Forward Industries is continuing to bet big on Solana. The Nasdaq-listed company said on Wednesday that it will raise up to $4 billion through an at-the-market equity program, with proceeds aimed at expanding its SOL holdings.
The program, arranged with Cantor Fitzgerald, allows Forward to sell shares directly into the market over time instead of in a single issuance. The company said the flexible structure will support its Solana-focused treasury strategy, which has already included the purchase of more than 6.8 million SOL this year.
Chairman Kyle Samani described the program as a way to keep building the company’s Solana position while giving it room to fund other growth initiatives. Forward’s strategy is backed by investors including Galaxy Digital, Jump Crypto, and Multicoin Capital, positioning it as one of the largest public firms centered on Solana rather than Bitcoin or Ethereum.
Forward acknowledged that its stock price may become tightly linked to the value of SOL, a token known for sharp volatility. US regulators have also raised questions about how companies account for and disclose crypto holdings, leaving open the possibility of shifting compliance requirements.
Still, the scale of the raise highlights how some public companies are using traditional capital markets to double down on digital asset strategies. If fully executed, the $4 billion program would make Forward one of the most aggressive corporate buyers of Solana to date.
This is a developing story.
This article was generated with the assistance of AI and reviewed by editor Jeffrey Albus before publication.
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Source: https://blockworks.co/news/forward-industries-4b-solana-treasury
