Forward Industries, the Nasdaq-listed entity with the largest corporate Solana treasury, is set to introduce its own equity on the blockchain.
On Monday, the firm revealed a collaboration with fintech company Superstate to tokenize Forward Industries (FORD) stock on Solana via Superstate’s Opening Bell, a regulated onchain issuance platform designed for public companies to tokenize equity on the Solana blockchain.
If successful, shareholders could transfer their common stock between brokerage accounts and Solana, potentially enabling 24/7 trading, near-instant settlement, and new avenues of global liquidity.
Although this initiative appears to be a significant advancement for Forward, the company has yet to disclose whether regulatory approval for tokenized shares has been achieved or if it remains under planning.
Cointelegraph reached out to Forward Industries for further details but had not received a response by the time of publication.
Forward aims to facilitate stock as DeFi lending collateral
Forward Industries also intends to offer its tokenized FORD stock as collateral for onchain lending activities.
In their announcement, the company stated it is collaborating with Solana-based lending platforms Drift, Kamino, and Jupiter Lend to establish tokenized FORD equity as an acceptable form of collateral across their crypto lending systems.
Kyle Samani, the chairman of Forward Industries’ board of directors, expressed that this initiative reinforces their belief that Solana will be integral to capital markets and provides shareholders direct engagement in the emerging tokenized economy.
Related: Metaplanet becomes fifth-largest corporate Bitcoin treasury with $633M buy
Forward Industries strengthens Solana strategy
This announcement signifies a deeper commitment to Forward’s Solana strategy. On September 8, the company secured a $1.65 billion Solana-focused private investment in public equity (PIPE), backed by Galaxy Digital, Jump Crypto, and Multicoin Capital. Forward utilized these resources to establish the largest corporate Solana treasury.
Subsequently, the firm filed for an at-the-market (ATM) equity offering program up to $4 billion, offering flexibility to sell shares gradually to support its Solana treasury.
Forward’s creation of a $1.6 billion Solana reserve raised the collective amount of Solana held by companies to 17.11 million SOL tokens, valued at around $4 billion. This total represents nearly 3% of the entire Solana token supply.
Magazine: XRP is Thailand’s top performing asset, Shanghai dumps FIL: Asia Express
