Forward Industries Bets on Tokenized Equity with Solana

In a bold move that blurs the line between Wall Street and Web3, Forward Industries, a Nasdaq-listed company with the largest corporate treasury of Solana (SOL), has announced plans to tokenize its shares on the Solana blockchain. The initiative, made possible through a partnership with fintech firm Superstate, could transform how public company stock is traded and used in decentralized finance (DeFi).

Bringing Wall Street Shares On-Chain

Through Superstate’s Opening Bell platform, Forward Industries intends to tokenize its FORD shares, allowing investors to bridge traditional brokerage holdings into Solana’s on-chain ecosystem. The pitch is enticing: 24/7 trading, near-instant settlement, and access to global liquidity pools untethered from the rigid constraints of legacy markets.

If successful, this would mark one of the most ambitious integrations of traditional equity markets with blockchain infrastructure. But there’s still uncertainty. Forward has not confirmed whether regulators have approved the plan or if the project remains in its exploratory phase.

From Shares to DeFi Collateral

Beyond trading, Forward is also eyeing decentralized lending markets. By working with Solana-based protocols like Drift, Kamino, and Jupiter Lend, the company aims to make its tokenized stock usable as collateral. In theory, shareholders could soon borrow against their equity directly within DeFi, creating a new bridge between corporate finance and crypto-native liquidity.

Kyle Samani, chairman of Forward’s board, framed the move as a long-term bet on Solana’s role in the future of capital markets. For investors, it could mean more than just liquidity—it signals a chance to actively participate in the emerging tokenized economy.

The Bigger Solana Strategy

This announcement isn’t happening in isolation. Earlier this month, Forward closed a massive $1.65 billion Solana-focused private investment in public equity (PIPE) financing, backed by industry heavyweights like Galaxy Digital, Jump Crypto, and Multicoin Capital. That war chest helped establish Forward’s $1.6 billion Solana reserve—the largest corporate SOL treasury to date, representing nearly 3% of Solana’s total supply.

The company has also filed for a $4 billion at-the-market equity offering, giving it the flexibility to steadily sell shares to further support its Solana holdings. Together, these moves solidify Forward’s position as a corporate pioneer in integrating blockchain not just as an investment vehicle, but as a foundational layer of its business model.

A Glimpse of Tokenized Capital Markets

Forward’s experiment highlights a broader trend: the tokenization of real-world assets. By bringing equities onto blockchains, companies could unlock around-the-clock markets, programmable financial instruments, and new ways for investors to engage with capital. Yet, the regulatory pathway remains murky. The U.S. Securities and Exchange Commission has been slow to greenlight tokenized securities, and compliance hurdles could make or break the project.

Still, if Forward succeeds, it may provide a blueprint for how traditional companies can straddle both markets—trading on Nasdaq while simultaneously existing on-chain. The convergence of corporate equity and DeFi could reshape capital markets faster than anyone expected.