Overview
- Forward holds nearly 7 million SOL—about $600 million at roughly $85—leaving around $1 billion in unrealized losses as FWDI shares fall from near $40 last year to just above $5.
- Management touts a zero-debt balance sheet as a competitive edge to pursue acquisitions while leveraged digital-asset treasuries sell assets.
- The firm stakes SOL for roughly 6–7% and issues fwdSOL via a Sanctum partnership, using it as collateral to borrow on venues like Kamino at costs below staking yields.
- A $1.65 billion 2025 private investment led by Galaxy Digital, Jump Crypto and Multicoin Capital helped make Forward the largest publicly listed Solana treasury.
- Kyle Samani stepped down as managing director of Multicoin Capital, remains Forward’s chairman, and is taking his Master Fund exit in FWDI shares and warrants rather than cash.