The firm has filed with the U.S. Securities and Exchange Commission to launch a $4 billion at-the-market (ATM) equity program, which will let it sell shares gradually to raise capital. Cantor Fitzgerald & Co. has been appointed as the sales agent.
Funds from the program can be directed toward operations, acquisitions, and most importantly, building on its Solana strategy. Forward already holds 6.82 million SOL – about $1.58 billion in value – putting it well ahead of other treasury managers like Sharps Technology and DeFi Dev Corp.
The push comes as Solana continues its breakout year. Galaxy Digital’s Mike Novogratz has praised the network’s speed and scalability, arguing that it is becoming a strong candidate for global financial infrastructure.
Forward, backed by firms like Galaxy, Jump, and Multicoin, is not only staking its tokens but also operating directly on Solana-native platforms.
Chairman Kyle Samani said the ATM program gives Forward the flexibility to expand reserves and act quickly as opportunities arise, reinforcing its long-term strategy of making Solana the core of its digital asset play.
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