Nasdaq-listed Forward Industries filed for a $4 billion ATM equity offering program to sell shares over time for its Solana treasury strategy. The program will be managed by Cantor Fitzgerald under an automatic shelf registration statement with the SEC. Sales depend on market conditions.

Proceeds from share sales will fund general corporate purposes, including expanding Solana treasury holdings. Chairman Kyle Samani stated the offering provides flexibility to raise capital for the Solana strategy. Forward Industries secured $1.65 billion in commitments from Galaxy Digital, Jump Crypto, and Multicoin Capital for its Solana treasury.

Forward Industries led the SOL treasury companies with $1.6 billion in tokens. Nasdaq-listed Helius also announced a $500M funding for its Solana treasury. Solana treasury companies accumulated over 17.11 million SOL tokens worth $4 billion, indicating growing institutional interest. 17 companies, including Sharps Technology and DeFi Development Corp., have implemented Solana reserve strategies.

Read more at Cointelegraph: Forward Industries Plans $4B Share Sale to Back Solana Treasury