Forward Industries, Inc., a key player in managing Solana treasuries, is taking steps to enhance its financial flexibility and increase its Solana holdings as the token gains traction and broader acceptance in the crypto market.
A $4 billion ATM program has been announced by Forward Industries, Inc., allowing the company to issue and sell shares over time. This move provides the company with the flexibility to use the funds raised for various purposes such as day-to-day operations, advancing its Solana strategy, acquiring income-generating assets, or other capital investments. Cantor Fitzgerald & Co. will serve as the sales agent for the ATM program.
Chairman of the Board of Directors of Forward Industries, Kyle Samani, stated that through this offering, the company gains a flexible and efficient way to raise and deploy capital in support of its Solana treasury strategy. The ATM program builds on Forward’s recent achievement of completing the largest Solana-focused treasury raise and acquiring over 6.8 million SOL. This will allow the company to expand its Solana position, strengthen its financial position, and drive long-term growth.
According to Lookonchain, six strategic Solana reserve entities now hold more than 1 million SOL each, with Forward Industries leading the group with 6.82 million SOL valued at approximately $1.58 billion.
Galaxy CEO, Mike Novogratz, highlighted Solana’s exceptional speed, transaction capacity, and increasing adoption, positioning it as a strong contender for global financial infrastructure. He mentioned Forward Industries’ $1.58 billion in SOL purchases to launch the world’s largest Solana treasury company.
Solana’s momentum is rapidly growing, with 17 treasury firms holding over 17 million SOL and Galaxy acquiring $1.55 billion in just five days. With stablecoin inflows on the rise, SOL could potentially surpass $250 and reach new all-time highs above $294.