Forward Industries Hires Former Parafi Executive To Lead Solana...

Ryan Navi will guide Forward Industries’ Solana treasury strategy as digital asset companies’ shares face steep market declines.

Top SOL treasury company Forward Industries has appointed Ryan Navi as chief investment officer to oversee the execution of the company’s Solana-focused treasury strategy.

According to Monday’s 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), Solana’s 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.

Related: Eclipse brings Solana's parallel runtime to Ethereum

Several Solana-focused treasury companies debuted this year, and some saw their share prices jump sharply following their launch announcements.

Source: CoinTelegraph