According to Cointelegraph, Forward Industries, a Nasdaq-listed company known for holding the largest corporate Solana treasury, has announced plans to tokenize its equity on the Solana blockchain. The company has partnered with fintech firm Superstate to facilitate this process through Superstate’s Opening Bell, a regulated onchain issuance platform designed for public companies to tokenize equity on Solana. This initiative could enable shareholders to bridge their common stock between brokerage accounts and Solana, potentially offering 24/7 trading, near-instant settlement, and access to new pools of global liquidity.
Forward Industries has not yet disclosed whether regulatory approval has been obtained for the tokenized shares or if the plan is still in its preliminary stages. Cointelegraph reached out to Forward Industries for further details but did not receive a response by the time of publication. In addition to tokenizing its stock, Forward Industries aims to make its tokenized FORD stock available as collateral in onchain lending activities. The company is collaborating with Solana-based lending protocols Drift, Kamino, and Jupiter Lend to establish tokenized FORD equity as an eligible form of collateral across their crypto lending platforms.
Kyle Samani, chairman of the board of directors at Forward Industries, emphasized that this move underscores their belief in Solana's central role in future capital markets. He noted that it provides shareholders with direct participation in the evolving tokenized economy. This announcement is part of Forward Industries' broader strategy to advance its Solana initiatives. On September 8, the company secured $1.65 billion in Solana-focused private investment in public equity (PIPE) financing, with support from Galaxy Digital, Jump Crypto, and Multicoin Capital. These funds were used to establish the largest corporate Solana treasury.
Additionally, Forward Industries filed for an at-the-market (ATM) equity offering program of up to $4 billion, granting the company flexibility to sell shares over time to bolster its Solana treasury. The establishment of a $1.6 billion Solana reserve increased the total amount of Solana held by companies to 17.11 million SOL tokens, valued at approximately $4 billion. This amount represents nearly 3% of the entire Solana token supply. Forward Industries' strategic moves highlight its commitment to integrating blockchain technology into traditional financial systems, positioning Solana as a key player in the future of capital markets.
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