The Solana treasury firm holds approximately 6.8 million Solana tokens worth around $832 million in net asset value.
Solana News
Forward Industries launched tokenized shares of its stock Thursday through Superstate's Opening Bell platform, marking the first public company equity usable directly in DeFi protocols. The Solana treasury firm holds approximately 6.8 million Solana tokens worth around $832 million in net asset value.
The company's SEC-registered shares now exist on the Solana blockchain as SPL tokens available for integration across the network's decentralized finance landscape. Forward initially announced plans to tokenize its then-named FORD stock in September but changed the ticker to FWDI due to confusion with the automotive manufacturer.
Galaxy Digital, Jump Crypto, and Multicoin Capital backed Forward's transformation into the largest $SOL digital asset treasury. The firm's holdings exceed the combined total of the next three largest SOL treasuries, according to The Block's data tracking digital asset treasury companies.
Opening Bell enables companies to issue non-synthetic shares directly on blockchain networks using SPL token standards on Solana and ERC-20 tokens on Ethereum. The platform launched in May 2025 and facilitates direct tokenization rather than wrapped tokens or synthetic derivatives.
Forward highlighted a specific use case where tokenized FWDI serves as collateral on lending protocol Kamino, allowing users to borrow stablecoins against their holdings. Pyth's real-time price feeds support the integration, creating what Forward describes as the first regulated public equity functioning as collateral in a live DeFi market.
Kyle Samani, Multicoin Capital founder and Forward chairman, stated the tokenized shares unlock a bridge between traditional markets and programmable financial systems defining the digital economy. Superstate's transfer agent holds the tokenized shares under its name while tracking ownership across the non-custodial DeFi landscape.
The arrangement includes voting rights for tokenized FWDI holders, with Superstate facilitating shareholder rights and helping move shares from traditional brokerage accounts to allowlisted Solana wallets. Token transfers update instantly on the official shareholder register on-chain, making them legally equivalent to traditional shares.
The move follows broader equities experimentation, including Galaxy's tokenization of GLXY shares using Opening Bell in September. Securitize plans to launch Stocks on Securitize next quarter, enabling public firms to issue real stock on blockchain networks. Superstate's Direct Issuance will soon allow firms to issue new tokenized securities without underwriters.
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