Nasdaq-listed Forward Industries has submitted a prospectus to the SEC, announcing plans to sell $4 billion in shares. The proceeds will be used, among other things, to bolster its Solana reserves.
According to the statement, the flexible securities issuance mechanism will allow the firm to gradually sell them through Cantor Fitzgerald without fixed volume commitments. In addition to purchasing SOL, Forward Industries will use the funds to increase working capital and invest in income-generating assets.
The company holds 6.8 million SOL worth $1.6 billion, which it acquired through a private placement led by Galaxy Digital, Jump Crypto, and Multicoin Capital in early September.
Solana Reserves Accumulate 3% of Cryptocurrency Supply
Forward Industries is the largest holder of Solana among corporate treasuries. Firms focused on the asset have surpassed the threshold of 1 million SOL under management.
The top three also include DeFi Development Corp. and Upexi, each holding 2 million coins.
Earlier, analysts at Lookonchain noted another company acquiring Solana. Within a day, FalconX withdrew 413,075 SOL worth $98.4 million from exchanges Binance, OKX, Coinbase, and Bybit.
Looks like another institution is buying massive $SOL.
In the past 8 hours, #FalconX has withdrawn 413,075 $SOL($98.4M) from #Binance, #OKX, #Coinbase, and #Bybit.https://t.co/BbJHB6YKtf pic.twitter.com/BibDGcoD3x
— Lookonchain (@lookonchain) September 17, 2025
At the time of writing, the cryptocurrency is trading at $235. Over the past week, its price has increased by more than 7%.
Previously, Galaxy Digital CEO Mike Novogratz announced the start of the “Solana season” amid institutional investor activity.