Forward Industries, the largest Solana-focused digital asset treasury, has brought in former ParaFi Capital executive Ryan Navi as its new chief investment officer after watching the value of its SOL holdings fall sharply in recent months.
The company confirmed Monday that Navi will lead the execution of its Solana treasury strategy. His role includes sourcing and structuring opportunities across capital markets while using Forward’s staking and validator infrastructure to grow SOL per share and support long term shareholder value.
Forward made headlines in mid September when it purchased 6.82 million SOL at an average price of 232 dollars, an investment totaling roughly 1.58 billion dollars. With Solana trading near 124 dollars as of Monday, that position has declined more than 40 percent. The firm has added modestly to its holdings since the initial purchase, reporting 6,910,568 SOL in November.
Soon after its major acquisition, Forward filed a 4 billion dollar at the market equity offering with the U.S. Securities and Exchange Commission. The filing signaled its interest in raising more capital to continue expanding its Solana treasury.
Navi, who previously served as managing director and head of venture at ParaFi, said Forward’s disciplined accumulation strategy and validator operations place it at the center of emerging internet capital markets. ParaFi, a crypto focused investment firm, has backed Forward as well as other Solana oriented treasury companies, including Sharps Technology and Sol Strategies.
As part of its broader effort to strengthen its strategy, Forward recently formed a 25 member advisory board featuring leaders from the Solana ecosystem, decentralized finance, and traditional finance. Chairman Kyle Samani said Navi’s vision aligns with Forward’s mission to build the most active and value generating public Solana treasury company.
Forward’s Nasdaq listed shares were trading at 8.12 dollars on Monday afternoon, down nearly nine percent.
