Forward Industries Seeks $4 Billion to Scale Solana Treasury, Could Double SOL Holdings as Firms Emulate MicroStrategy

• Amount sought: $4 billion via at-the-market equity offering

• Proceeds intended for Solana (SOL) purchases, working capital, and income-generating assets

• Comparable to large treasury plays; current Solana treasuries total about $3.1 billion (CoinGecko)

Forward Industries Solana treasury plans: Forward seeks $4B to scale SOL holdings and buy income assets — learn what this means for treasuries and investors.

What is Forward Industries’ $4 billion Solana treasury offering?

Forward Industries has filed an at-the-market equity offering to raise $4 billion, aiming to deploy capital into a Solana treasury strategy, working capital, and income-generating assets. The company says the sale provides a flexible mechanism to scale SOL holdings and strengthen its balance sheet.

How will Forward Industries deploy the proceeds of the at-the-market offering?

Forward plans to use proceeds for three primary purposes: (1) purchases of Solana (SOL) to grow its treasury, (2) working capital, and (3) acquisition of income-generating assets to expand business operations. Management emphasizes methodical deployment rather than immediate, single-block purchases.

Why does this matter for the Solana market and treasury strategies?

Large public-company treasury buys can signal long-term institutional demand, tightening available supply and potentially supporting price discovery. Forward’s $4 billion filing follows similar tactics used by large Bitcoin treasury companies and could accelerate corporate accumulation of SOL.

What market reaction followed the filing?

Forward shares (Nasdaq: FORD) initially fell about 8.2% on the session before partial recovery. Market participants often price in dilution and the near-term selling pressure of equity issuance, even when proceeds are earmarked for crypto accumulation.

Frequently Asked Questions

How comparable is Forward’s raise to other treasury companies?

Forward’s $4 billion filing is similar in magnitude to recent large equity raises by treasury-focused firms. For context, other corporate crypto plays have used preferred stock offerings and at-the-market programs to accumulate assets without traditional debt.

Who is handling the sale and what are the fees?

Cantor Fitzgerald is named as sale agent for the offering and will collect a 3% fee on transactions, according to Forward’s public filing. The company’s automatic shelf registration on Form S-3 is effective, enabling tradability when shares are sold.

Key Takeaways

• Offer size: Forward filed to raise $4 billion via an at-the-market equity offering.
• Primary use: Capital earmarked for Solana purchases, working capital, and income-generating assets.
• Market context: The filing follows a trend of corporate crypto accumulation using equity and preferred-stock vehicles.

Conclusion

Forward Industries’ $4 billion at-the-market offering positions the company to significantly expand its Solana treasury and pursue growth through income-generating assets. Investors should watch deployment cadence, disclosure practices, and market impact as the company scales its SOL holdings.

By COINOTAG — Published: September 17, 2025. Updated: September 17, 2025.