Forward Industries, a Nasdaq-listed company, said Wednesday it has filed for an at-the-market (ATM) equity program of up to $4 billion, giving the firm flexibility to raise funds gradually depending on market conditions. The program allows Forward to issue and sell shares through Cantor Fitzgerald as sales agent, under an automatic shelf registration with the U.S. Securities and Exchange Commission (SEC).
ATM programs are typically used by large public companies to raise capital in smaller increments when conditions are favorable. Forward noted that sales under the program may or may not occur, underscoring the optional nature of the filing. Proceeds will go toward working capital, corporate purposes, and growth initiatives, but the standout use case is tied to its expanding Solana (SOL) treasury strategy.
The company’s board chairman Kyle Samani called the ATM program a “flexible and efficient mechanism” to scale Forward’s Solana holdings while maintaining balance sheet strength. Forward unveiled its Solana-focused strategy on Sept. 8, announcing $1.65 billion in investor commitments from Galaxy Digital, Jump Crypto, and Multicoin Capital. The news triggered a flurry of purchases, including a $306 million buy by Galaxy in a single day to support Forward’s reserves.
Data from the Solana Strategic Reserve shows Forward now holds approximately $1.6 billion in SOL, making it the largest corporate treasury concentrated in Solana. The firm’s position highlights how altcoin-based treasury strategies, once considered speculative, are entering mainstream corporate finance playbooks.
Forward’s move reflects broader institutional interest in Solana. As of this week, companies collectively hold more than 17.11 million SOL tokens, valued above $4 billion, according to reserve trackers. Seventeen firms, including Sharps Technology, DeFi Development Corp., and Upexi, have adopted similar Solana-focused approaches, mirroring the “bitcoin treasury” strategies of earlier years but applied to the Ethereum competitor.
The shift coincides with Solana’s growing prominence in decentralized finance (DeFi), non-fungible tokens (NFTs), and high-speed settlement systems. Institutional players see Solana’s low transaction costs and high throughput as advantages for long-term adoption, and treasury accumulation signals rising confidence in the network’s resilience after prior outages and volatility.
The ATM program provides Forward with optionality to scale reserves quickly in response to investor demand or market conditions. While not all funds raised will go into Solana, the company has made clear that its digital asset strategy is centered on SOL. Analysts say this approach could fuel more institutional flows into Solana, reinforcing its status as the second most important blockchain treasury asset after bitcoin.
For Forward, success will hinge on balancing shareholder dilution with the upside potential of a large Solana reserve. The move puts the company at the center of a new wave of corporate adoption, one that could reshape treasury management for crypto-native and traditional firms alike.
