 
 
Forward Industries, the largest publicly traded Solana treasury company, has filed a $4 billion at-the-market (ATM) equity offering program with the U.S. SEC to raise more capital for additional SOL accumulation.
Forward Strategies Doubles Down On Solana Strategy
In a Wednesday press release, Forward Industries revealed that the 4 billion ATM equity offering program will allow the company to issue and sell common stock via Cantor Fitzgerald under a sales agreement dated Sept. 16, 2025.
Forward said proceeds will go toward “general corporate purposes,” including the pursuit of its Solana balance sheet and purchases of income-generating assets.
The sales of the shares are covered by an automatic shelf registration statement filed with the US Securities and Exchange Commission that is already effective – meaning the shares will be tradable once they’re sold. An automatic shelf registration allows certain publicly listed companies to raise capital with flexibility swiftly.
Kyle Samani, Forward’s chairman, astutely described the ATM offering as “a flexible and efficient mechanism” to raise and deploy capital for the company’s Solana strategy and bolster its balance sheet.
 
Though the maximum amount is listed as $4 billion, the firm indicated that sales may or may not occur depending on existing market conditions.
“The ATM Program enhances our ability to continue scaling that position, strengthen our balance sheet, and pursue growth initiatives in alignment with our long-term vision,” Samani said.
Forward Industries kicked off its Solana treasury strategy on Sept. 8. The Wednesday S-3 form follows Forward’s $1.65 billion private investment in public equity that closed last week, led by crypto heavyweights like Galaxy Digital, Jump Crypto, and Multicoin Capital. The company started deploying that capital this week, announcing it snatched up 6.8 million SOL for approximately $1.58 billion at an average price of $232 per coin.
The firm seeks to maximize its SOL-per-share via active treasury management. Forward Industries currently leads the Solana treasury companies, holding $1.6 billion in tokens, with the runner-up being DeFi Development Corp’s 2.02 million SOL stockpile, according to data from CoinGecko.