Multicoin Capital has exited its stake in Forward Industries, according to filings with the U.S. Securities and Exchange Commission. Forward is currently the largest publicly listed Solana treasury company.
In September 2025, Forward launched its Solana treasury strategy and completed a $1.65 billion financing. Multicoin, Galaxy Digital and Jump Crypto were the three main investors, with combined commitments of more than $300 million. Multicoin co-founder Kyle Samani became chairman of Forward.
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 that exit.
Multicoin’s early and aggressive bet on Solana helped define its standing in crypto. Before Solana’s market capitalization climbed to about $44 billion, the firm was already one of the chain’s best-known institutional supporters. That is why the withdrawal drew attention.
Exit unfolded through buybacks and transfers
Multicoin unwound its position through several transactions. Most of the Forward stake was either repurchased by the company or transferred to an entity controlled by Samani.
On March 19, Forward said it repurchased 6.16 million shares from an institutional investor for $27.37 million, at $4.44 per share. Quarterly filings 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 4.46 million shares obtainable through warrants.
The remaining position was then transferred to Lemmings Holdings LLC. On April 30, Multicoin transferred warrants tied to 4.46 million shares to that 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 still listed the 1.78 million shares. The latest second-quarter filing no longer showed that holding, confirming that the shares disappeared from Multicoin’s publicly disclosed equity portfolio after they moved into a Samani-controlled vehicle in May.
Samani left Multicoin but kept exposure through another entity
Samani stepped down as managing partner at Multicoin on Jan. 31 this year, while remaining chairman of Forward. The May 8 filing shows Multicoin as an investment firm has fully exited Forward, but an entity controlled by Samani still holds substantial 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 that move, saying it ran counter to what Solana developers were building.
Even so, Multicoin’s leadership has remained constructive on Solana. In June, Tushar Jain said Hyperliquid and the firm’s Solana positions were complementary. In his description, Solana supports spot issuance, payments, lending and broader on-chain capital markets, while Hyperliquid focuses on derivatives trading. Multicoin said competition between the two ecosystems would intensify, and that both could outperform most crypto sectors.
Forward kept buying SOL as debt increased
Multicoin’s institutional exit did not change Forward’s treasury direction.
In its fiscal 2026 third-quarter report for the period ended June 30, Forward said it added 508,618 SOL and SOL-equivalent assets during the quarter, bringing total SOL holdings to about 7.55 million by quarter-end.
From July 1 to Aug. 3, the company added another 254,325 SOL-equivalent assets at an average cost of about $75. That lifted total treasury SOL to roughly 7.81 million.
Lower SOL prices weighed on the portfolio, and Forward posted a quarterly net loss of $69 million. Even so, purchases continued. At the end of June, the company held about $11 million in cash and owed Galaxy $105 million. After the quarter closed, that borrowing increased to $120 million.
Forward also repurchased more than 2.5 million of its own shares during the quarter, extending the same capital management strategy that had included buying stock back from Multicoin. Samani said the company’s main objective remained increasing per-share value through treasury expansion and share repurchases.
Russell index inclusion and a push for other income streams
During the same period, Forward was added to the Russell 2000 and Russell 3000 indexes, a step that could bring in more institutional money from index-tracking funds.
The company is also no longer relying only on accumulating SOL for returns. Chief investment officer Ryan Navi said Forward is building more diversified sources of income and evaluating acquisition targets to expand treasury assets and deepen its role in the Solana ecosystem.
Its investment in Solana project OnRe is part of that effort. Forward wants to generate dollar-denominated returns with lower correlation to SOL prices. Navi also said a weak market environment could create consolidation opportunities across the industry.