Forward Industries Establishes Largest Corporate Solana Treasury
Forward Industries, Inc., a company previously listed on Nasdaq, has announced new products as part of its recently launched decentralized finance (DeFi) venture, which centers around a strategic shift towards a Solana (SOL)-centric digital asset treasury strategy. This pivot was significantly bolstered by a private investment in public equity (PIPE) deal that raised $1.65 billion. The deal was led by prominent crypto entities including Galaxy Digital, Jump Crypto, and Multicoin Capital. The funds raised are designated for the creation of what is intended to be the world's largest corporate SOL treasury, positioning Forward Industries as a publicly traded entity offering institutional participation in the Solana DeFi ecosystem.
Forward Industries Now Holds Over 6.9 Million Solana Tokens
The company's Solana treasury strategy, initially announced in September, has seen rapid development. According to Kyle Samani, Chairman of Forward Industries, the company has successfully built the largest Solana treasury globally and established an institutional-grade foundation designed to compound long-term SOL-per-share value. Samani stated, "In just a matter of weeks, we have accumulated more than 6.9 million SOL, deployed nearly all of it across our high-performance validator infrastructure launched in October, and implemented tax-efficient strategies that meaningfully strengthened our capital position."
"As we pursue initiatives such as bringing our equity on-chain and executing on accretive M&A, we believe we are well-positioned to continue to expand our SOL treasury and compound SOL-per-share."
Samani further emphasized that this marks only the beginning of the company's efforts, and Forward Industries remains committed to delivering sustainable long-term shareholder value by acting as the primary public markets gateway to Solana.
Currently, Forward Industries' Solana holdings make it the largest corporate treasury holder of Solana worldwide, representing over 1.1% of SOL's circulating supply. The majority of these holdings have been staked through the company's own validator infrastructure, generating a gross Annual Percentage Yield (APY) ranging from 6.82% to 7.01%. Additionally, the company recently launched fwdSOL, a liquid staking token backed by 25% of its treasury, which aims to facilitate DeFi yield optimization without requiring the sale of underlying assets.
Other notable companies are also accumulating SOL as part of their treasury strategies, including Upexi, Solana Company, Defi Development Corp, and Sol Strategies. Collectively, these entities hold approximately $10 million worth of Solana. While Upexi and Defi Development have demonstrated aggressive accumulation, their purchasing power is noted to trail behind that of Forward Industries.
Operational Highlights of the Strategic Update
The recent update provided several key operational highlights. The company secured a $1.65 billion private placement in public equity (PIPE), led by Galaxy Digital, Jump Crypto, and Multicoin Capital. This financing, which closed on September 11, 2025, was the largest Solana-focused digital asset treasury raise to date. Forward Industries also announced an at-the-market equity offering program and partnered with financial technology firm Superstate. This collaboration enables stockholders to tokenize and hold FWDI shares on the Solana blockchain. As part of this arrangement, Forward Industries anticipates acquiring an equity stake in Superstate, aiming to further align interests and advance internet capital markets.
Further highlights include the launch of Forward Industries' institutional-grade validator on the Solana blockchain, powered by DoubleZero. The company has also established a crypto advisory board comprising 25 inaugural members. Additionally, a new share repurchase program has been authorized, allowing for the buyback of up to $1 billion of the company’s common stock.
The company's stock has seen significant positive movement following its pivot to accumulating SOL. The stock reached highs of approximately $15–$20 per share in September, coinciding with the announcement of the PIPE deal. Currently, the stock is trading around $8 per share, with a market capitalization of approximately $723 million.