Forward Industries Raises $25 Million to Expand Solana Treasury

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.