Forward Industries Enables SEC-Registered Equity to Be Used in DeFi via Solana

Forward Industries announced that its SEC-registered shares are now live on the Solana blockchain through Superstate’s Opening Bell platform, marking the first time a public company’s equity can be used directly within decentralized finance. Tokenized FWDI shares are available for eligible ex-U.S. holders to post as collateral on Kamino, a leading Solana-based lending protocol. The integration allows investors to borrow stablecoins against their equity while maintaining exposure to FWDI stock, supported by real-time price feeds from Pyth. This distinguishes itself from synthetic tokenized stock models by directly tokenizing Forward’s Class A Common Stock through Superstate, a registered SEC transfer agent.

The collaboration establishes a foundation for expanded onchain equity functionality as regulatory guidance evolves and provides existing shareholders the option to hold their shares on Solana via Superstate’s platform. This development represents a significant milestone in bridging traditional securities with decentralized finance ecosystems, potentially unlocking new liquidity and utility for public company equity. The move follows Forward Industries' September 2025 initiation of a Solana treasury strategy dedicated to acquiring SOL and increasing SOL-per-share through bespoke strategies and active management of the company’s treasury, supported by industry leading investors and operating partners including Galaxy Digital, Jump Crypto, and Multicoin Capital.

By enabling SEC-registered equity to function within DeFi protocols, this integration addresses longstanding barriers between traditional finance and blockchain-based financial systems. The ability to use tokenized shares as collateral on platforms like Kamino creates practical utility for equity holdings beyond traditional trading and dividend collection. This could pave the way for other public companies to explore similar blockchain integrations as regulatory frameworks continue to develop. The real-time price feeds from Pyth ensure that collateral values remain accurate and responsive to market conditions, addressing a critical requirement for secure lending operations in decentralized finance environments.

The implications extend beyond Forward Industries shareholders to potentially reshape how public company equity interacts with emerging financial technologies. As regulatory guidance evolves, this model could establish precedents for other SEC-registered securities to enter blockchain ecosystems while maintaining compliance with existing securities regulations. The integration demonstrates how traditional financial instruments can gain new functionality through blockchain technology without compromising regulatory oversight. This development occurs within the broader context of increasing institutional adoption of blockchain infrastructure and could influence how companies manage treasury operations and shareholder services in the future.