Multicoin Completes Stake Liquidation in Forward Industries

Multicoin Capital has liquidated its stake in Forward Industries. According to SEC filings, documents related to Multicoin Capital Management reported that there are no substantial holdings in Forward. Forward initiated its financial strategy with Solana through a PIPE transaction worth $1.65 billion on September 16, 2025, with a combined capital commitment from three institutions exceeding $300 million. On March 19, Forward signed a contract to purchase 6.16 million shares from institutional investors for $27.37 million. The funds for the share buyback came from a $40 million loan provided by Galaxy Digital. Multicoin Capital's remaining position has been transferred to Lemmings Holdings LLC, and Chairman Samani continues to hold the position at Forward. From July 1 to August 3, Forward acquired an additional 254,325 SOL at an average price of about $75, increasing its total holdings to approximately 7.81 million SOL. The reported net loss for the quarter was $69 million, with Galaxy Digital's debt reported at $105 million. Forward also announced plans to invest $5 million in OnRe's Series A round and allocate up to $25 million to ONyc.

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