Solana's Largest Treasury Company in Turmoil: Multicoin Exits Swiftly, Forward Deepens in Debt Yet Doubles Down
- Core Thesis: Less than eight months after investing in Solana treasury company Forward Industries, Multicoin Capital officially liquidated its position in May 2025, with its shares either repurchased by the company or transferred to entities controlled by co-founder Kyle Samani. Following the firm's exit, Forward has maintained its Solana strategy and continued accumulating SOL while beginning to diversify its revenue streams.
- Key Elements:
- Multicoin filed a 13D amendment on May 8, 2025, declaring it no longer holds any beneficial ownership in Forward. Previously, it had participated alongside Galaxy Digital and Jump Crypto in Forward's $1.65 billion Solana treasury strategic financing in September 2025, with combined commitments exceeding $300 million.
- Forward repurchased 6.16 million shares from Multicoin Capital Master Fund on March 19 at $27.37 million ($4.44 per share), funded by a $40 million loan from Galaxy Digital at an annual interest rate of approximately 3.4%, collateralized by fwdSOL.
- The remaining position was transferred to Lemmings Holdings LLC, controlled by Kyle Samani, between late April and early May, comprising 4.46 million warrants and 1.78 million common shares. Samani resigned as managing partner of Multicoin on January 31 but continues to serve as chairman of Forward.
- As of the end of fiscal Q3 2026 (June 30), Forward held approximately 7.55 million SOL. Between July 1 and August 3, it added another 254,325 SOL (at an average price of approximately $75), bringing total holdings to roughly 7.81 million SOL. The quarter recorded a net loss of $69 million, with debt to Galaxy rising to $120 million.
- Forward repurchased over 2.5 million of its own shares during the quarter and was added to the Russell 2000 and Russell 3000 indices, aiming to enhance per-share value through treasury expansion and buybacks. Chief Investment Officer Ryan Navi stated the company is evaluating acquisition targets and investing in Solana ecosystem projects (such as OnRe) to generate dollar-denominated returns with lower correlation to SOL's price.
Original Author: Oluwapelumi Adejumo
Original Translation: Luffy, Foresight News
According to documents disclosed by the U.S. SEC, crypto investment firm Multicoin Capital has exited its stake in Forward Industries. Forward is currently the largest Solana treasury company.
In September 2025, Forward launched its Solana treasury strategy, completing a $1.65 billion capital raise with Multicoin, Galaxy Digital, and Jump Crypto as the three major investors. The three institutions collectively committed over $300 million, and Multicoin co-founder Kyle Samani was appointed chairman of Forward.
Less than eight months later, Multicoin Capital Management, Multicoin Capital Master Fund, and managing partner Tushar Jain reported that they no longer hold any beneficial ownership in Forward. The 13D amendment filed on May 8 marks the firm's formal exit.
Multicoin's aggressive early bets on Solana established its industry standing — it was one of the most prominent institutional backers of the L1 blockchain before Solana's market cap climbed to approximately $44 billion — making this exit a focal point of market attention.
Multicoin's Gradual Stake Reduction Coincides with a Break from Samani
Multicoin disposed of its position through multiple transactions, with most of its Forward equity either repurchased by the company or transferred to entities controlled by Samani.
On March 19, Forward announced a $27.37 million buyback of 6.16 million shares from an institutional investor at $4.44 per share. Quarterly filings show the counterparty was Multicoin Capital Master Fund.
The buyback was funded by a $40 million loan from Galaxy Digital with a weighted average annual interest rate of approximately 3.4%, with Forward pledging its treasury-held fwdSOL as collateral. The company stated the funds were used for share repurchases and to support its overall digital asset treasury strategy.
Following this buyback, Multicoin still held 6.24 million Forward shares, including 4.46 million shares obtainable through warrants.
The remaining position was subsequently transferred to Lemmings Holdings LLC. On April 30, Multicoin transferred warrants corresponding to 4.46 million shares to that entity; on May 5, it transferred an additional 1.78 million common shares. Forward previously disclosed that Lemmings is controlled by Kyle Samani.
Notably, Multicoin's Q1 13F holdings report still listed these 1.78 million shares; the latest Q2 filing no longer shows the position, confirming that after the shares were transferred to Samani's entity in May, they disappeared from its publicly visible equity portfolio.
Samani resigned as managing partner of Multicoin on January 31 this year but continues to serve as chairman of Forward. The May 8 filing confirms that Multicoin as an investment firm has fully exited Forward, while Samani's controlled entity retains significant exposure.
In July, Samani's ideological differences with his former firm became further public: Multicoin supported an industry initiative launched by the Hyperliquid Policy Center, which Samani publicly criticized as running counter to what Solana developers are working to achieve.
However, Multicoin management remains bullish on Solana. In June, Tushar Jain stated that Hyperliquid and institutional Solana holdings are complementary: Solana hosts spot issuance, payments, lending, and the broader on-chain capital markets, while Hyperliquid focuses on derivatives trading. Multicoin believes competition between the two ecosystems will continue to intensify, while both are expected to outperform most crypto sectors.
Forward Continues Buying Solana
Despite Multicoin's institutional exit, Forward remains committed to its Solana strategy.
According to its Q3 fiscal 2026 earnings report as of June 30, the company added 508,618 SOL and equivalents during the quarter, bringing its total SOL holdings to approximately 7.55 million at quarter-end.
From July 1 to August 3, Forward added another 254,325 SOL equivalents at an average cost of approximately $75, raising its treasury SOL holdings to roughly 7.81 million.
The decline in SOL's price weighed on the portfolio, with Forward recording a net loss of $69 million in the quarter, but accumulation did not pause. At the end of June, the company held approximately $11 million in cash, with debt to Galaxy of $105 million; after the quarter ended, borrowings further increased to $120 million.
During the quarter, Forward also repurchased over 2.5 million of its own shares, continuing its prior capital operations strategy (including the buyback from Multicoin). Samani stated that the company's core objective remains increasing per-share value through treasury asset expansion and share repurchases.
During the same period, Forward was added to the Russell 2000 and Russell 3000 indices, which can attract more index-tracking institutional capital.
Forward is no longer relying solely on accumulating SOL for returns. Chief Investment Officer Ryan Navi stated that the company is building diversified revenue streams and evaluating various acquisition targets to expand its treasury assets and strengthen its influence within the Solana ecosystem.
Investing in Solana project OnRe is part of this diversification strategy, as Forward seeks USD-denominated yields with lower correlation to SOL's price. Navi also noted that the depressed market environment could create industry consolidation opportunities.
