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Forward Industries Inc. (NASDAQ:FORD) filed an automatic shelf registration with the U.S. Securities and Exchange Commission, enabling an at-the-market (ATM) equity program worth up to $4 billion. The framework allows the company to issue common shares as needed under market conditions.
Proceeds will go toward working capital, asset purchases, and expansion of its Solana (CRYPTO: SOL/USD) token strategy. The filing highlights the company's effort to strengthen its balance sheet while deepening its exposure to digital assets.
Kyle Samani, chairman of the board, said the program creates "a flexible and efficient mechanism" to raise funds in support of its Solana treasury plan. Forward previously completed the largest Solana-focused treasury raise to date and acquired more than 6.8 million SOL.
Also Read: Forward Industries Surges 12% Premarket On $1.65B Raise To Fund Solana Treasury Strategy
Beyond the filing, Forward recently invested $1.58 billion in Solana tokens, reflecting a broader trend of companies adopting crypto treasury management strategies similar to those of high-profile advocates in the digital asset space.
Several firms are piling into Solana (SOL) for their treasury reserves. Helius Medical Technologies Inc. (NASDAQ:HSDT) raised about $500 million and plans to make SOL its main reserve asset, also using staking and DeFi exposure.
Meanwhile, Upexi Inc. (NASDAQ:UPXI) built a SOL treasury valued at $447 million, partly driven by recent price gains; about $142 million of that is unrealized profit.
Comparable companies and funds drawing investor attention in the crypto-linked equity space include Coinbase Global Inc. (NASDAQ:COIN) and MicroStrategy Inc. (NASDAQ:MSTR), as well as the ProShares Bitcoin Strategy ETF (NYSE:BITO) and the Global X Blockchain ETF (NASDAQ:BKCH).
Price Action: FORD shares were trading lower by 9.56% to $33.78 premarket at last check Wednesday.
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