Solana treasury company Forward Industries (NASDAQ: FWDI) has closed a $25 million registered direct offering, selling stock to an institutional investor to fund further purchases of SOL. The Austin, Texas-based firm sold 3,125,000 shares of common stock at $8.00 apiece, according to a September 24 announcement, receiving gross proceeds of roughly $25 million before placement agent fees and other offering expenses.
The mechanics of the raise
The shares were issued under Forward’s shelf registration statement on Form S-3ASR, which the U.S. Securities and Exchange Commission declared effective in September 2025, with A.G.P./Alliance Global Partners acting as sole placement agent. Forward said it will use the net proceeds primarily to acquire additional SOL, growing the absolute size of its treasury while lifting the amount of SOL backing each share — a metric Chief Investment Officer Ryan Navi called “the measure of growth that matters most to our shareholders.”
Scaling a Solana-focused balance sheet
Forward launched its digital asset treasury strategy in September 2025 through a private placement supported by Galaxy Digital and Jump Crypto, and it now describes itself as the leading Solana treasury company. The firm buys, holds, stakes and trades SOL, and it previously assembled what it called the world’s largest Solana treasury. Navi said the new capital “positions us to expand our SOL treasury and increase SOL per share” without adding ongoing balance sheet obligations.
A bet on Solana after a bruising stretch
The raise lands after a difficult stretch for Solana treasury firms. Forward reported a nearly $1 billion unrealized loss earlier this year as SOL slumped from its 2025 highs, and the company’s stock remains closely tied to the token it holds. Raising equity now to buy SOL at current prices is a wager that expanding the position will reward shareholders if the token recovers.
What happens next
Forward has not set a timeline for deploying the proceeds. The company cautioned that its forward-looking statements carry risks tied to the volatility of Solana and other digital assets, and that placement agent fees and offering expenses will reduce the net amount available for SOL purchases. The raise is the latest move in a treasury strategy built around accumulating SOL and increasing the exposure backing each outstanding share.
