- Forward Industries (FWDI) leverages its debt-free balance sheet to play offense and consolidate the digital asset treasury sector amid a market downturn.
- The company’s strategy focuses on accumulating and staking Solana, using a significant cost-of-capital advantage for long-term per-share accretion.
- A recent $1.65 billion private placement transformed Forward Industries into the largest publicly-listed Solana-focused treasury company.
- Executive Kyle Samani is stepping down from Multicoin Capital and taking his exit in FWDI shares, underscoring long-term confidence in the firm.
Nasdaq-listed Forward Industries is uniquely positioned to consolidate the pressured digital asset treasury space because it carries no corporate debt, according to CIO Ryan Navi. This unlevered strength allows the firm to act as a net consolidator while peers retrench, he stated in an interview.
Digital asset treasury companies face growing pressure from falling crypto prices, which squeeze asset values and force leveraged sales. Navi argued their model’s sustainability in prolonged bear markets is now in question.
Forward Industries holds about 7 million Solana tokens acquired at an average price of $232, representing a paper loss of roughly $1 billion at current levels. Consequently, its stock has slumped from near $40 to just over $5.
The firm’s center of gravity shifted in 2025 after raising roughly $1.65 billion in a private investment led by Galaxy Digital, Jump Crypto, and Multicoin Capital. This deal made it the largest Solana-focused public treasury.
Navi, who joined from KKR and ParaFi Capital, said crypto equities remain deeply dislocated, creating opportunities for disciplined capital allocation. He noted accretion can be easier when markets are weaker and expectations are compressed.
The bet on Solana is fundamental, as Navi views Ethereum as slower and more expensive with fragmented liquidity. “Solana, by contrast, is optimized for speed, cost and finality,” he said, qualities vital for consumer applications.
Forward Industries stakes its SOL for a 6-7% yield and uses partnerships with Sanctum to issue a liquid staking token, fwdSOL. This allows borrowing on venues like Kamino at costs below the staking yield.
Longer term, Navi sees Forward Industries as a permanent-capital vehicle akin to Berkshire Hathaway. “We’re building a long-term Solana treasury,” he said, focused on discipline and a strategic view.
Meanwhile, Kyle Samani announced he is stepping down as managing director of Multicoin Capital while remaining chairman of Forward Industries. Notably, he is taking his exit from the Multicoin Master Fund in FWDI shares and warrants instead of cash.
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