SOL Treasury company Forward Industries launches stock buyback program using cryptocurrency-backed loans.

PANews reported on March 20th, citing Cointelegraph, that Nasdaq-listed SOL treasury company Forward Industries has launched a share buyback program using cryptocurrency-backed loans from Galaxy Digital. The company will repurchase 6.16 million shares of common stock for approximately $27.4 million, reducing the number of outstanding shares. Forward obtained a $40 million loan from Galaxy Digital at an interest rate of 3.4%, using its 7.01 million SOL tokens (approximately $613 million) as collateral. This move allows Forward to obtain liquidity without liquidating its crypto reserves, while continuing to generate returns through staking. Forward began accumulating SOL on a large scale last year and is currently the largest publicly traded SOL treasury holder. Affected by the decline in the crypto market, its share price has fallen 87% from its high in September last year.