Forward Industries Eyes $4B Share Sale for Solana Treasury
Forward Industries Plans $4 Billion Share Sale to Back Solana Treasury
Forward Industries, a Nasdaq-listed company, has filed for an at-the-market (ATM) equity offering program of up to $4 billion. This move provides the company with the flexibility to sell shares over time, supporting its strategic focus on building its Solana (SOL) treasury.
Announced on Wednesday, the program enables Forward Industries to issue and sell common stock through sales agent Cantor Fitzgerald. The offering leverages an automatic shelf registration statement filed with the U.S. Securities and Exchange Commission (SEC), allowing for rapid capital raising.
While the filing specifies a maximum of $4 billion, Forward Industries noted that actual sales will depend on prevailing market conditions.
Focus on Solana (SOL) Purchases
According to the official announcement, proceeds from the share sales will be allocated to general corporate purposes, including working capital, growth initiatives, and significantly, expanding its Solana (SOL) treasury holdings.
Kyle Samani, chairman of Forward Industries' board, emphasized that the ATM program provides a flexible and efficient mechanism to raise and deploy capital for the company's Solana treasury strategy. “The ATM Program enhances our ability to continue scaling that position, strengthen our balance sheet, and pursue growth initiatives in alignment with our long-term vision,” Samani stated.
Forward Industries initially unveiled its Solana treasury strategy on September 8, securing $1.65 billion in cash and stablecoin commitments to build its SOL holdings. This initiative is backed by notable crypto firms like Galaxy Digital, Jump Crypto, and Multicoin Capital.
Following the initial announcement, Galaxy Digital executed a substantial purchase of $306 million in Solana tokens to seed Forward Industries’ treasury.
As of recent data, Solana Strategic Reserve indicates that Forward Industries leads all companies with Solana-focused treasuries, holding approximately $1.6 billion in SOL tokens.
Solana Treasuries Surge Past $4 Billion
Forward Industries is part of a broader trend of companies establishing strategic Solana treasuries. Solana Strategic Reserve reported on Tuesday that total SOL holdings across various corporate treasuries have surpassed 17.11 million SOL tokens, valued at over $4 billion. This milestone underscores growing institutional interest in Solana.
Currently, 17 companies have implemented Solana reserve strategies, including Sharps Technology, DeFi Development Corp., and Upexi.