Forward Industries Launches SEC-Registered Shares on Solana Blockchain
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Dec 18 2025
0mins
Should l Buy FWDI?
Forward Industries (FWDI) announced its SEC-registered shares are now live on the Solana (SOL-USD) blockchain through Superstate's Opening Bell platform, marking what the company says is the first time a public company's equity can be used directly within decentralized finance. Through this integration, ex-U.S. holders of Forward's tokenized shares can now post their equity as collateral on Kamino, one of Solana's leading lending protocols.
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Analyst Views on FWDI
About FWDI
Forward Industries, Inc. is a global design, sourcing and distribution company serving medical and technology customers worldwide. The Company's segments include OEM distribution and design. The OEM distribution segment sources and distributes carrying cases and other accessories for medical monitoring and diagnostic kits and a variety of other portable electronic and non-electronic devices directly to original equipment manufacturers (OEMs) or their contract manufacturers worldwide. It sells carrying cases for blood glucose diagnostic kits. The design segment consists of two operating segments (IPS and Kablooe) that provide a full spectrum of hardware and software product design and engineering services to customers predominantly located in the United States. In the design business, its services offered vary from full development utilizing a range of in-house design and engineering functions, to targeted design and engineering support for clients with in-house development teams.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Liquidity Enhancement: This integration allows FWDI shareholders to use their tokenized shares as collateral on Kamino to borrow stablecoins, thereby gaining on-chain liquidity while maintaining exposure to the underlying equity, significantly improving capital efficiency for investors.
- Market Transparency: Pyth provides real-time price feeds to ensure transparency and accuracy across protocols integrating tokenized FWDI shares, which not only enhances market trust but also lays the groundwork for more companies to participate in DeFi in the future.
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See More
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- iPower Stock Surge: iPower's shares rose 3.5% in after-hours trading, despite retail sentiment remaining in 'bearish' territory, as users on Stocktwits forecast a potential short squeeze, indicating market interest in its future performance.
- Bullish Attracts Investor Attention: Bullish's stock gained 2.3% after Cathie Wood's Ark Invest purchased over 85,700 shares, with retail sentiment shifting from 'neutral' to 'bullish', reflecting investor optimism about its prospects.
- Overall Crypto Market Recovery: The broader cryptocurrency market edged up 0.8%, maintaining a market cap above $3.1 trillion, driven by approximately $300 million in liquidations, highlighting market volatility and cautious investor sentiment.
- Coinbase Receives Neutral Rating: Coinbase's stock increased by 0.29% in after-hours trading after Baird initiated coverage with a neutral rating and a price target of $240, suggesting a potential upside of nearly 14%, while retail sentiment remained 'bullish', indicating market expectations for future growth.
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- Market Decline: U.S. stock futures are broadly lower, with Dow futures falling around 700 points, reflecting investor caution regarding economic outlook, which may impact overall market sentiment and exacerbate volatility in other stocks.
- Other Stock Movements: Shares of Rezolve AI PLC and POET Technologies Inc fell 15% and 11.2% respectively in pre-market trading, indicating widespread investor apprehension towards tech stocks, potentially prompting a reassessment of risk appetite.
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See More
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- Innovative Milestone: Forward Industries announces that its SEC-registered shares are now live on the Solana blockchain via Superstate's Opening Bell platform, marking the first instance of public equity being used directly in decentralized finance (DeFi), establishing a bridge between traditional markets and the digital economy.
- Liquidity Enhancement: This integration allows FWDI shareholders to use their tokenized shares as collateral on Kamino to borrow stablecoins, thereby gaining on-chain liquidity while maintaining exposure to the underlying equity, significantly improving capital efficiency for investors.
- Market Transparency: Pyth provides real-time price feeds to ensure transparency and accuracy across protocols integrating tokenized FWDI shares, which not only enhances market trust but also lays the groundwork for more companies to participate in DeFi in the future.
- Strategic Collaboration: This partnership with Superstate and Kamino illustrates how Forward Industries can extend the life and utility of its stock through technological innovation, driving transformation in public markets and expanding its influence in the digital asset economy.
See More
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- Strategic Execution: The company emphasized the importance of accounting treatment for digital assets, noting that fluctuations in the fair value of SOL do not impact cash flow or yield generation, thereby ensuring a solid foundation for long-term SOL-per-share growth.
- Market Outlook: The Solana treasury strategy is supported by leading industry investors such as Galaxy Digital, Jump Crypto, and Multicoin Capital, highlighting the company's strategic positioning and potential for future growth in the digital asset space.
- Business Expansion: With over 60 years of experience serving top-tier medical and technology companies, the new treasury strategy is expected to enhance its market competitiveness and drive expansion in the digital asset market.
See More
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Solana's Dominance: Solana (SOL) continues to lead in decentralized exchange activity for the 16th consecutive week, with Forward Industries Inc. announcing it holds over 6.9 million SOL, the largest corporate treasury for Solana.
Solana's Price Struggles: Despite a 3% price rebound, SOL faces heavy resistance around the $137–$141 range, with a broader trend showing structural weakness and potential for further declines if it drops below $133.
Cardano's Recent Performance: Cardano (ADA) saw a 5% increase, bouncing off the $0.40 support level, but remains in a structurally weak position below key moving averages, indicating that the recovery may not be sustainable.
Resistance Levels for Cardano: ADA's price struggles against significant resistance between $0.47 and $0.54, and without closing above $0.51 weekly, the trend is likely to favor sellers, with potential declines towards $0.34 or $0.28 if support fails.
See More
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- Asset Expansion: Since launching its Solana treasury strategy in September 2025, Forward Industries has rapidly accumulated over 6.9 million SOL, establishing itself as the world's largest Solana treasury, showcasing strong market leadership and capital appreciation potential.
- Significant Financing Achievement: The company completed a $1.65 billion private placement led by Galaxy Digital and Jump Crypto on September 11, 2025, marking the largest fundraising for a Solana-focused digital asset treasury, further solidifying its financial foundation.
- Innovative Product Launch: Forward Industries introduced the fwdSOL liquid staking token aimed at maximizing yield from staked SOL while utilizing fwdSOL as DeFi collateral, enhancing its competitiveness in the decentralized finance space.
- Share Repurchase Program: The company authorized a stock repurchase program of up to $1 billion, aimed at enhancing shareholder value and boosting market confidence, reflecting strong optimism about future growth.
See More
