Forward Industries Bolsters Solana Treasury with $25 Million Raise

Forward Industries, a Solana-focused digital-asset treasury company, has completed a $25 million registered direct offering on September 24. The company sold 3.125 million common shares to an institutional investor at $8 per share, generating approximately $25 million in gross proceeds before placement-agent fees and other expenses.

The net proceeds are primarily intended for additional Solana (SOL) token purchases, with Forward Industries currently holding around 8.16 million SOL and SOL equivalents as of September 21. This represents about 1.39% of Solana's circulating supply at that time.

The company's strategy includes buying, holding, staking, trading, and investing in SOL and Solana-related assets, protocols, and businesses. Forward Industries had approximately $120 million in outstanding loans as of August 3, secured by SOL and/or fwdSOL.