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