Forward Industries Unveils $4B ATM Equity Offering for Growth Plans

Key Points

• Forward Industries unveils $4B ATM equity program with Cantor Fitzgerald as sales agent.
• Company holds 6.82M SOL worth $1.58B, leading all Solana treasury entities.
• Solana app revenues surged 126% YoY to $193.5M in August, boosting ecosystem growth.

Forward Industries (NASDAQ: FORD) announced an automatic shelf registration statement with the SEC, including a $4 billion at-the-market (ATM) equity program. The company plans to use proceeds for corporate purposes, Solana acquisitions, and balance sheet expansion.

ATM Program Targets Capital Flexibility and Growth

The new ATM Program allows Forward Industries to issue and sell common stock worth up to $4 billion. Cantor Fitzgerald will act as the sales agent under the agreement signed on September 16, 2025.

The company intends to use proceeds for working capital, Solana token purchases, income-generating assets, and capital expenditures. This flexible structure enables capital deployment while supporting its Solana treasury strategy and long-term growth vision.

Forward Industries Expands Solana Treasury Holdings

Forward Industries recently completed the largest Solana-focused digital asset treasury raise and purchased more than 6.8 million SOL. According to Lookonchain, its holdings now stand at 6,822,000 SOL, valued at about $1.58 billion at an average cost of $232 per SOL.

The firm leads a group of six Solana reserve entities collectively holding more than 15 million SOL. Other key holders include Sharps Technology (2.14M SOL), DeFi Development Corp (2.02M SOL), Upexi (2M SOL), Mercurity Fintech (1.08M SOL), and iSpecimen Inc (1M SOL).

Solana Ecosystem Growth Strengthens Treasury Strategy

The scale of corporate and institutional accumulation highlights growing confidence in Solana’s blockchain ecosystem. Strategic backing includes investors such as Galaxy Digital, Jump Crypto, Multicoin Capital, Pantera, Kraken, and Solana Ventures.

Meanwhile, Solana’s app revenues reached $193.5 million in August, up 126% year-over-year, showing accelerating adoption across multiple categories. Trading tools led with $67M, while launchpads, spot DEXs, and DePIN applications also expanded revenues.

With sustained ecosystem growth and institutional support, Solana continues to strengthen its role as a leading blockchain network. Forward Industries’ ATM equity program underscores its commitment to expanding its Solana position and pursuing broader growth initiatives.