Forward Industries Seeks $4B ATM Offering to Increase Solana-Focused Treasury

Forward Industries, a Nasdaq-listed company that has shifted its focus from medical design to digital assets, has filed for a $4 billion at-the-market (ATM) equity program with the U.S. Securities and Exchange Commission (SEC).

According to the announcement, submitted on September 17, 2025, the offering would allow the company to sell shares flexibly through Cantor Fitzgerald & Co. to raise capital for its Solana-focused strategy, working capital, and future business expansion.

The ATM program, filed under an automatic shelf registration statement with the SEC, will allow Cantor Fitzgerald to sell shares “at the market” under mutually agreed terms.

Notably, it was noted that the funds raised will not be held in escrow or trust, with proceeds directed to general corporate purposes and Solana acquisitions.

The move comes shortly after the company closed a $1.65 billion private placement earlier this month, which funded the purchase of 6.8 million Solana (SOL) tokens valued at approximately $1.58 billion.

Forward Industries announces a $1.65B PIPE led by Galaxy Digital, Jump Crypto & Multicoin Capital to back its Solana-focused treasury strategy.#Solana $SOLhttps://t.co/3C0YVSMWmu

That transaction, led by Galaxy Digital, Jump Crypto, and Multicoin Capital, marked the largest Solana-focused digital asset treasury raise to date.

Forward Industries’ stock rose 15% following the closure of the deal, underscoring investor interest in the company’s pivot toward blockchain assets.

According to the latest filing, proceeds from the new $4 billion ATM program would be deployed to expand its Solana treasury holdings, strengthen its balance sheet, and support income-generating investments.

The company said the program provides a “flexible and efficient mechanism” to scale its Solana position and pursue long-term growth opportunities.

Kyle Samani, co-founder of Multicoin Capital, who was recently appointed Chairman of Forward Industries’ Board, said the new program builds on momentum from the initial financing.

“Having recently completed the largest Solana-focused treasury raise to date and initial purchases of more than 6.8 million SOL, the ATM Program enhances our ability to continue scaling that position,” Samani said in a press release.

The company’s governance has also undergone changes alongside its financing push. Interim Chief Executive Officer Michael Pruitt has joined the Board, while Galaxy’s Chris Ferraro and Jump Crypto’s Saurabh Sharma have been named observers.

Samani’s appointment as chairman signals closer alignment with Solana’s institutional backers and the company’s stated vision of building the world’s largest Solana treasury.

Forward Industries’ growing focus on Solana reflects rising institutional confidence in the blockchain. Investors in its $1.65 billion private placement included a broad mix of global firms, asset managers, and angel investors across the digital asset space.

The company said this broad participation highlighted the appeal of its role as a publicly traded vehicle for exposure to Solana’s growth.

Forward Industries now positions itself as a leading Solana treasury company, aiming to expand beyond its recent multibillion-dollar purchases and further cement its role at the center of institutional investment in the Solana ecosystem.

Corporate demand for Solana continues to escalate, with new disclosures showing reserves climbing past $4 billion.

According to data from the Strategic Solana Reserve, 17 companies now hold a combined 17.11 million SOL, valued at $4.03 billion at current prices, equal to nearly 3% of the token’s circulating supply.

The surge follows a series of high-profile acquisitions. On September 12, blockchain data revealed Galaxy Digital purchased 2.31 million SOL worth $536 million, transferring tokens from Binance, Bybit, and Coinbase wallets.

@GalaxyDigital
has reportedly acquired 2.31 million Solana (SOL) tokens, valued at nearly $536 million, according to blockchain data.#Solana #Galaxyhttps://t.co/5L1ltcaqJE

Days later, Galaxy executed another $306 million buy involving 1.2 million SOL, bringing its five-day total to 6.5 million tokens valued around $1.55 billion.

While the firm has not confirmed the moves, the scale has fueled speculation over its role in shaping Solana’s emerging treasury market.

Other firms are also expanding aggressively. On September 10, Canada’s SOL Strategies debuted on Nasdaq under the ticker STKE, listing with $94 million in Solana holdings and marking the first Solana-focused public company on a U.S. exchange.

Canadian digital asset firm @solstrategies_ has filed for listing on the Nasdaq Capital Market amid its US market expansion strategy. #Sol #Solanahttps://t.co/DUGDvhmzaK

Meanwhile, Upexi Inc. has become one of the largest corporate holders, reporting 2,018,419 SOL worth $447 million, most of which is staked to generate roughly $105,000 in daily rewards.

BIT Mining Limited, preparing to rebrand as SOLAI, has steadily added to its reserves, now totaling more than 44,000 SOL. Chairman Bo Yu said validator operations would remain central to the firm’s strategy of securing the network while capturing staking yields.

BIT Mining plans to raise between $200 million and $300 million to build a sol treasury as part of a broader expansion into the blockchain.#Bitcoin #Solanahttps://t.co/QLcqN52npw

The momentum has also drawn new entrants. Helius Medical Technologies announced a $500 million private placement led by Pantera Capital, with stapled warrants that could lift its Solana treasury to $1.25 billion.

While Solana treasuries are growing rapidly, they remain modest compared to corporate reserves of Bitcoin and Ether, which are valued at $428 billion and $22 billion, respectively.

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