Multicoin Capital Exits Forward Industries Eight Months After Co-Founding the Largest Solana Treasury

Multicoin Capital has fully exited its stake in Forward Industries (NASDAQ: FWDI), the largest Solana treasury company, according to a Schedule 13D/A amendment the firm filed with the SEC on May 8, 2026. Multicoin's second-quarter 13F institutional holdings report, filed August 14, confirmed zero FWDI shares remain in the fund's portfolio. The exit completed roughly eight months after the firm co-led Forward Industries' $1.65 billion Solana treasury launch in September 2025.

How Multicoin Unwound the FWDI Position

The exit unfolded in two stages. On March 19, Forward repurchased 6,164,324 shares directly from Multicoin Capital Master Fund at $4.44 per share, totaling approximately $27.4 million, per the SEC filing. To fund the buyback, Forward borrowed $40 million from Galaxy Digital at roughly 3.4% annual interest, according to CryptoSlate's reporting, pledging its fwdSOL (fwdSOL) treasury holdings as collateral.

Multicoin's remaining position, comprising 4,458,796 Lead Investor Warrants and 1,783,519 common shares, transferred to Lemmings Holdings LLC in late April and early May 2026 at $3.91 per warrant and $4.43 per share respectively, per the filing. The 13D/A filed May 8 listed beneficial ownership for Multicoin Capital Management LLC, Multicoin Capital Master Fund LP, and Tushar Jain at 0.0%, marking the fund's formal departure. No ongoing contracts or arrangements between Multicoin and Forward Industries survived the transfer.

Kyle Samani Retains Exposure Via Lemmings Holdings

Multicoin Capital as a fund holds no FWDI. Kyle Samani, Multicoin's co-founder, holds the stake personally through Lemmings Holdings LLC, the entity that received the warrants and shares from the fund.

Samani resigned as Multicoin's managing partner effective January 31, 2026, opting to take his redemption from the Multicoin Master Fund in FWDI shares rather than cash. He simultaneously retained the Forward chairmanship he held since the company's launch. The fund and its limited partners have no Forward exposure. Samani personally retains a material stake and continues to guide strategy at the company.

Forward Continues SOL Accumulation as Galaxy Debt Mounts

The Multicoin exit comes as Forward carries a heavy financial load. According to the Q3 10-Q filed August 12, Forward recorded a nine-month GAAP loss of $937.7 million, driven primarily by SOL (SOL) writedowns under fair-value accounting rules. The company held approximately 7.55 million SOL as of June 30, 2026, and added a further 254,325 SOL through August 3, bringing total holdings to approximately 7.81 million SOL. The Galaxy Digital loan facility, originally $40 million, had grown to approximately $120 million by August 2026, according to reporting published today. Cash on hand stood at roughly $11 million at June 30, and the net loss for the three months ended June 30 was $69 million.

Despite those constraints, Forward continued purchasing SOL through early August, consistent with its stated mission of accumulating and staking SOL through market cycles. The Galaxy Digital facility, secured by fwdSOL collateral, has grown each quarter as Forward draws on it to fund operations and continue accumulation.

Context in the Solana Treasury Company Landscape

Forward entered the Solana treasury space in September 2025 as the category's largest participant, its $1.65 billion raise exceeding its three closest competitors combined at launch. The model adapts MicroStrategy's Bitcoin treasury playbook to SOL: raise capital through public equity markets, deploy it into the underlying asset, and stake holdings to generate yield.

DeFi Development Corp. (DFDV), another public Solana treasury company, reported a $27.3 million operating loss in Q2 2026, reflecting similar mark-to-market accounting pressure across the category.

Forward has also pursued acquisitions of smaller Solana treasury companies to consolidate the space, though those bids were rejected as recently as June 2026.

That Multicoin Capital as a fund now holds no FWDI while its former managing partner personally controls a material stake and chairs the company captures the divergence between the fund's institutional posture and Samani's individual conviction on the Solana treasury model.