Nasdaq-listed firm launches ATM equity program with Cantor Fitzgerald to expand crypto holdings
Forward Industries, a Nasdaq-listed company, has filed for an at-the-market (ATM) equity offering program of up to $4 billion. The move, announced Wednesday, gives the firm flexibility to issue shares over time and deploy proceeds into its Solana-focused treasury strategy, alongside other corporate initiatives.
Flexible Capital Raising Through ATM Offering
The program, managed by sales agent Cantor Fitzgerald, is being made under an automatic shelf registration with the US Securities and Exchange Commission. Such registrations allow large public companies to raise capital quickly and with flexibility.
While the filing lists a maximum of $4 billion, Forward Industries emphasized that actual sales will depend on market conditions, meaning the company may not use the entire capacity.
Solana Treasury Strategy in Focus
Part of the funds will be allocated to increasing Solana (SOL) holdings, strengthening the firm’s balance sheet and supporting growth.
Kyle Samani, chairman of the board, highlighted the importance of the program: “The ATM Program enhances our ability to continue scaling that position, strengthen our balance sheet, and pursue growth initiatives in alignment with our long-term vision.”
Earlier this month, the company revealed $1.65 billion in cash and stablecoin commitments to expand its SOL reserves, backed by institutions such as Galaxy Digital, Jump Crypto, and Multicoin Capital. This was followed by a large-scale purchase, with Galaxy Digital acquiring $306 million worth of Solana in a single day for the firm’s treasury.
Growing Institutional Solana Reserves
Data from Solana Strategic Reserve shows Forward Industries currently leads Solana treasury holdings with $1.6 billion in tokens. Overall, institutional Solana treasuries now exceed $4 billion, comprising more than 17.11 million SOL tokens across 17 companies, including Sharps Technology, DeFi Development Corp., and Upexi.
By pursuing a multi-billion-dollar share sale program, Forward Industries is doubling down on its Solana-first treasury strategy, reinforcing the growing wave of institutional adoption of Solana as a key blockchain asset.
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