TL;DR
- Forward Industries launched a share issuance program of up to $4 billion to fund its Solana strategy.
- The company already manages $1.6 billion in SOL after securing $1.65 billion in commitments backed by Galaxy Digital, Jump Crypto, and Multicoin Capital.
- In total, 17 companies hold more than 17.1 million SOL valued at over $4 billion.
Forward Industries, listed on Nasdaq under the ticker FORD, announced a common stock issuance program of up to $4 billion under the at-the-market model.
What Does the Process Involve?
This structure allows shares to be sold flexibly and gradually through Cantor Fitzgerald, which will act as sales agent without being obligated to place a specific volume. The registration was completed through an automatic shelf approved by the SEC, a mechanism that enables large companies to raise capital quickly and without additional procedures.
The company stated that the proceeds will be allocated to general corporate purposes. These include funding working capital, driving new growth initiatives, acquiring income-generating assets, and expanding its Solana reserves. According to Kyle Samani, chairman of the board, the goal is to have an efficient mechanism to keep strengthening the balance sheet and sustain an expansion plan centered on SOL as the core treasury asset.
Forward Industries began this strategy only a few days ago, when it secured $1.65 billion in cash and stablecoin commitments supported by Galaxy Digital, Jump Crypto, and Multicoin Capital. That operation led to large-scale Solana purchases, including a $306 million package bought in a single day by Galaxy Digital. As of now, the company manages around $1.6 billion in SOL tokens, making it the largest corporate holder according to data from Solana Strategic Reserve.
Forward Industries: Solana as the Core of Financial Management
Recent data shows that seventeen companies jointly hold more than 17.1 million SOL, worth over $4 billion. Among them are Sharps Technology, DeFi Development Corp., and Upexi, which have adopted similar policies to build treasuries tied to this digital asset.
Forward Industries, with more than six decades of experience in design and production for the medical and technology sectors, reshaped its model by making Solana the axis of its financial management. Its strategy aims to increase SOL per share through regular purchases and active portfolio management. The company maintains that the share issuance program will provide the flexibility needed to achieve this goal
