4 billion in Solana: Forward Industries wants to drastically upgrade

INFBusiness
18.09.2025
News

Forward Industries is already the largest Solana treasury firm, but apparently it wants to further expand its lead. According to a press release, Forward plans to raise up to $4 billion for SOL purchases through a stock offering.
For comparison: For this enormous sum, one could alternatively buy about 35,000 BTC, making it the fourth largest (!) corporate BTC holder behind Jack Mallers' Twenty One Capital and ahead of Adam Back's Bitcoin Standard Treasury Company.
“This offering provides Forward Industries with a flexible and efficient mechanism to raise and methodically deploy capital to support our Solana treasury strategy,” said Kyle Samani, Chairman of the Board of Directors of Forward Industries.
Following the initial purchases of approximately 6.8 million Solana worth $1.6 billion, Forward now plans to “strengthen its balance sheet and pursue growth initiatives in line with our long-term vision.”
At the time of writing, Solana is trading at $233, down 1.7 percent from the previous day. However, the SOL price has gained 4.5 percent compared to the previous week, outperforming both BTC and ETH.
If the company sells all shares as planned and then uses the proceeds to acquire Solana, it could more than double the total holdings of the SOL strategy firms. They currently hold a total of 13.3 million SOL, valued at $3.1 billion.
Forward shareholders were initially unenthusiastic because the issuance of new shares would result in capital dilution. Ford shares are currently trading at $33, a drop of 11 percent within a single day.

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