Forward Industries, a Nasdaq-listed company focused on a Solana treasury strategy, was described as the world’s largest listed Solana treasury firm and was said to be sitting on nearly a $1 billion paper loss. The company is backed by a $1.65 billion PIPE (private investment in public equity) led by Galaxy Digital, Jump Crypto and Multicoin Capital. As of Jan. 15, 2026, it held 6,979,967.46 SOL, the native token of the Solana blockchain. A treasury strategy centered on a cryptocurrency means a public company holds a digital asset on its balance sheet as a core reserve or strategic asset, making the company’s market exposure closely tied to that token’s price.