Original Author: Oluwapelumi Adejumo
Original Compilation: Luffy, Foresight News
According to a disclosure document filed with the U.S. SEC, crypto investment firm Multicoin Capital has exited its stake in Forward Industries. Forward is currently the largest listed treasury company for Solana.
In September 2025, Forward launched its Solana treasury strategy, raising $1.65 billion, with Multicoin joining Galaxy Digital and Jump Crypto as the three major investors. The three institutions collectively committed over $300 million, and Multicoin's co-founder Kyle Samani became the Chairman of Forward.
Less than eight months later, Multicoin Capital Management, Multicoin Capital Master Fund, and managing partner Tushar Jain filed documents indicating they no longer hold any beneficial ownership in Forward. An amended 13D filing submitted on May 8th marked the firm's official complete exit.
Multicoin's early, aggressive bets on Solana established its industry standing. Before Solana's market cap climbed to approximately $44 billion, it was one of the most prominent institutional backers of the blockchain, making this exit highly notable to the market.
Multicoin's Gradual Reduction, Accompanied by a Rift with Samani
Multicoin disposed of its position through multiple transactions, with the bulk of its Forward equity either repurchased by the company or transferred to entities controlled by Samani.
On March 19, Forward announced a $27.37 million repurchase of 6.16 million shares from an institutional investor at $4.44 per share. Quarterly filings reveal the counterparty was the 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%. Forward used its treasury-held fwdSOL as collateral. The company stated these funds were for the share repurchase and to support its overall digital asset treasury strategy.
Following this buyback, Multicoin still held 6.24 million shares of Forward stock, including 4.46 million shares accessible through warrants.
The remaining position was later transferred to Lemmings Holdings LLC. On April 30, Multicoin transferred warrants corresponding to 4.46 million shares to this entity; on May 5, it transferred an additional 1.78 million shares of common stock. Forward had previously disclosed that Lemmings is controlled by Kyle Samani.
Notably, Multicoin's Q1 13F filing still listed these 1.78 million shares; the latest Q2 filing shows no related holdings, confirming these shares disappeared from its publicly viewable stock portfolio after the May transfer to Samani's entity.
Samani had resigned from his role as a managing partner at Multicoin on January 31 of this year but continues to serve as Chairman of Forward. The May 8th filing indicates the investment firm Multicoin has completely exited Forward, while Samani's controlled entity retains significant exposure.
In July, the divergence in views between Samani and his former firm became more public: Multicoin supported an industry initiative by the Hyperliquid Policy Center, which Samani publicly criticized as contrary to the efforts of Solana developers.
Nevertheless, Multicoin's management remains bullish on Solana. In June, Tushar Jain stated that Hyperliquid and the firm's Solana holdings are complementary: Solana hosts spot issuance, payments, lending, and a broader on-chain capital market, while Hyperliquid focuses on derivatives trading. Multicoin believes competition between the two ecosystems will intensify, and both are positioned to outperform most other crypto segments.
Forward Continues Buying Solana
Despite Multicoin's institutional exit, Forward continues to adhere to its Solana strategy.
Its Q3 FY2026 earnings report for the period ending June 30 shows the company added 508,618 SOL and equivalent assets during the quarter, bringing its total SOL holdings to approximately 7.55 million by quarter-end.
From July 1 to August 3, Forward further increased its holdings by 254,325 SOL equivalent assets at an average cost of about $75, boosting its treasury SOL total to roughly 7.81 million.
The decline in SOL price weighed on the asset portfolio, with Forward recording a net loss of $69 million for the quarter, but its accumulation did not cease. At the end of June, the company held about $11 million in cash and had $105 million in debt to Galaxy; after the quarter, this borrowing increased to $120 million.
During the quarter, Forward also repurchased over 2.5 million of its own shares, continuing its prior capital allocation strategy (including the share repurchase from Multicoin). Samani stated that the company's core goal remains to increase per-share value through treasury asset expansion and share buybacks.
Concurrently, Forward was successfully included in the Russell 2000 and Russell 3000 indices, which can attract more index-tracking institutional capital.
Currently, Forward is no longer solely relying on accumulating SOL for returns. Chief Investment Officer Ryan Navi stated the company is diversifying its revenue sources, evaluating various acquisition targets to grow its treasury assets and enhance its influence within the Solana ecosystem.
Investing in the Solana project OnRe is part of this diversification effort, with Forward seeking to obtain USD-denominated returns less correlated with SOL's price. Navi also mentioned that the current market downturn may create opportunities for industry consolidation.
