Multicoin Capital has fully exited its disclosed equity position in Forward Industries, ending the fund’s direct ownership in the Solana-focused corporate treasury company less than a year after it helped finance the strategy’s launch.
A Schedule 13D amendment filed on May 8 showed that Multicoin Capital Management, Multicoin Capital Master Fund and managing partner Tushar Jain no longer held beneficial ownership of Forward shares. The exit followed a series of transactions in which Forward repurchased part of Multicoin’s stake and the remaining shares and warrants moved to Lemmings Holdings LLC, an entity Forward has identified as controlled by its chairman, Kyle Samani.
The filing changes the ownership structure around one of the largest publicly disclosed Solana treasury strategies. Multicoin was among the major backers of Forward’s $1.65 billion financing announced in September 2025, alongside Galaxy Digital and Jump Crypto. The three firms had combined commitments exceeding $300 million, while Samani, then still associated with Multicoin, became Forward’s chairman.
Samani resigned as a managing partner at Multicoin on Jan. 31 but retained his chairmanship at Forward. His affiliated entity’s acquisition of the remaining Multicoin-linked position means the fund itself has left, while exposure connected to Forward’s chairman remains in place.
Buyback used Galaxy loan backed by sol holdings
Forward’s first major transaction with Multicoin came on March 19, when the company said it repurchased 6.16 million shares for $27.37 million, or $4.44 per share. Forward’s quarterly disclosures identified Multicoin Capital Master Fund as the seller.
The company financed the repurchase with a $40 million loan from Galaxy Digital. According to Forward, the facility carried a weighted average annual interest rate of roughly 3.4% and was secured by its fwdSOL holdings, a structure tied to the company’s Solana treasury assets.
Following that transaction, Multicoin still held 6.24 million Forward shares on a beneficial-ownership basis. That figure included warrants that could be exercised for 4.46 million shares, leaving a substantial portion of the position linked to future share issuance rather than immediately outstanding stock.
Records show that the warrant package was transferred to Lemmings Holdings on April 30. The remaining 1.78 million common shares were transferred on May 5. Those common shares appeared in Multicoin’s first-quarter Form 13F filing but were absent from its second-quarter filing, matching the timing of the disclosed transfer.
The sequence gives Forward a more concentrated ownership picture. A company repurchase reduced the public share count, while the balance of Multicoin’s former exposure shifted to an entity controlled by Forward’s chairman. Such transactions can increase the connection between a treasury company’s operating decisions and the market exposure of its senior leadership.
Solana holdings climbed to 7.81 million sol equivalent assets
Forward continued expanding its Solana position after the Multicoin exit. In results for its fiscal third quarter ended June 30, the company said it added 508,618 SOL and equivalent assets, lifting holdings to approximately 7.55 million SOL at quarter-end.
The company subsequently reported buying another 254,325 SOL equivalent assets between July 1 and Aug. 3 at an average cost of about $75 per token. Those purchases raised total reported holdings to approximately 7.81 million SOL.
The scale of the treasury means Forward’s equity is increasingly shaped by two variables: the value of SOL and the company’s ability to manage the financing used to support its holdings. Forward reported a net loss of $69 million for the quarter ended June 30, with around $11 million in cash and $105 million of debt to Galaxy Digital at that date.
Forward said its Galaxy debt later rose to $120 million after the quarter ended. That leaves the company with a relatively modest reported cash balance compared with its borrowing, while its collateral and principal strategic asset remain closely connected to the performance of Solana.
The company also repurchased more than 2.5 million shares of its own stock during the June quarter. Repurchases can raise the amount of underlying treasury assets represented by each remaining share, but borrowing to finance buybacks also places greater weight on the company’s balance-sheet management if SOL prices fall or credit terms tighten.
Management seeks revenue beyond sol price moves
Forward has said it is pursuing sources of income beyond appreciation in its Solana holdings. Ryan Navi, Forward’s chief investment officer, said the company was evaluating acquisition targets and had invested in OnRe, a Solana ecosystem project.
Navi said the aim was to develop U.S. dollar-denominated returns with lower correlation to SOL. The strategy could give Forward an additional source of operating income, though the company’s reported treasury remains the dominant component of its financial profile.
Forward was also added to the Russell 2000 and Russell 3000 indexes, according to the company. Index inclusion can increase a stock’s visibility among funds designed to track those benchmarks, although it does not alter the company’s treasury risks, leverage, or underlying exposure to Solana.
Multicoin’s completed exit therefore leaves Forward with a different institutional configuration than the one presented at its September financing launch. The fund that participated in establishing the strategy has sold or transferred its entire disclosed position, while Samani-controlled Lemmings Holdings has taken over the remaining shares and warrants. As Forward adds to its SOL treasury and expands its Galaxy borrowing, its quarterly filings will offer the clearest measure of how that concentrated digital-asset strategy is being financed.
For deeper context on Solana treasuries and institutional demand, explore this detailed market analysis next.
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