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Forward Industries filed for a $4B equity offering to boost its Solana treasury.
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Follows a $1.65B private placement led by Galaxy Digital, Jump Crypto, and Multicoin Capital.
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Company already bought $1.6B worth of SOL, with plans for more accumulation.
Raising capital for Solana strategy
Forward Industries (FORD), once a design firm but now pivoted to crypto, has filed for a $4 billion at-the-market equity program with the SEC. The company said proceeds would go toward general corporate purposes, but emphasized Solana accumulation as a core strategy.
Recent purchases and financing
Just last week, Forward closed a $1.65 billion private investment round led by Galaxy Digital, Jump Crypto, and Multicoin Capital. With that cash, it purchased 6.82 million SOL, spending about $1.58 billion at an average of $232 per token.
Why ATMs matter
At-the-market equity offerings are becoming popular for crypto-linked companies. They allow firms to raise funds opportunistically while avoiding large one-time issuances. Forward joins a growing list of corporates converting into digital asset treasuries, part of a broader trend of firms using public listings to build crypto reserves.
Market reaction
Shares of Forward dropped 6% after the announcement. Solana’s price remained flat ahead of the Federal Reserve meeting, trading around $29.
