Multicoin Capital has fully exited its disclosed position in Forward Industries, the largest publicly listed corporate holder of Solana, according to SEC filings. The crypto investment firm was one of three lead sponsors—alongside Galaxy Digital and Jump Crypto—behind the $1.65 billion financing that launched Forward’s Solana treasury strategy in September 2025. In a May 8 Schedule 13D amendment, Multicoin Capital Management, Multicoin Capital Master Fund and managing partner Tushar Jain reported zero beneficial ownership in Forward, marking the group’s final exit filing.
The exit unfolded through a series of transactions. On March 19, Forward repurchased 6.16 million shares from Multicoin for $27.37 million, or $4.44 per share, funded partly by a $40 million loan from Galaxy Digital carrying an average annual interest rate of about 3.4%. The remaining Multicoin position—including warrants covering 4.46 million shares—was transferred in late April and early May to Lemmings Holdings LLC, an entity controlled by Multicoin co-founder Kyle Samani. Samani had resigned as a manager of Multicoin Capital Management effective Jan. 31 but remained Forward’s chairman.
Despite the institutional exit, Forward Industries has continued its aggressive Solana accumulation. During its fiscal third quarter ended June 30, the company added 508,618 SOL and SOL equivalents, lifting total holdings to about 7.55 million. It then acquired another 254,325 SOL between July 1 and August 3 at an average cost of roughly $75 per token, or $19.07 million, bringing the treasury to approximately 7.81 million SOL equivalents—about 1.3% of Solana’s circulating supply.
Forward reported a $69 million quarterly net loss as lower SOL prices weighed on its digital-asset portfolio. The company ended June with about $11 million in cash and $105 million of Galaxy debt, with borrowings rising to $120 million after quarter-end. It also repurchased more than 2.5 million shares during the quarter and joined the Russell 2000 and Russell 3000 indexes. Chief Investment Officer Ryan Navi said the company is pursuing diversified sources of yield and evaluating acquisitions that could expand its treasury and its role within the Solana ecosystem.
Multicoin’s departure highlighted a split between Samani and his former firm. After Multicoin backed the Hyperliquid Policy Center, Samani accused the firm of working against Solana developers. Multicoin executives have nonetheless maintained a bullish view on Solana, with Jain arguing that Hyperliquid complements the firm’s Solana positions.
