Forward Industries retraces price boost from Galaxy, Jump Crypto-backed DeFi moves

Forward Industries, Inc., a Nasdaq-listed company that took a dramatic strategic shift when it launched its Solana (SOL)-centric digital asset treasury strategy, has announced new products as part of its new DeFi venture.

The strategy involved raising $1.65 billion through a private investment in public equity (PIPE) deal, led by crypto heavyweights Galaxy Digital, Jump Crypto, and Multicoin Capital, and the funds were earmarked to build the world’s largest corporate SOL treasury, positioning Forward as a publicly traded gateway for institutional participation in Solana’s DeFi ecosystem.

Forward Industries now holds over 6.9 million Solana tokens

Forward Industries’ Solana treasury strategy was announced in September, and since then, it has rapidly built the largest Solana treasury in the world and established an institutional-grade foundation capable of compounding long-term SOL-per-share, according to Kyle Samani, Chairman of Forward Industries.

“In just a matter of weeks, we have accumulated more than 6.9 million SOL, deployed nearly all of it across our high-performance validator infrastructure launched in October, and implemented tax-efficient strategies that meaningfully strengthened our capital position,” Samani said.

“As we pursue initiatives such as bringing our equity on-chain and executing on accretive M&A, we believe we are well-positioned to continue to expand our SOL treasury and compound SOL-per-share.”

According to him, this is just the beginning, and the company remains committed to delivering sustainable long-term shareholder value as it builds the primary public markets gateway to Solana.

As things stand, Forward Industries Solana holdings make it the largest corporate treasury holder for Solana globally, representing over 1.1% of SOL’s circulating supply, most of which it has staked through its own validator infrastructure, generating 6.82–7.01% gross APY.

It also recently launched fwdSOL, which is a liquid staking token backed by 25% of its treasury to enable DeFi yield optimization without selling underlying assets.

Other notable companies accumulating SOL as a treasury strategy include Upexi, Solana Company, Defi Development Corp, and Sol Strategies. Between them, they hold around $10 million worth of Solana. While Upexi and Defi Development have proven themselves aggressive accumulators, their purchasing power trails behind Forward Industries’.

Operational highlights included in the update

Some of the operational highlights included in the update revealed the company has $1.65 billion private placement in public equity (“private placement”) led by Galaxy Digital, Jump Crypto, and Multicoin Capital. The financing closed on September 11, 2025, and marked the largest Solana-focused digital asset treasury raise to date.

The company has also announced an at-the-market equity offering program and teamed up with financial technology firm Superstate to allow stockholders to tokenize and hold FWDI shares on the Solana blockchain.

As part of the agreement, Forward Industries expects an equity stake in Superstate to further align interests and advance internet capital markets.

Other highlights include the launch of a Forward Industries’ institutional-grade validator on the Solana blockchain, powered by DoubleZero, the establishment of a crypto advisory board with 25 inaugural members, and the authorization of a new share repurchase program to buy back up to $1 billion of the company’s common stock.

The company’s stock has also benefited greatly from its pivot to accumulating SOL, with the stock hitting highs around $15–$20 per share in September when the PIPE news came out. The stock is currently trading around $8 per share with a market cap of about $723 million.