Forward Industries recently issued a shareholder update detailing progress since launching its Solana treasury strategy. The update notes a $1.65 billion private placement led by Galaxy Digital, Multicoin Capital, and Jump Crypto, and appointments of Ryan Navi as Chief Investment Officer and Georgia Quinn as General Counsel, along with a 25-member crypto advisory board. Operational milestones include launching an institutional-grade Solana validator, the PropAMM automated market maker, and the fwdSOL liquid staking token, plus a partnership with Superstate to enable tokenized FWDI shares on the SOL blockchain.
The company also announced a $1 billion share repurchase program and an at-the-market equity offering. As of Dec. 1, 2025, Forward holds over 6.9 million SOL, generating 6.82–7.01% APY through its validator infrastructure, and remains debt-free with $30 million in operating capital. Chairman Kyle Samani said Forward has built the world’s largest Solana treasury, establishing an institutional-grade foundation to compound long-term SOL-per-share value and deliver sustainable shareholder value.
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