Multicoin exits the $1. 65 billion Solana treasury company it helped launch eight months ago
Multicoin Capital has exited its disclosed stake in Forward Industries, the largestSolanatreasury company, according to SEC filings. The crypto investment firm had been one of the three lead investors,. . .
Multicoin Capital has exited its disclosed stake in Forward Industries, the largestSolanatreasury company, according to SEC filings. The crypto investment firm had been one of the three lead investors, alongside Galaxy Digital andJump 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 CapitalManagement, Multicoin Capital Master Fund and managing partner Tushar Jain reported zero beneficial ownership in Forward. A May 8 Schedule 13Damendmentmarked the filing as the group’s final “exit filing. ”The exit is notable because Multicoin built much of its reputation on an earlyconviction 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 SamaniMulticoin’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 bySamani. On March 19, Forwarddisclosedthat it had repurchased 6. 16 million shares from an institutional investor for $27. 37 million, or $4. 44 per share. At the time, its quarterlyfilingidentified Multicoin Capital Master Fund LP as the investor and related party that sold the shares. Forward financed the repurchase with a $40 million loan fromGalaxy 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. Multicoinassignedwarrants covering 4. 46 million shares to Lemmings on April 30 and transferred another 1. 78 million common shares on May 5. Forward had previouslydisclosedthat Lemmings was controlled by Pyahm “Kyle” Samani. Notably, Multicoin’sMarch-quarter 13Freported the 1. 78 million Forward shares as part of its holdings during the quarter. Its updated June-quarterfilingshows 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 alreadyresignedas 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, Samaniaccusedthe firm of “working against everything” Solana developers were building. Multicoin executives have continued to express a bullish view on Solana. In June, JainarguedthatHyperliquidcomplements 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. CryptoSlate Daily BriefDaily signals, zero noise. Market-moving headlines and context delivered every morning in one tight read. 5-minute digest100k+ readersFree. No spam. Unsubscribe any time. You’re subscribed. Welcome aboard. Forward keeps buying SolanaDespite Multicoin’s institutional exit, Forward’s commitment toits Solana strategyhas not changed. According to its fiscal third quarterfilingended 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. Infographic comparing Forward Industries’ SOL treasury scale with cash, pledged assets, Galaxy financing, and ATM proceeds that shape usable liquidity. 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 theRussell 2000 and Russell 3000 indexesduring 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.