Multicoin Exits Solana Treasury Company Forward Industries
Multicoin Capital has exited its stake in Forward Industries, the largest Solana treasury company. The crypto investment firm was one of the three lead investors behind the $1.65 billion financing that launched Forward's Solana treasury strategy in September 2025.
According to SEC filings, Multicoin co-founder Kyle Samani had resigned as a manager of Multicoin Capital Management effective January 31. The exit came through a series of transactions that moved most of Multicoin's Forward exposure either back to the company or to an entity controlled by Samani.
Forward continued its capital allocation strategy, including share repurchases and treasury growth. Despite Multicoin's institutional exit, Forward remains committed to its Solana strategy.