Forward Industries, the largest SOL treasury holder among U.S.-listed companies, said its holdings rose by about 226,000 SOL through purchases and staking rewards to roughly 8.7 million SOL, valued at about $726.5 million and equal to around 1.5% of circulating supply. The company secured a two-year, $50 million credit facility from a federally chartered, FDIC-insured U.S. national bank, with its SOL treasury pledged as collateral. The assets remain staked and continue generating native rewards, while the bank cannot rehypothecate them. Forward Industries also plans to invest up to $50 million in USHP, a tokenized product tracking U.S. home prices, and use returns from that investment to buy more SOL. Galaxy and SharpLink's on-chain yield fund participated in the USHP launch. Recent declines in SOL and Forward Industries shares have put pressure on the value of the treasury and the company's financial position: SOL fell to about $82 before recovering to around $83.50, while shares dropped to about $5.25 and are down more than 28% this year. The company previously borrowed $40 million from Galaxy Digital against fwdSOL in March 2026 and received a minority stake in Index Industries connected to its USHP commitment.