Forward Industries Raises $1.65B to Boost Solana DeFi Strategy
Forward Industries expanded its Solana-focused treasury strategy by filing a $4 billion at-the-market equity program with the SEC, following a $1.65 billion private placement that funded the purchase of over 6.8 million SOL tokens.
Forward Industries has filed a $4 billion at-the-market (ATM) equity program with the U.S. SEC, enabling share sales through Cantor Fitzgerald to fund Solana acquisitions, working capital, and future expansion. The filing follows a $1.65 billion private placement led by Galaxy Digital, Jump Crypto, and Multicoin Capital that financed the purchase of 6.8 million SOL, marking the largest Solana-focused digital asset treasury raise to date. Chairman Kyle Samani highlighted that the ATM program provides a flexible mechanism to scale the company’s Solana holdings. The company’s governance also shifted, with Samani appointed chairman and new board observers from Galaxy and Jump. Meanwhile, corporate Solana reserves have surged past $4 billion, with 17 companies collectively holding 17.11 million SOL, reflecting growing institutional confidence.
- At-the-Market (ATM) Offering: A type of equity offering that allows a company to sell new shares incrementally into the market through a designated agent.
- Solana (SOL): The native cryptocurrency of the Solana blockchain, used for transaction fees, staking, and participation in decentralized applications.
- Private Placement: A funding round where securities are sold directly to a limited number of investors rather than through a public offering.