Nasdaq-listed company Forward Industries has filed for a $4 billion at-the-market (ATM) equity offering program to support its growing Solana (SOL) treasury strategy. The program provides flexibility to sell shares over time through Cantor Fitzgerald as sales agent, allowing the company to build its Solana holdings in alignment with long-term growth initiatives.
According to Chairman Kyle Samani, the offering creates a "flexible and efficient mechanism" to raise and deploy capital for Solana treasury expansion. Proceeds will be used for general corporate purposes including working capital, growth initiatives, and specifically for expanding Solana holdings. This move builds on the company's previous announcement on September 8th where it secured $1.65 billion in commitments from major crypto firms including Galaxy Digital, Jump Crypto, and Multicoin Capital to acquire 6.82 million SOL tokens worth approximately $1.6 billion.
The news coincides with bullish analyst predictions for Solana. Crypto analyst Kamran Asghar identified a strong "cup-and-handle" pattern on Solana's chart, suggesting potential for significant upward momentum if the token breaks through the $300 resistance level, with a target price of $500. At writing time, Solana trades around $234 while showing resilience despite short-term fluctuations.
Forward Industries leads corporate SOL treasury holdings with $1.6 billion in tokens, part of a broader trend where 17 companies now hold over 17.11 million SOL tokens worth more than $4 billion in total. The company's Solana-focused strategy reflects growing institutional interest in the ecosystem, fueled by its expanding presence in decentralized finance (DeFi) and non-fungible token (NFT) markets, with total value locked (TVL) recently hitting an all-time high of $13 billion.