Multicoin Exits Stake in $1.65B Forward Solana Treasury

Multicoin Capital moved to exit its disclosed stake in Forward Industries, the Solana treasury vehicle created in a $1.65 billion financing in September 2025, according to a Schedule 13D amendment filed May 8 that it labeled its final exit filing. Multicoin Capital Management, Multicoin Capital Master Fund and managing partner Tushar Jain reported zero beneficial ownership.

The financing that launched Forward was led by Multicoin alongside Galaxy Digital and Jump Crypto, with the three sponsors collectively committing more than $300 million. Multicoin co-founder Pyahm “Kyle” Samani became Forward’s chairman at launch.

The exit unfolded through a sequence of transactions and a company buyback. On March 19, Forward repurchased 6.16 million shares from an institutional investor for $27.37 million, or $4.44 per share. Forward’s filing identified Multicoin Capital Master Fund LP as the seller. The repurchase was funded with a $40 million loan from Galaxy Digital that carried a weighted-average annual interest rate of about 3.4% and used fwdSOL from Forward’s treasury as collateral.

After the repurchase, Forward still beneficially owned roughly 6.24 million shares, including 4.46 million shares issuable through warrants. Those remaining positions were moved to Lemmings Holdings LLC, an entity Forward disclosed is controlled by Samani. Multicoin assigned warrants covering 4.46 million shares to Lemmings on April 30 and transferred 1.78 million common shares on May 5. Multicoin’s March-quarter 13F listed the 1.78 million shares during the quarter; its updated June-quarter filing shows none of those shares remain in Multicoin’s reportable public-equity portfolio.

Samani had resigned as a manager of Multicoin Capital Management effective Jan. 31 while remaining chairman of Forward. Multicoin’s May 8 filing formally marked the investment firm’s exit from Forward, although Forward exposure continued inside the Samani-controlled entity.

Tensions between Samani and Multicoin widened over the summer after Multicoin backed a policy initiative linked to the Hyperliquid Policy Center. Samani criticized the firm, writing that it was “working against everything” Solana developers were building. In June, Jain argued Hyperliquid complements Multicoin’s Solana positions, describing Hyperliquid as focused on derivatives while Solana hosts spot issuance, payments, lending and broader internet capital markets.

Forward has continued to increase its Solana holdings since Multicoin’s exit. In the quarter ended June 30, Forward added 508,618 SOL and SOL equivalents, bringing holdings to about 7.55 million. Between July 1 and Aug. 3 the company acquired another 254,325 SOL equivalents at an average cost of roughly $75, lifting the treasury to about 7.81 million SOL equivalents. Those purchases took place while Forward reported a $69 million quarterly net loss and held roughly $11 million in cash against $105 million of Galaxy debt; borrowings rose to $120 million after quarter-end.

Forward repurchased more than 2.5 million shares during the quarter and joined the Russell 2000 and Russell 3000 indexes. Chief Investment Officer Ryan Navi said the company seeks diversified yield sources, is evaluating acquisitions and has invested in the Solana-based OnRe to generate U.S. dollar‑denominated returns that are less directly correlated with SOL. Navi added that weaker market conditions could create consolidation opportunities for the company.