Forward Industries Launches $4 Billion At-The-Market Equity Offering to Advance Solana Treasury Strategy

Forward Industries, Inc., which recently initiated a Solana treasury strategy, has announced a $4 billion at-the-market (ATM) equity offering program. The company intends to use proceeds from the program to strengthen its Solana accumulation strategy, support working capital, and pursue other growth initiatives. The move follows its recent $1.65 billion private investment in public equity and the purchase of more than 6.8 million $SOL.

Details of the Offering

On September 17, 2025, Forward Industries filed an automatic shelf registration statement with the U.S. Securities and Exchange Commission. This filing included a prospectus for the ATM program, which authorizes the company to sell shares of its common stock with an aggregate value of up to $4 billion. The ATM structure gives the company flexibility to issue shares gradually, depending on market conditions and strategic needs.

Sales under the program will be conducted through Cantor Fitzgerald & Co. as the sales agent. The agreement allows for transactions classified as “at the market offerings” under Rule 415(a)(4) of the Securities Act of 1933. Cantor Fitzgerald is not required to sell a specific number of shares but will use commercially reasonable efforts on terms agreed with Forward Industries.

The Nasdaq-listed company stated that it intends to allocate proceeds from the ATM program for general corporate purposes. These include maintaining working capital, expanding its Solana holdings, and acquiring income-generating assets.

“Through this offering, Forward Industries gains a flexible and efficient mechanism to raise and methodically deploy capital in support of our Solana treasury strategy. Having recently completed the largest Solana-focused digital asset treasury raise to date and initial purchases of more than 6.8 million SOL, the ATM Program enhances our ability to continue scaling that position, strengthen our balance sheet, and pursue growth initiatives in alignment with our long-term vision.” - Kyle Samani, Chairman of the Board of Directors of Forward Industries.

Recent Developments in Solana Treasury Strategy

The announcement comes shortly after Forward Industries closed a $1.65 billion private investment in public equity last week, led by Galaxy Digital, Jump Crypto, and Multicoin Capital. It quickly began deploying funds, acquiring approximately 6.82 million $SOL at an average price of $232, representing a spend of about $1.58 billion.

This purchase positioned Forward Industries as the largest Solana treasury holder, with more than $1.6 billion in tokens under management. Data from the Solana Strategic Reserve shows that total $SOL treasuries have reached over 17.17 million tokens, worth more than $4 billion, with Forward Industries leading the cohort.

At-the-market offerings have gained traction among companies seeking opportunistic access to capital markets while pursuing digital asset strategies. Several Nasdaq-listed firms, such as Strategy, have adopted similar approaches to build exposure to cryptocurrencies.

In the Solana ecosystem, at least 17 companies have implemented treasury strategies, including Sharps Technology, DeFi Development Corp., and Upexi, with Helius Medical Technologies raising $500m to establish its own Solana treasury. The growing institutional interest in Solana has coincided with the broader adoption of crypto assets by public companies.

Long-Term Vision

Kyle Samani has outlined ambitious goals for Forward Industries. He stated that the company intends to become not only the leading Solana-based treasury but also the top digital asset treasury globally. He projected that Forward could evolve into a $50 billion publicly traded permanent capital vehicle within the next five to ten years.

Samani also described plans to tokenize the company’s stock and integrate operations with the Solana blockchain. These plans include managing dividends, governance, stock splits, fundraising, payroll, and vendor payments directly on-chain, signaling a deeper commitment to Solana as an operational backbone.

By combining recent capital raises, significant $SOL acquisitions, and plans for blockchain integration, the company positions itself at the forefront of digital asset treasury innovation. As institutional adoption of Solana accelerates, Forward Industries appears set to play a central role in shaping the trajectory of onchain corporate finance.

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