USDForward Industries Approves $1 Billion Buyback After $1.65 Billion Solana Treasury Expansion
Solana-Focused Nasdaq Firm Files SEC Resale Prospectus and Launches Massive Share Repurchase Program
TL;DR
- Forward Industries (NASDAQ: FORD) authorized a $1 billion share buyback valid through 2027, signaling confidence in its Solana-based treasury strategy.
- The move follows a $1.65 billion capital raise led by Galaxy Digital, Jump Crypto, and Multicoin Capital to build what it calls the world’s largest Solana treasury.
- The firm also filed a resale prospectus and $4 billion shelf registration with the SEC as it transitions from a traditional tech manufacturer into a public Solana treasury vehicle.
Forward Industries’ pivot from a legacy design and technology company to a Solana-centric treasury vehicle has entered a new phase after its board approved a $1 billion share repurchase program through September 30, 2027. The Nasdaq-listed firm, trading under the ticker FORD, described the authorization as a vote of confidence in both its Solana strategy and the long-term outlook of the ecosystem. Chairman Kyle Samani, also co-founder of Multicoin Capital, said the buyback “signals our long-term commitment to shareholders and belief in Solana’s potential to transform capital-market infrastructure.”
The buyback follows Forward’s September 2025 announcement of a $1.65 billion private placement led by Galaxy Digital, Jump Crypto, and Multicoin Capital. That funding was structured through a PIPE (private investment in public equity) transaction, marking one of the largest digital-asset treasury financings linked to Solana. The company’s stock surged roughly 128 percent in pre-market trading after the news, pushing its coin market cap to nearly $940 million by early November 2025. Shares were last seen around $10.86 each, reflecting a year-to-date gain of about 116.8 percent—figures that have now become a talking point across traders monitoring the broader crypto price index.
Galaxy Digital will provide Forward with trading, lending, and staking infrastructure, while Jump Crypto contributes validator development through its Firedancer client. Multicoin Capital’s early-stage experience with Solana adds an investment management layer to the alliance. The PIPE proceeds have already been partially deployed, with Forward disclosing holdings exceeding 6.8 million SOL tokens. Analytics sources cited Galaxy Digital’s withdrawals of roughly 2.16 million SOL (about $486 million at the time) from exchanges within 48 hours of the deal, underscoring the scale of accumulation underway.
The company’s next financing maneuver arrived on September 17 with an SEC filing for a $4 billion at-the-market (ATM) equity program, appointing Cantor Fitzgerald & Co. as its sales agent. The structure allows Forward to raise capital periodically to expand its Solana treasury, acquire income-generating assets, and support business growth. Samani called the program “a flexible and efficient mechanism to raise and methodically deploy capital in support of our Solana treasury strategy,” suggesting the company will continue to blend traditional corporate finance with on-chain asset management.
Alongside the buyback, Forward filed a Resale Prospectus Supplement under its Form S-3 registration, enabling the resale of common shares and warrants from the September PIPE investors. The company emphasized it will receive no proceeds from the resale itself, characterizing the filing as a routine post-transaction step to enhance liquidity. While that move introduces short-term float expansion risk, the buyback offsets potential dilution by re-absorbing shares on the open market or through Rule 10b5-1 plans.
Forward’s evolving balance sheet positions it as one of the few publicly traded gateways for equity investors to gain exposure to Solana’s on-chain economy. The company aims to actively deploy its holdings through staking, lending, and market-making activities to generate yield instead of passively holding SOL. Governance adjustments reinforce that pivot: Kyle Samani is expected to assume the role of Chairman of the Board, while Galaxy Digital President Chris Ferraro and Jump Crypto CIO Saurabh Sharma will serve as observers.
Market observers view Forward’s strategy as a test case for corporate crypto-treasury models that bridge Wall Street structures with decentralized finance activity. With its stock now trading in lockstep with the broader crypto price index movements, the firm has become a de facto proxy for institutional sentiment toward Solana. As Forward executes its buyback and ATM programs simultaneously, investors and regulators will be watching how public-market mechanics and on-chain asset management intersect in real time.
This article has been refined and enhanced by ChatGPT.
