Forward Industries Launches $4B Program to Expand Solana Treasury Strategy

Highlights:

• Forward Industries has introduced a $4 billion equity program to grow its Solana treasury strategy.
• The company already purchased 6.82 million SOL worth $1.6 billion.
• Solana corporate treasuries have exceeded $3 billion in value across 17 companies.

Nasdaq-listed Forward Industries has announced a significant financial move by filing a $4 billion at-the-market equity offering with the U.S. Securities and Exchange Commission (SEC). As per the announcement on Wednesday, this program will offer the flexibility to raise funds while working towards its Solana-focused corporate treasury vision.

The filing comes after a private financing round led by Galaxy Digital, Jump Crypto, and Multicoin Capital worth $1.65 billion. The company recently spent nearly $1.6 billion purchasing 6.82 million SOL at an average price of $232. With this latest move, Forward Industries plans to extend the holding positions and create additional liquidity.

Forward Industries (NASDAQ: FORD) announced a $4 billion at-the-market (ATM) equity offering program and has filed with the SEC, enabling flexible capital raising to support its Solana treasury strategy, general corporate purposes, and growth initiatives.…

— Wu Blockchain (@WuBlockchain) September 17, 2025

Expanding the Solana Treasury Strategy

The at-the-market program enables companies to sell shares directly into the market. Forward Industries will use proceeds for working capital, growth opportunities ,and Solana acquisitions. Board chairman Kyle Samani said:

“This offering provides Forward Industries with a dynamic and efficient way to increase and systematically deploy capital in support of our Solana treasury strategy.”

The company engaged the services of Cantor Fitzgerald & Co. as agent for sales of the ATM program. This helps in ensuring systematic and timely access to liquidity from the market. Samani stated that the ATM program improves balance sheet strength while complementing the firm’s long-term vision.

Forward Industries currently leads the pack of public companies establishing large Solana treasuries. Its aggressive acquisition campaigns put it at the forefront of this emerging trend. The aggregate value of corporate Solana holdings by various companies has exceeded $3 billion. Furthermore, as of September 17, the Solana treasuries of companies amounted to 17.11 million tokens.

Rising Institutional Interest in Solana

The timing of this program is consistent with the overall market. Public companies are increasingly adding digital assets like Bitcoin, Ethereum, and Solana to their balance sheets. ATMs have become a tool of choice for raising capital to fund such strategies.

Forward Industries recently shifted its business model from a design firm to a Solana-focused treasury operator. The move reflects how digital assets are transforming corporate financing. With $1.6 billion in Solana already secured, the firm is looking to solidify its claim in this space.

Institutional players such as Galaxy Digital are also adding momentum. Just last week, Galaxy invested $306 million to boost its Solana holdings. This demonstrates the emerging confidence of the main financial support providers.

Galaxy Digital bought another 1.2M $SOL($306M) in the past 24 hours.

Their total buys over the past 5 days have now reached ~6.5M $SOL($1.55B).https://t.co/f4FXOfK0vJ pic.twitter.com/NQ9da23mzm

— Lookonchain (@lookonchain) September 15, 2025

Long-Term Vision and Strategic Goals

Forward Industries’ new program reflects its dedication to expanding digital asset stores. By taking advantage of equity sales, the company is able to acquire capital to accelerate its Solana treasury strategy. At the same time, it provides for general corporate needs and the purchase of new assets.

The company’s immediate focus is on expanding Solana exposure. Yet, leadership also supports diversification with income-generating assets in order to balance growth. Samani emphasized that the ATM program is flexible to change as the market situation changes.