Two verified updates from Nov. 10 show SOL and AVAX treasury firms working on their capital structure, in opposite ways.
$SOL $AVAX
KEY TAKEAWAYS
- Forward Industries holds 8,727,694 SOL and secured a two-year $50 million credit facility backed by staked SOL.
- AVAX One eliminated its remaining ~$970,000 of convertible debt, bringing that balance to zero.
- AVAX One also bought back 710,000 shares in October at an average $5.46.
ANALYSIS
(Our interpretation, not confirmed fact.)
- Our reading: both companies are managing the balance sheet around their tokens, not only adding more tokens.
- Forward is adding leverage secured by staked SOL, which can fund growth but ties the loan to the value of its treasury.
- AVAX One is going the other way, removing convertible debt that could dilute shareholders and using buybacks instead.
- For readers, how a treasury company is financed may matter as much as how many tokens it holds.
WHAT TO WATCH
- Whether Forward draws on the staked-SOL credit line and how it uses the funds.
- Whether other altcoin treasury companies follow with debt cleanups or token-backed borrowing.
VERIFIED FACTS
- Forward Industries said its SOL and SOL-equivalent holdings rose by 226,396 SOL, or 2.7%, to 8,727,694 SOL between Oct. 1 and Nov. 9, 2026, about 1.5% of Solana's circulating supply.
- The company said it secured a two-year $50 million credit facility from an FDIC-insured national bank at SOFR plus 150 basis points, secured by staked SOL from its treasury.
- AVAX One Technology (Nasdaq: AVX) said on Nov. 10, 2026 that it eliminated its remaining approximately $970,000 of convertible debt, bringing its convertible debt balance to zero, after eliminating more than $14.9 million of debt in the third quarter of 2026.
- The company said it repurchased 710,000 common shares in October 2026 at an average price of $5.46 per share, including fees and commissions.
LIMITS
- Two companies do not make a trend, and the updates are not linked.
- Forward's figures are preliminary and unaudited.
- Interpretation only, not a price forecast or investment recommendation.
- This analysis is informational, based only on already-verified reports, and is not financial advice. Digital assets are volatile.
SOURCES
- https://www.globenewswire.com/news-release/2026/11/10/3400206/0/en/forward-industries-grows-sol-holdings-to-approximately-8-7-million-sol-increasing-sol-per-share-to-0-0824.html
- https://www.globenewswire.com/news-release/2026/11/10/3400261/0/en/avax-one-announces-elimination-of-all-convertible-debt-and-additional-share-repurchases.html
๐ฌ Token-backed borrowing or zero debt: which treasury playbook looks stronger to you?