Forward Industries Adds $30M Tokenized Real Estate Bet as Solana Slides Toward $80

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Forward Industries agreed to take a stake of up to $30 million in GromaCoin, a tokenized real estate asset launching on Solana in early 2027, adding dollar rental income to its SOL++ strategy. The move follows an SEC filing showing the Nasdaq-listed firm held 8,727,694 SOL as of November 9, about 1.5% of circulating supply, and a new $50 million credit line secured by treasury coins. SOL traded near $80, down about 25% in 30 days, with momentum still favoring sellers and $74-$75 the key floor to watch.

Key Elements

Forward Industries (FWDI) is deepening its bet on tokenized real-world assets, agreeing to take a stake of as much as $30 million in a real estate token that will launch on Solana in the first quarter of 2027. The Nasdaq-listed Solana treasury company said the allocation to GromaCoin (GRO), which represents a share in the Groma Real Estate Trust, will generate dollar-denominated rental income under its SOL++ strategy.

The announcement landed on November 12, two days after Forward disclosed that it had committed up to $50 million to a tokenized U.S. home price index product. Investors were unimpressed: FWDI slipped roughly 7% to about $5.08 on the day, while SOL fell about 3%.

Groma, a Boston firm founded in 2020, operates a U.S.-regulated REIT that owns income-producing residential properties. The company says more than $95 million in real estate has already been tokenized, with close to $50 million flowing in during 2026. GromaCoin is currently restricted to accredited investors, and a Reg A+ offering pending SEC qualification could raise as much as $75 million in its first year. Groma also plans an integration with Kamino that would let holders post GRO as collateral on the Solana lending protocol.

Forward chief investment officer Ryan Navi said the stake adds a stream of “durable, uncorrelated revenue” under the company’s SOL++ strategy. Groma chief executive Seth Priebatsch said platforms and investors have shown “tremendous enthusiasm.”

A Treasury Built for the Downturn

The real estate deal sits atop a much larger position in the token itself. In a November 10 filing with the SEC, Forward reported holding 8,727,694 SOL and SOL equivalents as of November 9, up from 8,501,298 at the end of September. That is roughly 1.5% of circulating supply, more than three times the holdings of the next-largest listed rival, DeFi Development Corp., which holds a little over 2.6 million SOL.

Note: Market value and net asset value are as stated in the filing, which valued SOL at $86.61. At a spot price near $80.65 on Friday, the holdings would be worth about $703.9 million and net asset value about $548 million, or roughly $5.18 per diluted share.

The increase came from open-market purchases and native staking rewards, at an average cost of $75 per SOL. The company also secured a $50 million two-year credit line from an unnamed state-chartered U.S. bank at SOFR plus 1.5 percentage points, with treasury SOL pledged as collateral. Forward said the bank may not re-lend the pledged coins. The filing does not disclose an agreed loan-to-value limit.

A loan against a falling asset cuts both ways. If SOL recovers, holdings per share compound faster than equity alone would allow; if it keeps sliding, the collateral thins and the lender can demand more margin or repayment. At Friday’s price the SOL position still covered liabilities by about 3.75 times.

The company’s mNAV, which compares market capitalization with net asset value, stood at 0.976, meaning the shares trade slightly below the value of the coins minus debt. That effectively closes the equity-issuance route to new purchases, which helps explain the turn to borrowed money. Navi has described the ambition in Berkshire Hathaway terms: a holding company that compounds its crypto position while investing in projects on the network.

The Chart Has Not Caught Up

Solana traded near $80 in the latest session, down about 25% over 30 days and roughly 11% over the past week, its weakest area since mid-August. From a close near $122 on September 26, the token has surrendered about a third of its value and sits more than 70% below its January 2025 record of $293.31.

Momentum remains firmly with sellers. The relative strength index sits near 21, well below the 30 threshold that marks oversold conditions, while MACD holds beneath its signal line. The 50-day and 200-day moving averages have converged just under $100, forming a ceiling that any rebound would need to climb roughly 20% to test.

On the downside, $78.10 marked Friday’s low and $75 is both the mid-August trading zone and Forward’s average purchase price; a daily close below it would open the way to the August low of $71.89 and, beyond that, the year’s low near $62. To the upside, $86.61 is the level at which the treasury company marked its holdings, with the 100-day average just under $100 and the 50-day line just under $104.

The tokenized real estate push is, for now, indirect support for the price. Real-world assets generate transactions and fees on Solana, but fees on the network amount to a fraction of a cent, and the segment has grown briskly without producing visible demand for SOL itself. Forward’s disclosed purchases of 226,396 SOL over six weeks equate to just over $18 million at current prices, against daily trading volume of roughly $3.46 billion.

Broader access is widening in the background: Charles Schwab opened SOL trading to retail clients on November 9, a step that could broaden the buyer base beyond treasury companies. For the moment, though, one committed institutional buyer is a stabilizing force rather than a price driver, and the trend on the chart stays negative until SOL closes back above its first resistance.

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