I'm particularly bullish on. The silver lining: BTGO traded flat on the print, so pretty much all of this looks priced in already. And underneath the margin noise, the parts of the business that are hardest to replicate keep compounding: the custody relationships, the regulated footprint, and the stablecoin reserve balances that grow regardless of where take rates settle. 📊 Headline Financials Total Revenue: $4,329.4M, +14.7% QoQ, +79.6% YoY (mostly gross-recognized spot pass-through) Revenue Net of Direct Costs: $42.5M vs $49.0M in Q1, roughly -13% QoQ. The economically relevant line Net Loss: (19.0)M vs $(60.7)M in Q1. Improvement is mostly a smaller unrealized BTC mark ( (18.8)M vs $(53.7)M) plus SBC normalizing off the IPO spike Adjusted EBITDA: $(4.2)M vs $(1.7)M in Q1 and +$3.0M in Q2'25. Excluding +$5.6M of realized disposal gains they don't strip out, underlying is closer to $(10)M Cash: $159.0M. 2,523 BTC (~$147.7M). No corporate debt. New $50M buyback. $1.3M restructuring charge tied to ~$15M annualized savings 🔍 Segment Detail Digital Asset Sales: $4,197.5M rev, +14.7% QoQ, +84.3% YoY. Net contribution ~$7.1M. Margin 17 bps vs 32 bps in Q1 and 19 bps in Q2'25 on lower spot spreads and lower derivatives mix. Q1's mix-driven margin improvement reversed in one quarter Staking: $64.7M rev, +30.9% QoQ, -28.8% YoY. Take rate 6.0% vs 16.1% in Q1 and 10.0% in Q2'25. Volume up, monetization down. Take rate path of 7.6% → 16.1% → 6.0% over three quarters makes this the least predictable line Subscriptions and Services: $27.5M rev, +7.7% QoQ, +8.5% YoY. Includes one-time ecosystem/implementation work Stablecoin-as-a-Service: $38.8M rev, +1.7% QoQ, +148.0% YoY. Take rate 8.0% vs 7.4% in Q1 and 2.6% in Q2'25. Restricted reserves at $4,634.9M, +5.5% QoQ and +39.9% YTD, the durable driver. ~$155M annualized run rate at improving take rates Interest Income: $0.8M

the world’s largest public solana treasury, @FWDind, added 357,000 $SOL at an average cost of $78.26 since august 4th this brings its total holdings to 8.16M $SOL The ticker is $FWDI

$230.1M worth of tokenized stocks is now deposited into DeFi venues FWDI leads at $20.7M, followed by SPYx at $19.4M, SPY at $14.8M, NVDA at $14.7M & STRCX at $14.3M Productive use turns tokenized assets into new business