Forward Industries, Inc., the largest Solana treasury company, has announced its intent to tokenize its shares through a partnership with Superstate. The plan involves utilizing Superstate’s Opening Bell platform, which was launched in May 2025, to enable investors to tokenize and hold $FORD shares directly on Solana. As part of this collaboration, Forward Industries also expects to take an equity stake in Superstate, aligning the two firms for further product development.
Superstate’s Opening Bell provides a regulated onchain issuance platform designed for tokenizing public equity. It enables companies to issue shares on blockchain infrastructure, offering programmable and compliant equity. Initially focused on Solana, the platform promises around-the-clock trading, real-time settlement, and expanded global liquidity.
Expansion of Tokenization Strategy
Forward Industries aims to integrate its shares within the Solana DeFi ecosystem. The company is working with Drift, Kamino, and Jupiter Lend, three of the largest lending and borrowing protocols on Solana, to make tokenized $FORD equity eligible as collateral. This effort seeks to extend the utility of $FORD shares beyond traditional markets, creating new use cases for investors.
“This partnership reflects the continued execution of our vision to make Forward Industries an onchain-first company, including tokenizing our equity directly on the Solana mainnet. By bringing public shares of $FORD onto the Opening Bell platform and taking an equity stake in Superstate, we are reinforcing our conviction that Solana will sit at the core of capital markets while giving our shareholders direct participation in the future tokenized economy.” - Kyle Samani, Chairman of the Board of Directors of Forward Industries.
According to Samani, the partnership with Superstate underscores Forward’s conviction that Solana will play a central role in the future of capital markets.
Industry Context and Comparisons
Forward Industries is not alone in its pursuit of tokenization. In recent months, other firms have announced similar moves. On August 8, Exodus partnered with Superstate to tokenize its $EXOD shares on Solana. In September, Galaxy Digital also followed a similar path, tokenizing its equity on Solana through Opening Bell, making its Class A Common Stock available onchain for eligible investors.
While speaking on the Solana Live livestream, Kyle Samani emphasized that the company intends to operate as an onchain-first business. He stated that Forward’s strategy involves running dividends, governance, fundraising, payroll, and vendor payments directly on Solana.
“Through Superstate Opening Bell, Forward’s common shares will be tokenized on Solana, and shareholders will be able to bridge $FORD between brokerage accounts and Solana, but this partnership marks something bigger; the origin of Solana becoming the home of capital markets for public companies. A new era of shareholder access and innovation is coming soon.” - Robert Leshner, CEO & Co-Founder of Superstate.
Recent Financing and Treasury Strategy
The announcement follows Forward Industries’ $1.65 billion raise, which closed on September 11, 2025. Galaxy Digital, Jump Crypto, and Multicoin Capital led the investment, subscribing to more than $350 million and committing to ongoing strategic support. Proceeds from the PIPE were used to purchase approximately 6.82 million $SOL tokens at an average price of $232 each, resulting in the company having the largest Solana treasury among public firms. The holdings are valued at around $1.58 billion.
In addition, Forward Industries launched a $4 billion at-the-market (ATM) equity offering program, which allows the company to issue shares over time. Proceeds from this program are expected to support its Solana accumulation strategy, working capital needs, and other growth initiatives.
Forward Industries’ strategy reflects its ambition to grow beyond being the largest Solana-based treasury. Samani has projected that the company could evolve into a $50 billion publicly traded permanent capital vehicle within the next five to ten years.
The company’s announcement signals both a continuation of its Solana-focused approach and a step toward integrating public equity markets with decentralized finance. While the timeline for regulatory approvals remains unclear, Forward’s intent highlights the growing momentum of tokenization within traditional markets.
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