Forward Industries is constant to wager huge on Solana. The Nasdaq-listed firm stated on Wednesday that it’ll increase as much as $4 billion by an at-the-market equity program, with proceeds geared toward increasing its SOL holdings.
This system, organized with Cantor Fitzgerald, allows Forward to promote shares straight into the market over time as a substitute of in a single issuance. The corporate stated the versatile construction will help its Solana-focused treasury technique, which has already included the acquisition of greater than 6.8 million SOL this 12 months.
Chairman Kyle Samani described this system as a approach to hold constructing the corporate’s Solana place whereas giving it room to fund different development initiatives. Forward’s technique is backed by buyers together with Galaxy Digital, Soar Crypto, and Multicoin Capital, positioning it as one of many largest public companies centered on Solana fairly than Bitcoin or Ethereum.
Forward acknowledged that its inventory worth might turn into tightly linked to the worth of SOL, a token identified for sharp volatility. US regulators have additionally raised questions on how firms account for and disclose crypto holdings, leaving open the potential for shifting compliance necessities.
Nonetheless, the size of the increase highlights how some public firms are utilizing conventional capital markets to double down on digital asset methods. If totally executed, the $4 billion program would make Forward probably the most aggressive company patrons of Solana thus far.
This can be a growing story.
This text was generated with the help of AI and reviewed by editor Jeffrey Albus earlier than publication.
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