Forward Industries hires former ParaFi executive to lead Solana treasury strategy

Top SOL treasury company Forward Industries just dropped a major move — appointing Ryan Navi as Chief Investment Officer to spearhead their Solana-focused treasury strategy. This isn't just another corporate shuffle; it's a power play in the middle of a crypto market bloodbath.

According to Monday's announcement, Navi's gonna handle sourcing and structuring capital markets opportunities and direct how Forward Industries uses its staking and validator infrastructure to stack SOL. Translation: he's the architect of their Solana accumulation game.

Navi comes in hot from ParaFi Capital where he led digital-asset investments, and before that, he was a principal at investment giant KKR focusing on liquid and distressed credit strategies. Dude started his career in investment banking at Citi — classic finance bro turned crypto native.

Forward Industries pivoted hard from a global design company serving medical and tech firms to launch its treasury strategy in September. They're betting big on SOL tokens as part of their crypto treasury play — and they're not alone.

According to CoinGecko data, Forward currently holds 6,910,568 SOL valued at about $863.5 million — that's slightly more than 1% of the total SOL in circulation. They're playing with serious firepower.

In October, the company launched its first institutional-grade validator node on the Solana blockchain, expanding its ecosystem presence. Then in November, they authorized a $1 billion share repurchase program — allowing them to buy back shares through open-market purchases, block trades, or privately negotiated transactions.

Here's where it gets spicy. Several Solana-focused treasury companies debuted this year, and some saw their share prices absolutely moon after launch announcements. In August, shares of Sharps Technology jumped over 96% after announcing their pivot from medical devices to SOL accumulation.

But reality check: as SOL price has tanked over 30% in the past month (currently trading around $125), these companies' stock prices are getting absolutely wrecked.

Solana Co. (HSDT), the second-largest SOL-focused digital asset treasury, declined by nearly 37% over the past 30 days. DeFi Development Corporation (DFDV) shares plunged 40% over the same period. And Forward Industries? Their shares have declined nearly 80% from a $39 peak in September.