Forward Industries Sets $4B Share Sale to Expand Solana Treasury

Forward Industries (FORD), a Nasdaq-listed design firm, has recently announced a $4 billion at-the-market (ATM) equity offering program. In a press statement, the company said it has filed this proposal with the U.S. Securities and Exchange Commission (SEC). 

This marks another major step in Forward Industries’ move to build one of the largest Solana treasuries among public firms.

Forward Focus on Solana Treasury With New Share Sale Plan

Once known for product design, Forward has repositioned itself as a Solana-focused corporate treasury. According to the company, proceeds from the ATM program will be used for general corporate purposes. This means adding more Solana to its holdings and buying assets that can bring in steady income.

Kyle Samani, chairman of Forward, explained that the ATM program allows the company to issue and sell new shares in stages. 

This setup allows Forward to raise money whenever it needs to support its digital asset plans. The filing also shows that Cantor Fitzgerald will serve as the sales agent, under a deal signed on September 16, 2025.

Forward Deploys $1.65B Institutional Funding Into Solana Treasury

The ATM filing was made soon after Forward raised $1.65 billion through a private investment in public equity (PIPE). Top digital asset investors like Galaxy Digital, Jump Crypto, and Multicoin Capital took part in the funding.

Forward has already begun deploying that capital. This week, the company disclosed that it acquired 6.82 million Solana (SOL) tokens at an average price of $232, spending roughly $1.58 billion. The purchase marks the launch of its treasury program and places the firm at the forefront of public companies holding Solana.

After the announcement, Yahoo Finance data reported that Forward’s stock fell by 6%. The drop shows that investors are still careful about the risks of being too tied to crypto. 

At the same time, Solana’s price stayed mostly unchanged, slipping just 0.12% to $234.79, according to CoinMarketCap data. 

This comes as markets wait for new signals from the Federal Reserve. On the brighter side, experts have been optimistic about the coin’s price to rally this year. Not too long ago, Bitwise Chief Investment Officer Matt Hougan said that Solana will end 2025 on a high note.

A Growing Trend Among Public Firms

Forward’s plan is part of a bigger trend among public companies. Many firms are adding crypto to their balance sheets to spread risk and join the digital market. At-the-market offerings are popular for this because they let companies raise money when the timing is right while staying flexible.

On-chain data shows that public treasuries now hold large amounts of Bitcoin (BTC), Ethereum (ETH), Solana, and other coins. As of September 17, Solana treasuries hold about $3.2 billion, with Forward’s latest purchase making up the biggest share.