Forward Industries plans to raise up to $4 billion to expand investments in Solana

American company Forward Industries, managing a treasury based on Solana (SOL), announced its intention to raise up to $4 billion through the issuance of common stock. The funds are planned to be directed towards strengthening the balance sheet and expanding the digital asset portfolio.

Previously, Forward Industries was engaged in designing and manufacturing cases and protective covers for medical equipment and technological devices. However, in September 2025, the company announced a strategic shift, focusing its efforts on the cryptocurrency sector.

The firm has already invested $1.65 billion in purchasing Solana, aiming to become the largest corporate player in the ecosystem. According to a new press release, a prospectus for the ATM stock issuance program of up to $4 billion has been filed with the SEC, and a preliminary agreement has been reached with investment company Cantor Fitzgerald & Co.

The net proceeds from the sale of shares, if the program is implemented, will go towards general corporate purposes, including the purchase of additional Solana coins to strengthen reserves. As of September 15, Forward Industries controlled 6.82 million SOL, acquired at an average price of $232. At the current market price of $245, this represents more than $88 million in unrealized profit.

Despite the positive news for the cryptocurrency sector, Forward Industries’ shares on the Nasdaq showed a decline. Analysts attribute this to investor concerns about potential shareholder dilution.

According to Blockworks data, Forward Industries is the largest corporate holder of Solana: out of $4.6 billion in total assets of holding companies, it accounts for $3.36 billion.