Forward Industries Raises $25M to Bolster Solana Holdings

Forward Industries, a Solana treasury company listed on NASDAQ under FWDI, has raised $25 million in a registered direct offering to expand its Solana holdings. The Austin-based firm sold 3,125,000 shares of common stock at $8.00 per share, with the net proceeds primarily used to acquire additional SOL and increase the token backing each outstanding share.

The raise comes after a challenging stretch for Solana treasury firms, with Forward reporting a nearly $1 billion unrealized loss earlier this year as SOL slumped from its 2025 highs. Raising equity now is a bet that expanding the SOL position will reward shareholders if the token recovers.

Forward's Chief Investment Officer Ryan Navi said the new capital 'positions us to expand our SOL treasury and increase SOL per share' without adding ongoing balance sheet obligations.