Multicoin Capital has exited its disclosed stake in Forward Industries, the largest Solana treasury company, according to SEC filings.
The crypto investment firm had been one of the three lead investors, alongside Galaxy Digital and Jump Crypto, behind the $1.65 billion financing that launched Forward’s Solana treasury strategy in September 2025. The three sponsors collectively committed more than $300 million, while Multicoin co-founder Kyle Samani became Forward’s chairman.
Less than eight months later, Multicoin Capital Management, Multicoin Capital Master Fund and managing partner Tushar Jain reported zero beneficial ownership in Forward. A May 8 Schedule 13D amendment marked the filing as the group’s final “exit filing.”
The exit is notable because Multicoin built much of its reputation on an early conviction in Solana, becoming one of the blockchain’s most prominent institutional backers long before its market value climbed to roughly $44 billion.
Multicoin unwound Forward stake amid split with Samani
Multicoin’s exit came through a series of transactions that moved most of its Forward exposure either back to the company or to an entity controlled by Samani.
On March 19, Forward disclosed that it had repurchased 6.16 million shares from an institutional investor for $27.37 million, or $4.44 per share. At the time, its quarterly filing identified Multicoin Capital Master Fund LP as the investor and related party that sold the shares.
Forward financed the repurchase with a $40 million loan from Galaxy Digital, carrying a weighted-average annual interest rate of about 3.4%, pledging fwdSOL from its treasury as collateral. The company said the borrowing would fund the buyback and support its broader digital-asset treasury strategy.
After the repurchase, the firm still beneficially owned about 6.24 million Forward shares, including 4.46 million shares issuable through warrants.
That remaining position was subsequently transferred to Lemmings Holdings LLC. Multicoin assigned warrants covering 4.46 million shares to Lemmings on April 30 and transferred another 1.78 million common shares on May 5. Forward had previously disclosed that Lemmings was controlled by Pyahm “Kyle” Samani.
Notably, Multicoin’s March-quarter 13F reported the 1.78 million Forward shares as part of its holdings during the quarter.
Its updated June-quarter filing shows that none of those shares remain, confirming that the position disappeared from its reportable public-equity portfolio after the shares were transferred to Samani-controlled Lemmings in May.
Samani had already resigned as a manager of Multicoin Capital Management effective Jan. 31, while remaining chairman of Forward. Multicoin’s May 8 filing then marked the investment firm’s exit from Forward, even as a Samani-controlled entity retained substantial exposure.
Meanwhile, the strategic differences between Samani and his former firm became more pronounced in July. After Multicoin backed a policy initiative with the Hyperliquid Policy Center, Samani accused the firm of “working against everything” Solana developers were building.
Multicoin executives have continued to express a bullish view on Solana. In June, Jain argued that Hyperliquid complements the firm’s Solana positions, describing Solana as the home of spot issuance, payments, lending and broader internet capital markets, while Hyperliquid serves derivatives trading.
Multicoin expects the two ecosystems to compete increasingly directly while both outperforming much of the broader crypto market.
Forward keeps buying Solana
Despite Multicoin’s institutional exit, Forward’s commitment to its Solana strategy has not changed.
According to its fiscal third quarter filing ended June 30, Forward revealed that it added 508,618 SOL and SOL equivalents during the quarter, increasing its holdings to about 7.55 million at June 30.
It then acquired another 254,325 SOL equivalents between July 1 and Aug. 3 at an average cost of about $75, lifting the treasury to roughly 7.81 million SOL equivalents.
Those purchases continued despite Forward reporting a $69 million quarterly net loss as lower SOL prices weighed on its digital-asset portfolio. The company ended June with about $11 million in cash and $105 million of Galaxy debt, with borrowings rising to $120 million after quarter-end.
Forward also repurchased more than 2.5 million shares during the quarter, continuing its capital allocation strategy, which previously included the Multicoin buyback. Samani said the company remained focused on increasing per-share value through treasury growth and share repurchases.
The company also joined the Russell 2000 and Russell 3000 indexes during the quarter, giving the stock broader exposure to index-linked institutional capital.
Forward is now looking beyond SOL accumulation for additional returns.
Chief Investment Officer Ryan Navi said the company is pursuing diversified sources of yield and evaluating acquisitions that could expand both its treasury and its role within the Solana ecosystem.
Its investment in Solana-based OnRe forms part of that effort, with Forward seeking US dollar-denominated returns that are less directly correlated with SOL. Navi also said weaker market conditions could create consolidation opportunities for the company.
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