Forward Industries' Tokenized FWDI Stock Lists on Sunrise via Backpack Securities, Redeemable 1:1 for Real Shares

Forward IndustriesForward Industries (NASDAQ: FWDI), Solana's largest corporate treasury holder, is now listed as a tokenized equity on SunriseSunrise. The token was issued by BackpackBackpack Securities and went live on September 16. Holders can redeem each token 1:1 for a real Forward Industries share and transfer it to a traditional brokerage.

Sunrise announced the listing at 20:13 UTC on September 16. Backpack's official account confirmed the mechanism: "Redeemable 1:1 for Forward Industries shares. Transferable to traditional brokerages." The canonical FWDI token address on Solana is FWDtiB5fXHdVAewPqvHPL2dh4aBC1C6GacQbePoQXKjz, confirmed by Backpack and Sunrise in the announcement thread.

Kyle Samani, Multicoin Capital co-founder and Forward Industries chairman, confirmed both sides of the product: the token trades on Sunrise and "is redeemable 1:1 for @FWDind shares that are transferable to traditional brokerages."

How FWDI Redemption and Trading Work on Sunrise

Each tokenized share is backed 1:1 by a real Forward Industries share held in custody by Backpack Securities, per the Backpack Learn documentation. Onboarded, KYC-verified holders can convert their on-chain tokens back to conventional share entitlements and transfer them to any traditional brokerage through ACATS/DTCC settlement rails.

Created by Wormhole Labs, Sunrise coordinates canonical listings, liquidity, and ecosystem distribution for new assets arriving on Solana, establishing a single official token version with market infrastructure from day one. Backpack Securities handles issuance and custody of the actual securities; Sunrise sets up the on-chain market structure. The result is a bidirectional product: tokens tradeable 24/7 on Solana DEXes, with a defined path back into the traditional equity system for eligible holders.

Forward Industries and Its 7.55 Million SOL Treasury

Forward Industries is a NASDAQ-listed company built around a Solana treasury strategy. According to CoinGecko, the company holds 7,550,000 SOL, representing 1.191% of total SOL supply, making it the largest public corporate holder of the asset.

The company's strategy is a four-part flywheel: accumulate SOL, generate yield through staking and DeFi participation, grow shareholder value through capital markets, and use ecosystem access to support Solana development. Having its stock tradeable as a tokenized equity on Solana's DEX infrastructure fits that model: the shares become composable with the same on-chain primitives the company is invested in.

This is the second time FWDI shares have been tokenized on Solana. In December 2025, Superstate's Opening Bell platform tokenized FWDI for ex-US holders, enabling them to post shares as collateral on Kamino for stablecoin borrowing. The Backpack Securities listing is a distinct product: a fully tradeable DEX pair on Sunrise with 1:1 redemption and brokerage transfer capability. Forward Industries confirmed the listing citing the Backpack and Sunrise accounts.

Backpack Securities' Tokenized Stock Roster Reaches 40 Listings on Sunrise

FWDI is the first Solana treasury company stock to list through the Backpack/Sunrise infrastructure. The platform's roster includes SpaceX (SPCX), Moderna (MRNA), Nike (NKE), Micron (MU), Strategy (MSTR), Intel (INTC), and more than 30 others. Backpack Securities captured 87% of tokenized SpaceX trading volume in Q2 2026 while holding just 5% of Solana's tokenized stock supply. Cumulative spot volume across all Backpack-issued equities has crossed $1.5 billion, with tokenized stocks making up 14 of the 40 assets Sunrise has brought to Solana.

By 08:14 UTC on September 17 (roughly 12 hours after the listing), Solana Compass data showed 54,677 FWDI tokens in circulation held across 2,377 wallets, with $8.7 million in 24-hour trading volume on-chain, per the Solana Compass token page.

StonkFun, a Raydium-based launch platform, is building a model that would allow meme coins and other Solana tokens to trade against tokenized US equities as the quote asset, with stocks like FWDI as the denominator rather than USDC or SOL. That use case is still in development, but it illustrates the composability the Backpack/Sunrise infrastructure is designed to support.