Solana treasury company Forward Industries raised $25 million through a registered direct offering to an institutional investor, selling 3,125,000 common shares at $8 each. The gross proceeds, before placement agent fees and other offering expenses, will be used primarily to acquire more SOL, Solana's native token, increasing both the size of the treasury and the SOL backing each outstanding share. The shares were issued under a Form S-3ASR shelf registration statement that the U.S. Securities and Exchange Commission declared effective in September 2025, with A.G.P./Alliance Global Partners as sole placement agent. Forward launched its digital asset treasury strategy in September 2025 with support from Galaxy Digital and Jump Crypto, and says it buys, holds, stakes and trades SOL. The capital raise follows a nearly $1 billion unrealized loss earlier this year as SOL declined from its 2025 highs. Forward has not provided a timetable for deploying the proceeds and warned that digital-asset volatility, placement agent fees and other offering costs could affect the strategy and net funds available for purchases.