- Forward Industries has filed an ATM program prospectus with the SEC for up to $4 billion.
- The funds received from the sale of shares are intended to be directed, among other things, towards expanding the reserve in Solana.
- It is the largest corporate owner of the asset.
Forward Industries, which manages a treasury based on Solana (SOL), announced plans to raise up to $4 billion through the issuance of common stock. The funding will be directed, among other things, to expanding the portfolio.
Forward Industries is an American firm that previously focused on designing and manufacturing cases as well as protective cases for medical equipment and technological devices. In early September 2025, the company announced a shift to a new strategy.
The firm also raised $1.65 billion, directing the funds towards the purchase of Solana (SOL). Forward Industries aims to become the largest corporate player in this ecosystem.
In a new press release, the company stated that it has filed a prospectus with the U.S. Securities and Exchange Commission (SEC) for an ATM program to issue common stock for up to $4 billion. A prior purchase agreement was made with Cantor Fitzgerald & Co.
The net proceeds from the ATM, if realized, will go towards general corporate purposes, including the purchase of Solana (SOL) to strengthen the reserve. As of September 15, the company controlled 6.82 million SOL, purchased at an average price of $232.
At the time of preparing this material, Solana is trading at $245. This means that the firm is in a zone of unrealized profit of more than $88 million.
The company's stock reacted to the news with a decline. This is likely due to fears of potential dilution of existing shareholders' stakes:
According to the Blockworks dashboard, Forward Industries is the largest corporate owner of Solana. With $4.6 billion in assets controlled by all holders, its share amounts to $3.36 billion.