- Forward Industries is the largest publicly traded Solana treasury platform with more than 6.8 million SOL acquired to date.
- The company raised $1.65 billion in a PIPE led by Multicoin Capital, Galaxy Digital, and Jump Crypto to fund its Solana treasury acquisition.
- Forward generates yield through active staking, lending, and DeFi participation, increasing SOL-per-share over time.
- The company tokenized its common stock on the Solana blockchain and plans to acquire an equity stake in Superstate to expand on-chain capital markets access.
- Forward is led by crypto-native investors with deep strategic alignment in the Solana ecosystem.
Forward Industries (NASDAQ: FORD) is building and managing a large-scale Solana (“SOL”) treasury, backed by some of the most influential investors in the digital asset space. The company’s strategy centers on long-term shareholder value through active participation in the Solana ecosystem, which it views as uniquely positioned to underpin future global capital markets due to its high throughput, deep economic activity, and growing developer adoption.
Through this shift, Forward Industries aims to create value by accumulating SOL and strategically deploying assets through on-chain opportunities including staking, lending, and participation in decentralized finance (“DeFi”). Forward also became the first U.S.-listed company to bring its common stock onto the Solana blockchain, reinforcing its focus on digital-native capital markets.
Forward Industries is headquartered in New York.
Solana Treasury Operations
In September 2025, Forward Industries closed a $1.65 billion private investment in public equity (“PIPE”) led by Multicoin Capital, Galaxy Digital, and Jump Crypto. The PIPE proceeds were deployed to acquire over 6.8 million SOL at an average price of $232 per token, with a portion executed on-chain via DFlow, a decentralized exchange aggregator built exclusively for Solana trading applications. The company has since staked the entirety of its treasury, actively generating yield through native Solana infrastructure and DeFi applications.
Forward’s strategy is centered on growing SOL per share, leveraging a range of tools including at-the-market (“ATM”) equity offerings and potential preferred equity issuance. The company is also targeting acquisitions and strategic partnerships within the Solana ecosystem to accelerate treasury yield and ecosystem alignment. As part of its infrastructure expansion, Forward tokenized its FORD shares on the Solana blockchain in collaboration with Superstate and plans to acquire an equity interest in the platform. The tokenized shares are expected to enable 24/7 trading, real-time settlement, and eligibility for use as DeFi collateral.
This shift was supported by the company’s board and executive team, whose composition reflects deep alignment with the Solana ecosystem — including leadership from Multicoin Capital and board observers from Galaxy and Jump Crypto. The company’s stated objective is to establish itself as the leading institutional participant in the Solana ecosystem, uniquely positioned to capture both economic yield and strategic exposure to one of the fastest-growing blockchain networks in the world.
Market Opportunity
Solana has emerged as the most performant blockchain in the digital asset space, processing over 8.9 billion transactions in Q2 2025 and sustaining approximately $3 billion in daily decentralized exchange (“DEX”) trading volume. Year to date, Solana applications have generated over $4 billion in fees and more than $1 billion in real economic value (“REV”), a proxy for free cash flow generated by the network.
DeFi participation, stablecoin usage, and developer activity have all grown substantially, with over $1.5 trillion in swap volume recorded through 2025. SOL staking yields have averaged over 8%, comprised of both inflationary rewards and organic yield from network activity. With 17 pending ETF applications and major institutions like BlackRock, Visa, PayPal, and HSBC integrating Solana, Forward Industries is positioned to benefit from a rising tide of institutional adoption, tokenization of real-world assets, and increased demand for high-performance blockchain infrastructure.
Leadership Team
Kyle Samani, Chairman of Forward Industries, is the co-founder and Managing Partner of Multicoin Capital, an early Solana backer and one of the largest holders of SOL. Samani contributed $25 million to the PIPE and is a key strategic leader behind Forward’s treasury roadmap.
Mike Pruitt, Interim CEO of Forward Industries, joined the board in February 2025 and was appointed Interim CEO in May. He is the founder of Avenel Financial Group and previously served as CEO of Chanticleer Holdings, bringing decades of public company leadership and capital markets experience.
Kathleen Weisberg, Chief Financial Officer of Forward Industries, was appointed CFO in July 2023 after serving as Corporate Controller since 2020. Weisberg is a CPA with prior roles at WW International, Symbol Technologies, and Ernst & Young.
For more information, visit the company’s website at https://sol.forwardindustries.com.
NOTE TO INVESTORS: The latest news and updates relating to FORD are available in the company’s newsroom at https://nnw.fm/FORD
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