Multicoin exits the $1.65 billion Solana treasury company it helped launch eight months ago
Multicoin Capital has fully exited its disclosed stake in Forward Industries, the largest Solana treasury company, according to SEC filings. Multicoin was a lead backer of Forward’s $1.65 billion Solana treasury launch in September 2025, but by May 8 it reported zero beneficial ownership. Most of its position was first reduced through Forward’s repurchase of 6.16 million shares, then transferred to Lemmings Holdings, an entity controlled by Kyle Samani, who remains Forward chairman. The exit does not signal a change in Forward’s strategy. The company continued buying SOL, increasing holdings to about 7.81 million SOL equivalents by early August, despite a quarterly net loss and rising debt. Forward also repurchased more than 2.5 million shares, joined the Russell 2000 and Russell 3000, and is now pursuing additional yield sources and acquisitions tied to the Solana ecosystem.
