Top SOL treasury company Forward Industries has appointed Ryan Navi as chief investment officer to oversee the execution of the companyโs Solana-focused treasury strategy.
According to Mondayโs announcement, Navi will handle sourcing and structuring capital markets opportunities and direct how Forward Industries uses its staking and validator infrastructure to support the accumulation of (SOL), Solanaโs native token.
Navi joins Forward Industries after leading digital-asset investments at ParaFi Capital and previously serving as a principal at investment company KKR, where he focused on liquid and distressed credit strategies. He began his career in investment banking at Citi.
Forward Industries, which pivoted from a global design company serving medical and technology companies to launch its treasury strategy in September, is among the companies betting on SOL tokens as part of a crypto treasury strategy.
According to CoinGecko data, Forward currently holds 6,910,568 SOL valued at about $863.5 million, which amounts to slightly more than 1% of the total SOL in circulation.
In October, the company launched its first institutional-grade validator node on the Solana blockchain, expanding its presence in the ecosystem.
Forward authorized in November a $1 billion share repurchase program, allowing the company to buy back shares through open-market purchases, block trades or privately negotiated transactions.
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Shares of Solana treasury companies plummet
Several Solana-focused treasury companies debuted this year, and some saw their share prices jump sharply following their launch announcements.
Inย August, shares of Sharps Technology jumped over 96% after the company announced its pivot from a medical device maker to focus on accumulating Solanaโs native token.
However, as the price of SOL has fallen by over 30% the past month and is currently trading around $125 per token, many of these companiesโ stock prices have reflected the drop.
Solana Co. (HSDT), the second-largest SOL-focused digital asset treasury, declined by nearly 37% over the past 30 days, while shares of DeFi Development Corporation (DFDV) plunged 40% over the same period.
Forward Industries has also come under pressure. Its shares have declined nearly 80% from a $39 peak in September.
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