Forward Industries, a Nasdaq-listed company with the largest corporate Solana treasury, aims to introduce its equity to the blockchain.
On Monday, the company revealed a collaboration with fintech firm Superstate for tokenizing Forward Industries (FORD) stock on Solana using Superstate’s Opening Bell, a regulated on-chain issuance platform enabling public companies to tokenize equity on Solana.
Should the proposal proceed, shareholders might bridge their common stock between brokerage accounts and Solana, potentially facilitating 24/7 trading, rapid settlement, and new global liquidity pools.
Although this plan appears to be a significant advancement for Forward, the company has not confirmed whether regulators have approved the tokenized shares or if the concept is still under consideration.
Cointelegraph reached out to Forward Industries for further details but had not received a response by the time of publication.
Forward intends to make stock usable as DeFi lending collateral
Forward Industries also plans to render its tokenized FORD stock usable as collateral in on-chain lending activities.
The announcement noted that the company is collaborating with Solana-based lending protocols Drift, Kamino, and Jupiter Lend to designate tokenized FORD equity as an eligible form of collateral across their crypto lending platforms.
Kyle Samani, chairman of the board for Forward Industries, asserted that this initiative strengthens their belief that Solana will be central to capital markets. He further stated it allows shareholders direct involvement in the future tokenized economy.
Related: Metaplanet becomes fifth-largest corporate Bitcoin treasury with $633M buy
Forward Industries enhances Solana strategy
This announcement signifies a further elevation of Forward’s strategy concerning Solana. On September 8, the company secured a $1.65 billion Solana-focused private investment in public equity (PIPE) financing, supported by Galaxy Digital, Jump Crypto, and Multicoin Capital. Forward utilized these resources to create the largest corporate Solana treasury.
Following this, the company also applied for an at-the-market (ATM) equity offering program of up to $4 billion, providing flexibility to sell shares over time to bolster its Solana treasury.
Forward’s establishment of a $1.6 billion Solana reserve has brought the total Solana holdings by companies to 17.11 million SOL tokens, valued at approximately $4 billion. This amount accounts for nearly 3% of the entire Solana token supply.
Magazine: XRP is Thailand’s top performing asset, Shanghai dumps FIL: Asia Express
