Multicoin Capital has fully exited its disclosed stake in Forward Industries, the largest Solana treasury company it helped launch through a $1.65 billion financing in September 2025. A Schedule 13D/A filed on May 8 showed Multicoin Capital Management LLC, Multicoin Capital Master Fund LP and Tushar Jain at 0.0% beneficial ownership, and Multicoin's second-quarter 13F filed Aug. 14 confirmed no FWDI shares remained in the fund's portfolio. The position was unwound in two steps. Forward repurchased 6,164,324 shares from Multicoin Capital Master Fund on March 19 for about $27.4 million, or $4.44 a share, using a $40 million Galaxy Digital loan carrying roughly 3.4% annual interest and secured by fwdSOL from its treasury. Multicoin's remaining exposure, including 4,458,796 Lead Investor Warrants and 1,783,519 common shares, was later transferred to Lemmings Holdings LLC at $3.91 per warrant and $4.43 per share. The filing said no continuing contracts or arrangements between Multicoin and Forward survived the transfer. The fund-level exit did not end all Samani-linked exposure. Kyle Samani, Multicoin's co-founder, retained the stake personally through Lemmings Holdings after resigning as Multicoin's managing partner effective Jan. 31, 2026, and taking his redemption from the Multicoin Master Fund in FWDI shares rather than cash. He remained chairman of Forward. Forward has continued adding to its SOL position despite mounting leverage and accounting pressure. The company held about 7.55 million SOL at June 30 and added another 254,325 SOL through Aug. 3 to reach roughly 7.81 million SOL. Its Q3 10-Q filed Aug. 12 showed a nine-month GAAP loss of $937.7 million, a quarterly net loss of $69 million and about $11 million in cash at June 30, while the Galaxy facility had expanded from $40 million to about $120 million by August. The strategy reflects the emerging Solana treasury model, in which public companies raise capital, buy SOL and stake it for yield, even as mark-to-market swings weigh heavily on reported earnings across the sector.