# Forward Industries Plans $25 Million Raise to Expand Solana Treasury

By John Kim

Canonical URL: https://www.tokenpost.com/news/business/23724
Published: 2026-09-24T13:06:08.000Z
Updated: 2026-09-24T13:06:08.000Z

Forward Industries is raising about $25 million to buy more Solana (SOL), while several public companies report sizable SOL holdings as SOL closed at $114.99 on Sept. 23.

Forward Industries agreed to sell 3,125,000 common shares at $8 each, targeting approximately $25 million in gross proceeds. The company said the net proceeds would fund additional SOL purchases.

The company held approximately 7,552,698 SOL as of June 30, 2026. Those tokens were valued at $555.3 million using a price of $73.53 per SOL.

Solana Company held 2,064,068 SOL as of June 30, including 251,202 locked PIPE SOL. The holdings had a fair value of $151.8 million.

Solana Company describes itself as “a listed digital asset treasury (‘DAT’) dedicated to acquiring and holding Solana tokens (‘SOL’).” Digital assets represented 86.2% of its total assets as of June 30, while the company recorded a $130.1 million net loss for the six months ended that day.

Other companies also disclosed substantial SOL positions. DeFi Development Corp. held 2,311,523 SOL and SOL equivalents as of Aug. 12, 2026. Upexi held approximately 2.34 million SOL as of June 30, 2026.

SOL closed at $114.99 on Sept. 23 (UTC).

Treasury companies with large SOL holdings remain exposed to changes in the token’s value. When a large share of a company’s assets consists of SOL, price movements can affect the value of its holdings and its exposure to market volatility.

Forward Industries’ planned offering illustrates how these companies can issue equity to acquire more SOL and seek to increase their SOL holdings per fully diluted share. The strategy also increases these companies’ financial exposure to token-market volatility.