Top SOL treasury company Forward Industries has appointed Ryan Navi as Chief Investment Officer, responsible for overseeing the execution of the company's treasury strategy focused on Solana.
According to a Monday announcement, Navi will be responsible for identifying and building capital market opportunities and guiding Forward Industries on how to utilize its staking and validator infrastructure to support the accumulation of Solana's native token (SOL).
Before joining Forward Industries, Navi led digital asset investments at ParaFi Capital and previously served as a head at investment firm KKR, focusing on liquidity and distressed credit strategies. His career began in the investment banking division at Citigroup.
Forward Industries has transformed from a global design company serving medical and technology firms and launched its treasury strategy in September, becoming one of the companies betting on the SOL token as part of a cryptocurrency treasury strategy.
According to CoinGecko, Forward currently holds 6,910,568 SOL, valued at approximately $863.5 million, accounting for just over 1% of the total circulating supply of SOL.
In October, the company launched its first institutional-grade validator node on the Solana blockchain, expanding its presence in the ecosystem.
In November, Forward authorized a $1 billion stock buyback program, allowing the company to repurchase shares through open market purchases, block trades, or privately negotiated transactions.
Several treasury companies focused on Solana made their debut this year, with some seeing significant stock price increases following their announcements.
In August, Sharps Technology's stock rose over 96% after announcing its transition from a medical device manufacturer to a company focused on accumulating Solana's native token.
However, as the price of SOL has dropped over 30% in the past month, with each token currently trading at around $125, many of these companies' stock prices have also reflected this decline.
The second-largest digital asset treasury focused on SOL, Solana Co. (HSDT), has fallen nearly 37% in the past 30 days, while DeFi Development Corporation (DFDV) saw its stock price plummet 40% during the same period.
Forward Industries is also under pressure. Its stock price has dropped nearly 80% from a peak of $39 in September.
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Original: “Forward Industries hires former ParaFi executive to lead Solana treasury strategy”
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