# Forward Industries Completes $25 Million Raise for Solana Treasury

By John Kim

Canonical URL: https://www.tokenpost.com/news/business/24231
Published: 2026-09-25T17:41:46.000Z
Updated: 2026-09-25T17:41:46.000Z
Section: Business

> The company sold 3.125 million shares at $8 each and plans to use the net proceeds primarily to acquire additional Solana.

Forward Industries completed a $25 million registered direct offering on Sept. 24, strengthening its ability to expand its Solana (SOL) treasury through additional token purchases.

The company sold 3.125 million common shares to an institutional investor at $8 per share. The offering generated approximately $25 million in gross proceeds before placement-agent fees and other expenses.

The net proceeds are planned primarily for additional SOL acquisitions. Forward Industries has not disclosed the amount of SOL purchased with the proceeds or the offering’s exact net proceeds. The institutional investor’s identity was not disclosed.

A.G.P./Alliance Global Partners served as the sole placement agent.

Forward held approximately 8.16 million SOL and SOL equivalents as of Sept. 21, including SOL, fwdSOL, pledged SOL and SOL equivalents. The balance was preliminary and unaudited. Holdings increased by approximately 357,000 SOL and SOL equivalents from Aug. 4 through Sept. 20 through purchases and staking rewards.

The holdings represented approximately 1.39% of Solana’s circulating supply as of Sept. 21.

“This financing positions us to expand our SOL treasury and increase SOL per share—the measure of growth that matters most to our shareholders,” Ryan Navi, Forward Industries’ chief investment officer, said.

Forward Industries is a Solana-focused digital-asset treasury company. Its strategy includes buying, holding, staking, trading and investing in SOL and Solana-related assets, protocols and businesses.

The company had approximately $120 million in outstanding loans as of Aug. 3, secured by SOL and/or fwdSOL.

The completed offering follows the company’s earlier planned raise, announced Sept. 23.

## Links in this article

- [the company’s earlier planned raise](https://www.tokenpost.com/news/business/23724)