Forward Industries, the largest publicly traded Solana treasury company, has filed for a $4 billion at-the-market equity raise. Proceeds will go toward working capital, Solana accumulation, and the purchase of other income-generating assets. While the company did not disclose specifics on additional assets, it confirmed the raise will help expand its Solana strategy significantly.
At present, $3.1 billion of Solana is already held in corporate treasuries, according to CoinGecko. Should Forward Industries deploy most of the new funds into SOL, the amount could more than double. Cantor Fitzgerald will serve as the agent for the offering, earning a 3% commission. The company also noted its automatic shelf registration is active, meaning shares can be issued quickly. Analysts see the move as a sign that Solana’s role in corporate treasuries is maturing, echoing bitcoin treasury strategies of recent years, and potentially boosting SOL’s standing as a core institutional asset.
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