Written by: Oluwapelumi Adejumo, Cryptoslate
Translated by: Luffy, Foresight News
According to disclosures filed with the U.S. SEC, the cryptocurrency investment firm Multicoin Capital has exited its stake in Forward Industries. Forward is currently the largest public treasury company on Solana.
In September 2025, Forward launched its Solana treasury strategy, completing a $1.65 billion financing round, with Multicoin along with Galaxy Digital and Jump Crypto being the three main investors. The three firms collectively committed over $300 million, and Multicoin co-founder Kyle Samani was appointed chairman of Forward.
Less than 8 months later, Multicoin Capital Management, Multicoin Capital Master Fund, and managing partner Tushar Jain filed to declare they no longer hold any beneficial ownership in Forward. The 13D amendment filed on May 8 marked the formal completion of the exit by the firm.
Multicoin's early significant bet on Solana established its industry position, and before Solana's market capitalization rose to about $44 billion, it was one of the most recognized institutional supporters of the public blockchain, making this exit a point of high market interest.
Multicoin Gradually Reduces Holdings Amid Split with Samani
Multicoin completed the liquidation of its position through several transactions, with most of the Forward equity either repurchased by the company or transferred to entities controlled by Samani.
On March 19, Forward announced it repurchased 6.16 million shares from an institutional investor for $27.37 million, at a price of $4.44 per share. Quarterly filings show that the counterparty was indeed Multicoin Capital Master Fund.
The funds for this repurchase came from a $40 million loan provided by Galaxy Digital, with a weighted average annual interest rate of about 3.4%, and Forward used fwdSOL in its treasury as collateral. The company stated this funding would be used for the share buyback and support the overall digital asset treasury strategy.
After this repurchase, Multicoin still held 6.24 million shares of Forward, including 4.46 million shares obtainable via warrants.
The remaining position was subsequently transferred to Lemmings Holdings LLC. On April 30, Multicoin transferred the warrants corresponding to the 4.46 million shares to this entity; on May 5, it continued transferring 1.78 million common shares. Forward had previously disclosed that Lemmings is controlled by Kyle Samani.
Notably, Multicoin listed these 1.78 million shares in its first-quarter 13F holdings report; the latest second-quarter filings show no related holdings, confirming that these shares disappeared from Samani's publicly traceable stock investment portfolio after being transferred in May.
Samani resigned as a managing partner of Multicoin on January 31 this year but continued to serve as Forward's chairman. The filing on May 8 indicated that the investment firm Multicoin had completely exited Forward, while the entity controlled by Samani still retained significant exposure.
In July, the divergence in ideology between Samani and his former employer became more public: Multicoin supported an industry initiative launched by the Hyperliquid Policy Center, while Samani publicly criticized the move as contrary to the pursuits advanced by Solana developers.
However, Multicoin's management remains bullish on Solana. In June, Tushar Jain stated that Hyperliquid and the institutional Solana holdings have complementarity: Solana supports spot issuance, payment, lending, and a broader range of on-chain capital markets, while Hyperliquid focuses on derivatives trading. Multicoin believes the competition between the two ecosystems will continue to intensify, and both are expected to outperform most crypto sectors.
Forward Continues to Buy Solana
Even though Multicoin has exited at the institutional level, Forward remains committed to its Solana strategy.
As of June 30, the Q3 2026 financial report indicated that the company acquired an additional 508,618 SOL and equivalent assets that quarter, with a total SOL holding of approximately 7.55 million at the end of the quarter.
From July 1 to August 3, Forward further increased its holdings by 254,325 SOL equivalent assets, at an average cost of about $75, raising the treasury's total SOL to approximately 7.81 million.
The decline in SOL prices has impacted the asset portfolio, leading to a reported net loss of $69 million for Forward that quarter, but the increase in holdings did not stop. By the end of June, the company held approximately $11 million in cash against a debt of $105 million to Galaxy; after the quarter ended, the borrowing increased further to $120 million.
During the quarter, Forward also repurchased over 2.5 million of its own shares, continuing its previous capital operation strategies (including repurchasing shares from Multicoin). Samani stated that the company's core goal still relies on leveraging treasury assets for expansion and share buybacks to enhance per share value.
Meanwhile, Forward successfully integrated into the Russell 2000 and Russell 3000 indices, which can attract more institutional funds tracking these indices.
Currently, Forward no longer solely relies on increasing SOL for profits. Chief Investment Officer Ryan Navi stated the company is diversifying its revenue sources and evaluating various acquisition targets to strengthen its treasury assets and enhance its influence in the Solana ecosystem.
Investing in Solana project OnRe is part of this diversification strategy, as Forward seeks to gain dollar-denominated revenues with lower correlation to SOL prices. Navi also mentioned that the current market downturn may create opportunities for industry consolidation.
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