Forward Industries Expands Solana Treasury Strategy with Major Financial and Operational Milestones

Forward Industries Inc. (NASDAQ: FWDI) has provided a comprehensive shareholder update detailing substantial progress since debuting its Solana treasury strategy. The company closed a $1.65 billion private placement led by prominent firms including Galaxy Digital, Multicoin Capital, and Jump Crypto, providing significant capital to fuel its ambitious plans. This financial milestone underscores institutional confidence in Forward Industries' approach to building and managing a large-scale Solana treasury.

Leadership changes have been implemented to strengthen the company's strategic direction, including the appointment of Ryan Navi as Chief Investment Officer and Georgia Quinn as General Counsel. The company has also established a crypto advisory board with 25 initial members possessing extensive experience in capital markets, digital assets, financial services, and the Solana ecosystem. These appointments reflect the company's commitment to institutional-grade governance as it navigates the evolving cryptocurrency landscape.

Technological advancements form a core component of the update, with the company launching an institutional-grade validator on the Solana blockchain and developing Forward's Proprietary Automated Market Maker ("PropAMM"). The company has also introduced fwdSOL, its liquid staking token designed to maximize yield from staked Solana (SOL). A significant partnership with fintech firm Superstate enables stockholders to tokenize and hold FWDI shares on the SOL blockchain, bridging traditional equity markets with blockchain technology. More details about the strategy's implementation are available at https://ibn.fm/S14Up.

The company's treasury has grown substantially, holding over 6.9 million SOL as of December 1st, 2025. Since inception, the company's validator infrastructure has generated between 6.82% and 7.01% annual percentage yield ("APY") before fees, outperforming top peer validators. The company maintains a debt-free position with $30 million of operating capital between USDC reserves and cash. Additional corporate actions include completing a tax optimization process, changing the ticker symbol from "FORD" to "FWDI," authorizing a share repurchase program to repurchase up to $1 billion of common stock, and announcing an at-the-market equity offering program.

Chairman Kyle Samani emphasized the rapid progress, stating that Forward Industries has established an institutional-grade foundation capable of compounding long-term SOL-per-share. He noted the accumulation of more than 6.9 million SOL and deployment across high-performance validator infrastructure launched in October, alongside tax-efficient strategies that strengthened the capital position. The company aims to continue expanding its SOL treasury and compounding SOL-per-share through initiatives like bringing equity on-chain and executing accretive mergers and acquisitions, positioning itself as the primary public markets gateway to Solana.