Forward Industries (NASDAQ:FORD), a Nasdaq-listed design company that has repositioned itself as a corporate treasury focused on Solana (COIN:SOLUSD), has filed a share offering program of up to $4 billion with the SEC.
The at-the-market (ATM) program will allow the company to gradually sell shares depending on market conditions, through Cantor Fitzgerald. The company emphasized that the proceeds will be used for “general corporate purposes,” including accumulating Solana and investing in revenue-generating assets.
According to Kyle Samani, Forward’s chairman, the move provides flexibility to raise capital continuously. He noted that the plan is intended to strengthen the balance sheet, expand Solana positions, and support growth initiatives aligned with the company’s long-term vision.
The filing comes shortly after Forward completed a $1.65 billion private placement led by Galaxy Digital, Jump Crypto, and Multicoin Capital. Last week, the company began deploying those funds, acquiring 6.82 million SOL tokens at an average price of $232, for a total investment of $1.58 billion.
With these purchases, Forward has taken the lead among corporate Solana treasuries, holding about $1.6 billion in digital assets. According to Solana Strategic Reserve data, corporate SOL reserves alone totaled $3.2 billion as of September 17.
Following the announcement, FORD shares were down more than 8% in pre-market trading on Wednesday, September 17, 2025. The SOL token price was down 0.5% to around $234.33, as investors awaited the Federal Reserve’s monetary policy decision.
Forward Industries stock price
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