Forward files $4B stock offering to fund Solana treasury
Forward Industries (NASDAQ: FORD) announced the launch of an at-the-market (ATM) stock offering program of up to $4B, according to a prospectus filed with the U.S. Securities and Exchange Commission (SEC).
Shares will be issued through Cantor Fitzgerald & Co., which will act as the agent for the transaction. The company plans to use proceeds for general corporate purposes, including working capital, developing its Solana treasury strategy, and acquiring income-generating assets.
Forward Industries recently completed the market’s largest Solana treasury funding round, already acquiring more than 6.8M SOL. The ATM program is the next step, enabling the company to expand its Solana holdings and solidify its role as a leading corporate holder of the token.
Unlike a traditional secondary public offering (SPO), the ATM format allows shares to be issued gradually at market prices, reducing pressure on the market and giving the company flexibility in timing capital raises. Cantor Fitzgerald is not obligated to sell a set amount of stock but will use “commercially reasonable efforts” to place the shares.
Forward Industries is known as a design company with more than 60 years of history, but in 2025 it pivoted toward crypto assets, launching a strategy to increase SOL-per-share and partnering with Galaxy Digital, Jump Crypto and Multicoin Capital.
The $4B program will be one of the largest in the history of companies engaged in digital treasury strategies. It highlights a growing trend where public corporations are increasingly turning to the stock market to fund crypto strategies, particularly around the Solana ecosystem.
Forward Industries announces $4B share offering program. Source: businesswire.com
According to board chairman Kyle Samani, the ATM program provides the company with “a flexible and efficient mechanism to further scale its position in Solana.”
Forward Industries recently completed the market’s largest Solana treasury funding round, already acquiring more than 6.8M SOL. The ATM program is the next step, enabling the company to expand its Solana holdings and solidify its role as a leading corporate holder of the token.
Unlike a traditional secondary public offering (SPO), the ATM format allows shares to be issued gradually at market prices, reducing pressure on the market and giving the company flexibility in timing capital raises. Cantor Fitzgerald is not obligated to sell a set amount of stock but will use “commercially reasonable efforts” to place the shares.
Forward Industries is known as a design company with more than 60 years of history, but in 2025 it pivoted toward crypto assets, launching a strategy to increase SOL-per-share and partnering with Galaxy Digital, Jump Crypto and Multicoin Capital.
The $4B program will be one of the largest in the history of companies engaged in digital treasury strategies. It highlights a growing trend where public corporations are increasingly turning to the stock market to fund crypto strategies, particularly around the Solana ecosystem.
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