Forward Industries filed an at-the-market (ATM) equity offering of up to $4 billion to fund general corporate uses and expand its Solana treasury holdings; the Nasdaq-listed company will sell shares over time under an automatic shelf registration to support its Solana treasury strategy.
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Nasdaq-listed Forward Industries launched an ATM program up to $4 billion.
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Proceeds will fund working capital, growth and expanded Solana (SOL) holdings.
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Company previously secured $1.65B in cash and stablecoin commitments; treasury holdings tracked at $1.6B.
Forward Industries ATM offering fuels Solana treasury growth — learn how the program works and what it means for institutional SOL demand. Read more.
The offering is being made under an automatic shelf registration, which lets large companies raise capital quickly and with flexibility.
Nasdaq-listed Forward Industries announced an at-the-market (ATM) equity offering program that permits sales of common stock totaling up to $4 billion. The program will allow the company to sell shares over time through a sales agent to support its Solana-focused treasury strategy.
The filings state the securities will be distributed through sales agent Cantor Fitzgerald. The offering is being made under an automatic shelf registration statement filed with the US Securities and Exchange Commission (SEC), a mechanism that lets eligible public companies raise capital quickly and flexibly.
What is Forward Industries’ ATM offering and how does it work?
The Forward Industries ATM offering is an at-the-market equity program permitting incremental share sales up to $4 billion under an automatic shelf registration. Sales may occur over time depending on market conditions, with proceeds earmarked for corporate purposes and to grow the company’s Solana (SOL) treasury.
How will Forward Industries use ATM proceeds to expand its Solana treasury?
Forward Industries said proceeds will support working capital, growth initiatives and expansion of its Solana treasury holdings. Kyle Samani, the company’s board chairman, stated the ATM “enhances our ability to continue scaling that position, strengthen our balance sheet, and pursue growth initiatives.”
Why is Forward Industries building a Solana treasury?
Forward Industries announced a strategic Solana treasury plan on Sept. 8, securing roughly $1.65 billion in cash and stablecoin commitments from institutional backers to seed its SOL reserve. The move aims to capture exposure to Solana tokens as part of a broader corporate treasury diversification strategy.
What institutional activity has supported Forward Industries’ Solana buildup?
After the Solana treasury announcement, institutional purchases accelerated. Notably, Galaxy Digital executed a large purchase — reported at about $306 million in SOL in one day — to add to Forward Industries’ holdings. Treasury tracker Solana Strategic Reserve shows Forward Industries leading SOL treasury companies with approximately $1.6 billion in tokens.
How large are Solana treasuries overall?
Solana Strategic Reserve data indicates that SOL treasuries surpassed 17.11 million SOL, valuing above $4 billion in aggregate. A total of 17 companies have announced Solana reserve strategies, signaling growing institutional interest in Solana-focused treasury allocations.
Summary table: Solana treasury snapshot
| Metric | Value |
|---|---|
| Total SOL held by treasuries | 17.11M SOL |
| Aggregate USD value | Over $4 billion |
| Forward Industries’ SOL holdings (approx.) | $1.6 billion |
| Number of companies with SOL strategies | 17 |
Frequently Asked Questions
How does an automatic shelf registration speed up equity raises?
An automatic shelf registration allows eligible public companies to register securities in advance with the SEC, enabling them to issue shares quickly in response to market opportunities while remaining compliant with disclosure rules.
Who is handling sales for Forward Industries’ ATM program?
Sales under the program will be conducted through sales agent Cantor Fitzgerald, as stated in Forward Industries’ filing. The agent executes share placements into the market on behalf of the issuer.
How much of Forward Industries’ treasury is already in Solana?
Industry trackers indicate Forward Industries leads SOL treasury companies with about $1.6 billion in Solana tokens following earlier institutional commitments and purchases.
Key Takeaways
- Flexible capital tool: The ATM program gives Forward Industries quick access to equity capital under an automatic shelf registration.
- Solana treasury focus: Proceeds will support Solana (SOL) purchases alongside corporate needs, reflecting institutional allocation into SOL.
- Market-driven execution: Although the program lists $4 billion as a cap, actual sales depend on market conditions and strategic timing.
Conclusion
Forward Industries’ ATM offering establishes a flexible, market-driven mechanism to raise equity capital and accelerate its Solana treasury strategy. The program reinforces growing institutional interest in Solana, while preserving balance-sheet flexibility for operational and growth priorities. Watch for incremental share sales and treasury disclosures that will clarify execution and timing.
Published: 2025-09-17 | Updated: 2025-09-17
