Forward Industries Commits Up to $50 Million to USHP, Co-Anchoring Its $100 Million Launch

Allocation adds exposure to a U.S. home price index, with income generated by a diverse pool of housing-related reserve assets to Forward's SOL++ strategy ahead of USHP's expansion to Solana.

AUSTIN, TX, Nov. 10, 2026 (GLOBE NEWSWIRE) -- Forward Industries, Inc. (NASDAQ: FWDI) ("Forward" or the "Company"), the leading Solana treasury company, today announced a commitment of up to $50 million to USHP, which USHP Limited describes as the first tokenized liquid index product tracking U.S. home prices. According to USHP Limited, USHP has received up to $100 million in pre-launch institutional commitments, including from Forward.

USHP is issued by USHP Limited, a subsidiary of the USHP Foundation, and references the U.S. Home Price Index, a daily benchmark built and managed by Index Industries. In connection with its commitment, Forward also acquired a strategic minority interest in Index Industries, along with warrants to acquire additional Index Industries equity.

The allocation puts Forward’s SOL++ strategy into practice. USHP (U.S. Home Price) is designed as a liquid index product tracking U.S. home prices. According to USHP Limited, it is fully backed by housing-related reserve assets, and USHPi, its income-bearing version, is intended to allow the USHP Foundation to offer dollar-denominated yield to token holders. U.S. housing is an estimated $55 trillion market, according to Zillow Research, with returns that have historically had a low correlation with crypto markets. Forward intends to use any such income to cover dollar-denominated fixed costs and accumulate SOL, which it believes may provide a source of buying power that is less dependent on issuing new shares.

Forward’s interest in Index Industries adds equity exposure alongside its token holdings in USHP. It gives the Company a stake in the business building the index, tokenization and reserve-management infrastructure behind USHP and potential future housing-linked products.

Forward’s long-term ambition is to become the Berkshire Hathaway of Solana: a permanent-capital company that owns productive assets and reinvests their cash flows to grow SOL holdings and SOL per share. Forward is pursuing a similar model through staking rewards, strategic investments such as tokenized reinsurance protocol OnRe, and now dollar-denominated income from assets linked to U.S. housing. Following USHP’s planned launch at the end of 2026, Forward intends to work with the team to support its planned expansion to Solana in 2027.

“SOL++ starts with SOL and adds productive assets that generate income we can put back to work for shareholders,” said Ryan Navi, Chief Investment Officer of Forward Industries. “USHP brings a powerful new component to that strategy: dollar-denominated income backed by U.S. housing, with historically low correlation to crypto markets. We intend to use that income to cover dollar-denominated costs and accumulate SOL, creating buying power that is less dependent on issuing new shares. Our ambition is to build the Berkshire Hathaway of Solana - a permanent-capital company whose productive assets help compound SOL per share. Berkshire’s insurance float gave it investment capital independent of its share price. We are working toward a similar independence through staking, strategic investments and income-generating assets like USHP.”

“Our balance sheet can also help bring institutional assets to Solana,” Navi continued. “By anchoring USHP’s pre-launch raise, we gain an early position and help shape its planned expansion to Solana in 2027. Our equity exposure to Index Industries gives us an additional stake in the infrastructure behind USHP and future housing-linked products. That is the broader opportunity: deploy capital into productive assets, bring those assets onto Solana and reinvest the income to grow SOL per share.”

“Housing is one of the largest stores of wealth in America, yet it has never had a liquid index product,” said Josh Rosenthal, co-founder and Chief Executive Officer of Index Industries. “We wanted anchor partners who understand onchain markets and invest for the long term. Forward brings both. Solana’s settlement speed and the depth of its tokenized-asset ecosystem make it a natural next step for USHP.”

About Forward Industries

Forward Industries, Inc. (NASDAQ: FWDI) is a Solana focused digital asset treasury company, with the strategy to buy, hold, stake, trade, invest in, and grow SOL and SOL related digital assets, protocols and businesses. Forward's mission is to expand and strengthen the Solana ecosystem by acquiring and staking SOL and engaging with, providing tools to and investing in the Solana network, Solana developers and Solana related projects in order to increase shareholder value. In connection with a private placement transaction in September 2025, Forward launched a digital asset treasury strategy supported by industry leading investors and operating partners including Jump Crypto. For more information on the Company's Solana treasury strategy, visit www.forwardindustries.com.

About USHP and Index Industries

USHP is a tokenized liquid index product tracking U.S. home prices. It references the U.S. Home Price Index (USHP Index), a daily-reported benchmark managed by Index Industries, and is fully backed by housing-related reserve assets. USHPi is its income-bearing variant. USHP is issued by USHP Limited, a British Virgin Islands company and a subsidiary of the USHP Foundation, a Cayman Islands foundation company, and will be available only to eligible institutional and non-U.S. investors. Index Industries is the technology and services provider for USHP. Index Industries is not the issuer of USHP and will not offer, sell, distribute, market, redeem, or accept subscriptions for USHP. Learn more at ushpindex.com and indexindustries.com.

Nothing in this press release constitutes an offer to sell, or a solicitation of an offer to buy, USHP, USHPi or any other security or digital asset, in any jurisdiction. USHP and USHPi have not been registered under the Securities Act of 1933, or any state securities laws and may not be offered or sold in the United States or to U.S. persons absent registration or an applicable exemption.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the expected launch of USHP and USHPi, the timing of USHP's expansion to Solana, the amount of Forward's allocation to USHP, any income Forward may earn from USHP or USHPi, the use of that income to acquire SOL, the issuance and vesting of warrants in Index Industries, and Forward's long-term strategy and ambitions. Words such as “intend,” “plan,” “expect,” “ambition,” “will” and similar expressions are intended to identify forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ materially, including risks related to the launch, performance, liquidity and regulatory treatment of USHP and USHPi; the ability of USHP Limited to expand USHP to Solana as planned; the value and liquidity of Index Industries equity; the performance of the U.S. housing market; the price of SOL; and the other risks described under “Risk Factors” in Forward's most recent Annual Report on Form 10-K and subsequent filings with the Securities and Exchange Commission. Information regarding USHP, USHPi and Index Industries has been provided by third parties and has not been independently verified by Forward. Historical index and market data cited in this release are unaudited, and past performance is not indicative of future results. Forward-looking statements speak only as of the date of this release, and Forward undertakes no obligation to update them except as required by law.

Contacts

Media Contact
comms@forwardindustries.com

Investor Relations Contact

Sean Mansouri, CFA / Aaron D'Souza
Elevate IR
(720) 330-2829
ir@forwardindustries.com