Forward Industries, the largest Solana-focused treasury company, has announced plans to tokenize its stock on the Solana blockchain through Superstate’s Opening Bell platform. ,
The move positions the Nasdaq-listed firm to become one of the first public companies to issue tokenized equity directly on-chain, extending its broader strategy to build a balance sheet anchored by Solana.
Forward Industries, Superstate Team Up to Bring Public Equities On-Chain
Under the agreement, Forward shareholders will be able to convert their common stock into tokenized FORD shares via Opening Bell, which Superstate launched in May 2025 as a regulated on-chain issuance platform.
The initiative will enable 24/7 trading, near-instant settlement, and expanded global liquidity for the company’s equity. Forward also intends to take an equity stake in Superstate to align interests and collaborate on further product development.
Forward is also working with major Solana-based protocols, including Drift, Kamino, and Jupiter Lend, to make tokenized FORD shares usable as collateral within their lending systems.
The company said the collaboration represents a step toward integrating traditional equity with decentralized finance infrastructure built on Solana.
Kyle Samani, co-founder of Multicoin Capital and Chairman of Forward Industries, said the launch reflects the company’s goal of becoming an “on-chain-first” enterprise. He described the partnership with Superstate as a way to place Solana at the core of global capital markets.
Robert Leshner, CEO of Superstate, added that the project marks the beginning of Solana becoming a home for tokenized public equities.
The tokenization plan comes shortly after Forward closed a $1.65 billion private investment in public equity financing on September 11, led by Galaxy Digital, Jump Crypto, and Multicoin Capital. The PIPE, the largest Solana-focused digital asset treasury financing to date, funded the company’s purchase of 6.8 million SOL, worth around $1.58 billion.
Existing shareholder C/M Capital Partners also participated in the raise, which saw broad interest from institutional investors.
As part of the financing, Chris Ferraro of Galaxy Digital and Saurabh Sharma of Jump Crypto joined as board observers, while Samani assumed the role of chairman. The company’s pivot has been underscored by its regulatory filings.
On September 17, Forward submitted plans for a $4 billion at-the-market equity program with Cantor Fitzgerald as distributor, which will allow it to raise additional capital for Solana acquisitions and working capital.
Forward’s strategy comes at a time when Solana is seeing surging activity. In the second quarter of 2025, the blockchain processed more than 8.9 billion transactions and supported nearly $4 billion in daily decentralized exchange volume.
According to data from the Strategic Solana Reserve, 17 companies now hold a combined 17.11 million SOL, valued at $4.03 billion at current prices, equal to nearly 3% of the token’s circulating supply.
Institutions Turn to Solana as Treasury Asset in Series of High-Value Deals
A series of major deals this month has spotlighted Solana’s growing role in corporate treasury strategies.
Helius Medical Technologies said it has made its first Solana acquisition, purchasing more than 760,000 SOL tokens at an average cost of $231. Backed by over $335 million in cash reserves, the company said Solana will serve as the principal holding in its digital asset treasury.
The move follows Helius’ $500 million oversubscribed private investment in a PIPE round earlier this month, led by Pantera Capital, with total commitments potentially reaching $1.25 billion. Investors in the round included Animoca Brands, Arrington Capital, HashKey, and Republic Digital.
Galaxy Digital also made headlines, disclosing $306 million in Solana purchases in a single day on September 15. The firm has accumulated 6.5 million SOL, worth about $1.55 billion, over five days, according to on-chain data. The buying spree is tied to a broader initiative with Multicoin Capital and Jump Crypto.
Meanwhile, Fragmetric and DeFi Development Corp. announced plans to launch South Korea’s first Solana-based digital asset treasury through the takeover of a listed company.
Other institutions are moving in the same direction. On September 19, Brera Holdings unveiled “Solmate,” a Solana-focused treasury and infrastructure company funded with $300 million from ARK Invest, the Solana Foundation, and Middle East backers. The firm plans dual listings on Nasdaq and a UAE exchange.
Pantera Capital said Solana is reaching an adoption inflection point, noting that payment giants such as Stripe and PayPal are beginning to build on the network.
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