Forward Industries, a cryptocurrency firm, has filed an automatic shelf registration statement, launching a $4 billion at-the-market equity offering program with the Securities and Exchange Commission. 

The funds raised from the equity program will be allocated towards boosting Solana’s token, SOL, Forward said. 

The offering allows Forward to sell new market shares through Cantor Fitzgerald, the ATM program’s sale agent. Forward Industries also stated its automatic shelf registration listed on its S-3 form, is now in effect, granting that ATM shares can be publicly traded once they are sold. 

“Through this offering, Forward Industries gains a flexible and efficient mechanism to raise and methodically deploy capital in support of our Solana treasury strategy,” said Kyle Samani, chairman of the board of directors at Forward Industries. 

Recently, Forward closed a $1.65 billion private investment in public equity deal to expand on its Solana treasury, and acquired over 6.8 million SOL tokens, worth $232 per SOL for a total cost of about $1.58 billion. 

Investors Galaxy, Jump Crypto and Multicoin Capital contributed over $300 million to the cash and stablecoin commitments, including contributions by firms SkyBridge Capital, Bitwise Asset Management, and Borderless Capital, Coinlist Alpha, CyberFund, C/M Capital Partners, LP, FalconX, Graticule Asset Management Asia, Jupiter, L1 Digital, ParaFi, Ribbit Capital, and RockawayX. 

Following the closure of the deal, Multicoin’s co-founder Kyle Samani was named chairman of the board, along with Forward’s interim CEO Michael Pruitt. Galaxy’s president and CIO Chris Ferraro and Jump Crypto’s partner and CIO Saurabh Sharma will serve as board observers, Forward said. 

“Forward Industries’ mission has been centered around operational and innovative excellence, and we are now extending that same principle to our capital strategy by building a balance sheet with SOL at its core,” Pruitt said.