Forward Industries, listed on the Nasdaq, is making a bold move. After already investing over $1.6 billion in Solana last week, the company has just announced a new massive program: a funding round of up to $4 billion through a stock offering in the American market. The clear goal: further strengthen its treasury in SOL and establish itself as the most aggressive corporate player in the ecosystem.
A Radical Shift Towards Solana
Originally focused on industrial design, Forward Industries has completely repositioned itself. Its new role: to become a true “Solana treasury” publicly traded. The company confirms its intention to use the funds raised not only for accumulating SOL but also for potential revenue-generating assets.
This strategy is supported by major players. Last week, Galaxy Digital, Jump Crypto, and Multicoin Capital led a $1.65 billion private financing, allowing Forward to purchase 6.82 million SOL at an average price of $232 each, nearly $1.58 billion spent in a single transaction.
The ATM Weapon: Flexibility and Speed
The new $4 billion program is based on an At-the-Market (ATM) equity offering mechanism. Essentially, this allows the company to gradually sell new shares on the market, depending on market conditions, to finance its strategy without going through a single, rigid fundraising round. Cantor Fitzgerald will handle the sales, guided by an agreement signed on September 16, 2025.
This type of mechanism has become a preferred weapon by crypto-exposed companies. It offers unique flexibility to strengthen a balance sheet in digital assets while leveraging the liquidity of traditional markets.
Solana at the Core of the New Corporate Wave
Forward is not alone. Recent data shows an acceleration of the trend: more and more listed companies are building up crypto treasuries, with Bitcoin, Ethereum, but now also Solana taking the lead. As of September 17, “corporate Solana” balances reach around $3.2 billion, with Forward already representing the dominant share.
This strategy echoes the race initiated by MicroStrategy with Bitcoin a few years ago. But this time, it is Solana that becomes the cornerstone of corporate diversification, driven by massive institutional flows and the explosion of cryptocurrency-related financial products on Wall Street.
Market Reaction
The announcement did not come without consequences. FORD stock dropped by 6% on the day. Meanwhile, the SOL price remained steady on Wednesday, awaiting the highly anticipated verdict from the U.S. Federal Reserve later in the evening.
Forward is sending a strong signal: after Bitcoin and Ethereum, Solana is emerging as the third major strategic reserve for listed companies. A confirmation that the competition to transform balance sheets into crypto balances has only just begun.
