Multicoin Capital exits $1.65 billion Solana treasury company Forward Industries after eight months

Multicoin Capital has fully exited its stake in Forward Industries, the largest Solana treasury company, just eight months after helping launch its $1.65 billion strategy. The exit was finalized via a May 8, 2026 SEC filing following a series of transactions, including a $27.37 million share repurchase by Forward and the transfer of remaining assets to Lemmings Holdings, an entity controlled by Forward chairman Kyle Samani. Despite a $69 million quarterly loss, Forward continues to accumulate SOL, reaching 7.81 million SOL equivalents by August 2026.

Multicoin Capital Forward exit

• ▪Multicoin Capital exited its disclosed stake in Forward Industries, a Solana treasury company, within eight months of helping launch its $1.65 billion Solana treasury strategy.
• ▪Multicoin Capital was one of three lead sponsors, alongside Galaxy Digital and Jump Crypto, that collectively committed over $300 million to launch Forward Industries' Solana treasury strategy in September 2025.
• ▪A May 8, 2026, SEC Schedule 13D amendment filed by Multicoin Capital Management, Multicoin Capital Master Fund, and managing partner Tushar Jain reported zero beneficial ownership in Forward Industries.

Samani Lemmings Holdings transfer

• ▪Multicoin Capital transferred its remaining Forward Industries position to Lemmings Holdings LLC, an entity controlled by Kyle Samani, by assigning warrants for 4.46 million shares on April 30, 2026, and transferring 1.78 million common shares on May 5, 2026.
• ▪Kyle Samani resigned as a manager of Multicoin Capital Management effective January 31, 2026, while remaining the chairman of Forward Industries.

Galaxy Digital loan financing

• ▪Forward Industries financed the repurchase of 6.16 million shares from Multicoin Capital Master Fund LP with a $40 million loan from Galaxy Digital.
• ▪The $40 million Galaxy Digital loan carried a weighted-average annual interest rate of approximately 3.4% and was collateralized by fwdSOL from Forward Industries' treasury.

Forward share repurchase program

• ▪Forward Industries repurchased more than 2.5 million shares during its fiscal third quarter ended June 30, 2026, as part of its ongoing capital allocation strategy.
• ▪On March 19, 2026, Forward Industries repurchased 6.16 million shares from Multicoin Capital Master Fund LP for $27.37 million, or $4.44 per share.

Forward Solana treasury accumulation

• ▪Forward Industries added 508,618 SOL and SOL equivalents during its fiscal third quarter ended June 30, 2026, increasing its total holdings to approximately 7.55 million SOL equivalents.
• ▪Forward Industries reported a $69 million net loss for the quarter ended June 30, 2026, driven by lower SOL prices, and ended the quarter with $11 million in cash and $105 million in Galaxy Digital debt.
• ▪Between July 1 and August 3, 2026, Forward Industries acquired an additional 254,325 SOL equivalents at an average cost of about $75, raising its treasury to roughly 7.81 million SOL equivalents.

Multicoin Hyperliquid strategic disagreement

• ▪Multicoin Capital managing partner Tushar Jain stated in June 2026 that Hyperliquid complements the firm's Solana positions, describing Solana as the home of spot issuance and payments, and Hyperliquid as serving derivatives trading.
• ▪Kyle Samani accused Multicoin Capital in July 2026 of working against Solana developers after Multicoin Capital backed a policy initiative with the Hyperliquid Policy Center.

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