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

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

According to the announcement, submitted on September 17, 2025, the providing would enable the corporate to promote shares flexibly by Cantor Fitzgerald & Co. to increase capital for its Solana-focused technique, working capital, and future enterprise enlargement.

Forward Industries Positions as Leading Solana Treasury With $4B Plan

The ATM program, filed below an computerized shelf registration assertion with the SEC, will enable Cantor Fitzgerald to promote shares “on the market” below mutually agreed phrases.

Notably, it was famous that the funds raised is not going to be held in escrow or belief, with proceeds directed to basic company functions and Solana acquisitions.

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

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

Forward Industries’ inventory rose 15% following the closure of the deal, underscoring investor curiosity within the firm’s pivot towards blockchain belongings.

According to the most recent submitting, proceeds from the brand new $4 billion ATM program can be deployed to broaden its Solana treasury holdings, strengthen its stability sheet, and help income-generating investments.

The firm mentioned this system offers a “versatile and environment friendly mechanism” to scale its Solana place and pursue long-term development alternatives.

Kyle Samani, co-founder of Multicoin Capital, who was just lately appointed Chairman of Forward Industries’ Board, mentioned the brand new program builds on momentum from the preliminary financing.

“Having just lately accomplished the most important Solana-focused treasury increase to date and preliminary purchases of greater than 6.8 million SOL, the ATM Program enhances our means to proceed scaling that place,” Samani mentioned in a press launch.

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

Samani’s appointment as chairman alerts nearer alignment with Solana’s institutional backers and the corporate’s said imaginative and prescient of constructing the world’s largest Solana treasury.

Forward Industries’ rising deal with Solana displays rising institutional confidence within the blockchain. Investors in its $1.65 billion non-public placement included a broad combine of worldwide corporations, asset managers, and angel buyers throughout the digital asset house.

The firm mentioned this broad participation highlighted the attraction of its position as a publicly traded automobile for publicity to Solana’s development.

Forward Industries now positions itself as a number one Solana treasury firm, aiming to broaden past its current multibillion-dollar purchases and additional cement its position on the heart of institutional funding within the Solana ecosystem.

Solana Treasuries Surge Past $4B as Corporate Accumulation Accelerates

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

According to data from the Strategic Solana Reserve, 17 corporations now maintain a mixed 17.11 million SOL, valued at $4.03 billion at present costs, equal to almost 3% of the token’s circulating provide.

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

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

While the agency has not confirmed the strikes, the dimensions has fueled hypothesis over its position in shaping Solana’s rising treasury market.

Other corporations are additionally increasing aggressively. On September 10, Canada’s SOL Strategies debuted on Nasdaq under the ticker STKE, itemizing with $94 million in Solana holdings and marking the primary Solana-focused public firm on a U.S. alternate.

Meanwhile, Upexi Inc. has develop into one of many largest company holders, reporting 2,018,419 SOL price $447 million, most of which is staked to generate roughly $105,000 in every day rewards.

BIT Mining Limited, getting ready to rebrand as SOLAI, has steadily added to its reserves, now totaling more than 44,000 SOL. Chairman Bo Yu mentioned validator operations would stay central to the agency’s technique of securing the community whereas capturing staking yields.

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

While Solana treasuries are rising quickly, they continue to be modest in contrast to company reserves of Bitcoin and Ether, that are valued at $428 billion and $22 billion, respectively.

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