Multicoin Abandons $1.65 Billion Solana Treasury Venture

Multicoin Capital, an early and prominent backer of Solana, has exited its position in Forward Industries, a $1.65 billion Solana treasury company.

The investment firm, along with Galaxy Digital and Jump Crypto, was one of the lead investors behind Forward's launch in September 2025.

Multicoin co-founder Kyle Samani became Forward's chairman, but less than eight months later, Multicoin reported zero beneficial ownership in Forward through a Schedule 13D amendment on May 8.

The exit was facilitated by a series of transactions that moved most of Multicoin's Forward exposure back to the company or to an entity controlled by Samani.