Forward Industries, the Nasdaq-listed firm with the largest corporate Solana treasury, is looking to bring its equity onto the blockchain.
On Monday, the company announced a collaboration with fintech company Superstate to tokenize Forward Industries (FORD) stock on Solana via Superstate’s Opening Bell, a regulated on-chain issuance platform for public companies to tokenize equity on Solana.
If the plan proceeds, shareholders may bridge their common stock between brokerage accounts and Solana, potentially enabling 24/7 trading, near-instant settlement, and new pools of global liquidity.
While this plan appears significant for Forward, the company has not yet revealed whether regulators have approved tokenized shares or if it remains in the planning phase.
Cointelegraph reached out to Forward Industries for additional details but did not receive a reply by publication time.
Forward aims to use stock as DeFi lending collateral
Forward Industries also intends to make its tokenized FORD stock accessible as collateral in on-chain lending activities.
The company stated in the announcement that it is partnering with Solana-based lending protocols Drift, Kamino, and Jupiter Lend to establish tokenized FORD equity as a qualifying form of collateral across their crypto lending platforms.
Kyle Samani, the chairman of the board of directors of Forward Industries, mentioned that this move underscores their belief that Solana will play a key role in capital markets, giving shareholders direct participation in the evolving tokenized economy.
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Forward Industries enhances Solana strategy
The announcement signifies a progression in Forward’s Solana strategy. On Sept. 8, the company finalized a $1.65 billion Solana-focused private investment in public equity (PIPE) financing, backed 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 worth up to $4 billion, allowing it flexibility in selling shares over time to support its Solana treasury.
Forward’s establishment of a $1.6 billion Solana reserve increased the total amount of Solana held by companies to 17.11 million SOL tokens, valued at roughly $4 billion. This sum accounts for nearly 3% of the entire Solana token supply.
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