Forward Industries (FORD), a publicly-traded design and manufacturing firm that’s building out a solana SOL$198.37 treasury, has filed a $4 billion at-the-market (ATM) equity offering program with the SEC.
The company will use any funds raised for working capital, business expansion and to bolster its SOL holdings, according to an announcement on Wednesday. The offering gives Forward a flexible way to sell new shares incrementally through Cantor Fitzgerald, the program’s designated agent.
This step comes just weeks after Forward completed what it says was the largest Solana-focused treasury raise to date. The company has already acquired over 6.8 million SOL on the back of a $1.65 billion deal to build the crypto treasury.
Kyle Samani, Forward’s chairman, called the ATM offering “a flexible and efficient mechanism” to scale the company’s crypto strategy and strengthen its balance sheet.
The firm is looking to maximize its SOL-per-share through active treasury management. Data from CoinGecko shows Forward Industries has the largest solana treasury among publicly traded firms, with the runner-up being DeFi Development Corp’s 2.02 million SOL treasury.
Forward’s share price fell over 9.5% in early trading to $33.70 on Wednesday.
Source: https://www.coindesk.com/business/2025/09/17/forward-industries-launches-usd4b-atm-offering-to-expand-solana-treasury
