Forward Industries, Inc., a major player in managing Solana treasuries, is making moves to expand its financial flexibility and grow its Solana holdings. This comes as the token gains momentum and wider adoption in the crypto market.
Forward Industries, Inc. recently announced that it has filed with the U.S. SEC for a $4 billion at-the-market (ATM) equity program, giving the company the flexibility to issue and sell shares over time.
It plans to use any funds raised for general corporate purposes, including day-to-day operations, advancing its Solana strategy, acquiring income-generating assets to expand the business, or other capital investments.
The ATM program will be executed through Cantor Fitzgerald & Co., acting as the sales agent.
“Through this offering, Forward Industries gains a flexible and efficient mechanism to raise and methodically deploy capital in support of our Solana treasury strategy,” said Kyle Samani, Chairman of the Board of Directors of Forward Industries.
He added that the new ATM program builds on Forward’s recent milestone, completing the largest Solana-focused treasury raise to date and acquiring more than 6.8 million SOL.
This will give the company greater flexibility to expand its Solana position, strengthen its financial footing, and drive long-term growth.
According to Lookonchain, six strategic Solana reserve entities now each hold more than 1 million SOL. Forward Industries leads the group with 6.82 million SOL worth about $1.58 billion, followed by Sharps Technology and DeFi Dev Corp.
Galaxy CEO, Mike Novogratz recently highlighted Solana’s breakout year, noting its unmatched speed, massive transaction capacity, and rising adoption. He said this positions Solana as a serious contender for global financial infrastructure.
“That’s why FORD announced $1.58B in SOL purchases (6.8M SOL) to launch the world’s largest Solana treasury company,” he said.
Mike notes that backed by Galaxy, Jump, and Multicoin, Forward Industries is trading directly on-chain, using Solana-native platforms, and staking SOL to earn yield, all while building large-scale infrastructure.
Lark Davis pointed out Solana’s rapid momentum. 17 treasury firms now hold over 17 million SOL and Galaxy has snapped up $1.55B in just five days.
With stablecoin inflows surging, he suggests that SOL could soon break $250 and push toward new all-time highs above $294.
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