Overview

• The automatic shelf registration became effective on Sept. 17, enabling up to $4 billion of at-the-market issuance through Cantor Fitzgerald with no escrow and no obligation to sell a set amount.
• Forward said proceeds may be used for additional Solana accumulation, working capital, and the purchase of income‑generating assets.
• The company already acquired about 6.82 million SOL via a $1.65 billion private placement led by Galaxy Digital, Jump Crypto, and Multicoin Capital.
• Ford shares fell roughly 7%–9.5% in early trading after the announcement, with the stock trading near $34.
• Analysts note a full $4 billion deployment into SOL could more than double corporate SOL treasuries, while governance shifts named Multicoin’s Kyle Samani as chair and added Galaxy and Jump board observers.