Multicoin Capital has exited its stake in Forward Industries, the largest public Solana treasury company, according to filings with the U.S. Securities and Exchange Commission.
Forward rolled out its Solana treasury strategy in September 2025 and raised $1.65 billion. Multicoin, Galaxy Digital and Jump Crypto were the company’s three main investors, with combined commitments of more than $300 million. Multicoin co-founder Kyle Samani became Forward’s chairman.
Less than eight months later, Multicoin Capital Management, Multicoin Capital Master Fund and managing partner Tushar Jain disclosed that they no longer held any beneficial ownership in Forward. An amended Schedule 13D filed on May 8 marked the formal completion of the exit.
Exit completed through buybacks and transfers
Multicoin did not unwind the position in a single transaction. It reduced the holding through several steps, with most of the Forward shares either repurchased by the company or transferred to an entity controlled by Samani.
On March 19, Forward said it had repurchased 6.16 million shares from an institutional investor for $27.37 million, or $4.44 per share. The company’s quarterly filing identified the counterparty as Multicoin Capital Master Fund.
The buyback was funded with a $40 million loan from Galaxy Digital. The weighted average annual interest rate was about 3.4%, and Forward pledged fwdSOL from its treasury as collateral. The company said the financing would support the share repurchase and its broader digital asset treasury strategy.
After that transaction, Multicoin still held 6.24 million Forward shares, including warrants tied to 4.46 million shares.
The remaining position was then moved to Lemmings Holdings LLC. On April 30, Multicoin transferred the warrants covering 4.46 million shares to the entity. On May 5, it transferred another 1.78 million common shares. Forward had previously disclosed that Lemmings is controlled by Kyle Samani.
Multicoin’s first-quarter 13F filing had still listed those 1.78 million shares. In the latest second-quarter filing, that position no longer appeared, confirming that the shares left Multicoin’s publicly disclosed stock portfolio after being transferred to Samani’s entity in May.
Samani’s break with Multicoin became more visible
Samani stepped down as a managing partner at Multicoin on Jan. 31 this year, while remaining chairman of Forward. The May 8 filing showed that Multicoin as an investment firm had fully exited Forward, even as an entity controlled by Samani continued to hold a sizable exposure.
In July, the split in views between Samani and his former firm became more public. Multicoin backed an industry initiative launched by the Hyperliquid Policy Center, and Samani publicly criticized the move, saying it ran against what Solana developers were working toward.
Even so, Multicoin management remained positive on Solana. In June, Tushar Jain said Hyperliquid and the firm’s Solana exposure were complementary. He described Solana as a platform for spot issuance, payments, lending and broader on-chain capital markets, while Hyperliquid was focused on derivatives trading. In Multicoin’s view, competition between the two ecosystems will intensify, and both could outperform most crypto sectors.
Forward keeps adding to its SOL treasury
Multicoin’s institutional exit has not changed Forward’s Solana strategy.
In its fiscal 2026 third-quarter report for the period ended June 30, the company said it added 508,618 SOL and equivalent assets during the quarter, bringing total SOL holdings to about 7.55 million.
From July 1 to Aug. 3, Forward added another 254,325 SOL equivalent assets at an average cost of about $75, lifting its treasury total to roughly 7.81 million SOL.
Lower SOL prices weighed on the portfolio, and Forward posted a net loss of $69 million for the quarter. Still, the accumulation continued. At the end of June, the company held about $11 million in cash and had $105 million of debt owed to Galaxy. After the quarter closed, that borrowing rose to $120 million.
Forward also repurchased more than 2.5 million of its own shares during the quarter, extending the capital strategy that included buying back stock from Multicoin. Samani said the company’s core objective remained increasing per-share value through treasury expansion and share repurchases.
Russell index inclusion and broader income plans
During the same period, Forward was added to the Russell 2000 and Russell 3000 indexes, opening the door to more institutional money from funds that track those benchmarks.
Forward is no longer relying only on buying more SOL to generate returns. Chief investment officer Ryan Navi said the company is building more diversified income streams and reviewing acquisition targets to expand treasury assets and strengthen its position in the Solana ecosystem.
Its investment in Solana project OnRe is part of that push. Forward said it wants dollar-denominated income with lower correlation to SOL’s price. Navi also said a weak market could create consolidation opportunities across the industry.