Forward Industries Wants $4 Billion More Solana – Here’s Why

Big corporate bets on crypto are no longer limited to bitcoin. Forward Industries, a Nasdaq-listed design firm now reinventing itself as a Solana treasury, is raising billions to stockpile the token. The company has already spent more than a billion dollars on Solana in the past week and is now preparing a $4 billion share sale to fuel even larger purchases. This marks one of the boldest moves yet by a public company into Solana, putting it in the same league as the largest corporate crypto treasuries on record.

Forward Industries Shifts Strategy Toward Solana

Forward Industries, a Nasdaq-listed design firm, has taken a sharp turn from its traditional business model. The company is now positioning itself as a Solana-focused corporate treasury. It recently filed with the U.S. Securities and Exchange Commission for a $4 billion at-the-market equity offering program to raise fresh capital, primarily for accumulating more SOL tokens.

Recent Investments Backed by Galaxy Digital

This move follows a $1.65 billion private investment in public equity that closed last week. The round was led by Galaxy Digital, Jump Crypto, and Multicoin Capital. Forward has already started deploying this capital, acquiring 6.82 million SOL at an average price of $232. The purchase cost approximately $1.58 billion, marking the beginning of its aggressive treasury program.

Flexibility Through the ATM Offering

Kyle Samani, chairman of Forward, explained that the at-the-market structure provides flexibility. The company can issue and sell new shares from time to time rather than in a single bulk transaction. Cantor Fitzgerald will handle the sales under an agreement dated September 16, 2025. The plan is covered by an automatic shelf registration statement that took effect upon filing.

Proceeds and Strategic Direction

Forward stated that the proceeds may be used for general corporate purposes. However, the company made it clear that a significant portion will go toward expanding its Solana balance sheet and potentially purchasing income-generating assets. This reflects a broader strategy of using equity markets to fund crypto treasury growth.

Growing Trend Among Public Companies

Forward’s filing highlights a growing trend among publicly listed firms. More companies are turning to crypto treasuries, with at-the-market offerings becoming a preferred way to access capital. The Block’s data dashboards show that public treasuries are expanding across bitcoin, ether, Solana, and other altcoins. Solana treasuries alone hold around $3.2 billion in assets as of September 17, with Forward’s purchase contributing a large share.

Why This Matters for Solana

The move strengthens Solana’s standing as a major corporate treasury asset. While bitcoin and ether remain dominant, Forward’s billion-dollar bet signals growing institutional interest in Solana. Combined with recent ETF flows, this could accelerate broader adoption and put Solana in direct competition with more established digital assets.