Forward Industries Plans $25M Raise to Expand SOL Treasury
Forward Industries is preparing to raise approximately $25 million through a registered direct offering, with the proceeds earmarked for additional purchases of Solana’s native token, SOL.
The company said on September 23 that it entered into a securities purchase agreement with an institutional investor covering 3.125 million shares of common stock at $8 per share. The transaction is expected to generate about $25 million in gross proceeds before placement-agent fees and other offering expenses and is expected to close around September 24, subject to customary conditions.
The planned financing comes shortly after Forward reported that its SOL treasury had reached approximately 8.16 million SOL and SOL equivalents. The company said that position represented about 1.39% of Solana’s circulating supply as of September 21.
Forward Targets More SOL With New Capital
According to Forward Industries, the net proceeds from the offering will be used to purchase additional SOL. The company said the strategy is designed to increase the absolute size of its SOL treasury while also increasing SOL per fully diluted share. A.G.P./Alliance Global Partners is serving as the sole placement agent for the offering.
The financing gives Forward another source of capital for its digital-asset treasury strategy. Rather than using the proceeds for a general corporate purpose, the company has specifically identified additional SOL purchases as the intended use of the net proceeds.
Forward's shares are being offered under its existing shelf registration statement. The company said the transaction remains subject to customary closing conditions, meaning the expected September 24 closing was not guaranteed at the time of the announcement.
Forward Holds About 8.16 Million SOL
The latest offering follows a substantial increase in Forward's Solana holdings.
Between August 4 and September 20, the company added approximately 357,000 SOL and SOL equivalents through purchases and staking rewards. As of September 21, Forward reported approximately 8.164 million SOL and SOL equivalents, representing about 1.39% of Solana's circulating supply. The company described the figures as preliminary and unaudited.
Forward also reported an average cost of $78.26 for the SOL added during that period. That calculation includes SOL earned through staking, for which the company said no cash cost was assigned. Its reported holdings include SOL, fwdSOL, pledged SOL and other SOL equivalents.
The company's latest capital raise therefore comes after it has already established a sizable corporate SOL position. The amount of additional SOL that $25 million can purchase will depend on the price at which Forward deploys the net proceeds.
Other Public Companies Are Building SOL Treasuries
Forward's accumulation strategy is part of a broader trend involving publicly traded companies holding SOL as a treasury asset.
DeFi Development Corp. reported on September 21 that it had added approximately 101,381 SOL and SOL equivalents between September 14 and September 18. The purchase increased its reported treasury to approximately 2.49 million SOL and SOL equivalents.
The comparison highlights the different scale of the two publicly disclosed treasuries. Forward reported about 8.16 million SOL and equivalents on September 21, while DeFi Development Corp. reported approximately 2.49 million SOL and equivalents at the end of the following week. Both companies have made SOL accumulation a central part of their corporate strategies.
The growing number of SOL-focused treasury companies has also created a new category of public-market exposure to the Solana ecosystem, with companies using equity financing, staking and other corporate financing mechanisms to build their digital-asset holdings.
Ryan Navi Points to Solana Network Growth
Forward Industries Chief Investment Officer Ryan Navi has previously discussed the company's decision to continue expanding its SOL position.
In an earnings discussion, Navi pointed to increasing developer activity, network usage, TVL and growth in Solana's real-world-asset ecosystem. He also said the company sees potential opportunities from initiatives that could improve value accrual to the Solana network. These comments reflect Forward's corporate view rather than an independently established forecast.
The supplied report also cites Navi's comments on a SolanaFloor tradingFloor livestream, where he said he expects Solana's TVL to continue growing and personally believes it could eventually surpass Ethereum over a period of five years or more. That statement should be understood as Navi's personal outlook, not as a confirmed projection.
Forward's strategy is therefore based not only on holding SOL but also on the company's broader view of Solana's ecosystem development. Its previous disclosures have described staking and investments in Solana-related infrastructure as parts of that strategy.
Forward Expands Beyond SOL Accumulation
The company's latest financing also comes alongside a wider push to expand its corporate footprint.
On September 15, Forward submitted an updated, nonbinding proposal to acquire SkyAI. Under the proposal, SkyAI shareholders could elect to receive cash, Forward common stock, or a combination of both. The proposed exchange ratio of 0.306 Forward shares per SkyAI share implied consideration of $2.13 per SkyAI share based on Forward's September 14 closing price of $6.95. That represented a 50% premium to SkyAI's $1.42 closing price on the same date.
The proposal remained subject to due diligence, negotiations, a definitive agreement, regulatory approvals and SkyAI shareholder approval. Forward requested a response from SkyAI's board by 5 p.m. Eastern time on September 25.
Forward has therefore been pursuing two related strategies: increasing its SOL treasury and expanding its corporate presence through potential acquisitions and investments connected to the digital-asset ecosystem.
What the $25 Million Raise Means for Forward's Treasury
If the registered direct offering closes as expected, Forward will have additional capital specifically designated for SOL purchases. The company has already reported more than 8 million SOL and SOL equivalents, making the new financing another step in its stated treasury accumulation strategy.
The key figures are straightforward: 3.125 million shares at $8 each would produce approximately $25 million in gross proceeds, while Forward reported approximately 8.16 million SOL and SOL equivalents as of September 21. The actual amount of SOL ultimately acquired will depend on the net proceeds available after expenses and the market price when purchases are made.
For the broader Solana market, the development adds another example of a publicly traded company using equity financing to build exposure to SOL. Forward's latest announcement also shows how corporate treasury strategies are becoming increasingly connected to staking, digital-asset accumulation and potential ecosystem acquisitions.
