Forward Industries Raises $4B ATM to Bolster Solana Treasury
Forward Industries has launched a $4B at-the-market (ATM) equity offering with Cantor Fitzgerald as sales agent. The flexible program lets it sell shares over time to fund Solana treasury growth and general corporate purposes.
This initiative follows a $1.65B private PIPE backed by Galaxy Digital, Jump Crypto and Multicoin Capital. Proceeds will boost SOL accumulation, support working capital, acquire income-generating assets and cover capital expenditures.
This week, the firm bought 6.8M SOL for $1.58B at an average price of $232, lifting its Solana treasury to $1.6B—the largest among public firms. The transparent SEC filing underscores strong institutional backing and confidence in the Solana ecosystem.
The ATM equity offering enhances balance sheet flexibility and allows gradual scaling of its Solana treasury with minimal fundraising risk.
Bullish
The $4B ATM equity offering to expand the Solana treasury, backed by Cantor Fitzgerald and strong institutional investors, signals robust confidence in SOL. The flexible financing reduces fundraising risk and supports gradual SOL accumulation, which can drive buying pressure. The recent purchase of 6.8M SOL for $1.58B further underscores demand. These factors suggest bullish short-term momentum and a positive long-term outlook for SOL.