Forward Industries doubles down on Solana strategy with $4 billion equity offering

Forward Industries (FORD), a Nasdaq-listed design firm that has repositioned itself as a Solana-focused corporate treasury, said it filed a $4 billion at-the-market equity offering program with the U.S. Securities and Exchange Commission to raise more capital for SOL accumulation, according to a press release.

The company said proceeds may go toward “general corporate purposes,” including the pursuit of its Solana balance sheet and purchases of income-generating assets.

Kyle Samani, Forward’s chairman, said the ATM plan should give the flexibility to sell new shares from time to time to finance its strategy. The sales, if any, would be made through Cantor Fitzgerald under a sales agreement dated Sept. 16, 2025, and are covered by an automatic shelf registration statement that became effective upon filing.

The SEC filing follows Forward’s $1.65 billion private investment in public equity that closed last week, led by Galaxy Digital, Jump Crypto, and Multicoin Capital. The company began deploying that capital this week, disclosing it acquired 6.82 million SOL at an average price of $232, spending roughly $1.58 billion as it kicked off its treasury program.

ATMs have become a favored mechanism among crypto-exposed corporates and firms seeking opportunistic access to equity markets while building digital asset treasuries.  The Block’s data dashboards on public treasuries show a growing cohort of listed firms amassing crypto holdings across bitcoin, ether, SOL, and altcoins, a trend that has accelerated alongside ETF flows on Wall Street. Solana treasuries alone hold about $3.2 billion in assets as of Sept. 17, led by Forward's recent purchase.

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After today's news, Yahoo Finance data logged a 6% decline in FORD shares. SOL price action flattened on Wednesday ahead of the Federal Reserve meeting, according to The Block's price page.