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Multicoin exits Forward Industries Solana treasury stake after buyback

Forward repurchased 6.16 million shares for $27.37 million, then Multicoin’s stake was transferred through transactions to Samani-controlled entities.

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Multicoin Capital has exited its disclosed stake in Forward Industries, the largest Solana treasury company, according to SEC filings reviewed by CryptoSlate. The firm had been one of three lead investors behind Forward’s $1.65 billion financing that launched the company’s Solana treasury strategy in September 2025, alongside Galaxy Digital and Jump Crypto.

The filings show Multicoin’s related entities reported zero beneficial ownership in Forward, with a May 8 Schedule 13D amendment serving as the group’s final “exit filing.” The move follows transactions in which most of Multicoin’s Forward exposure was returned to Forward or shifted to an entity controlled by co-founder Kyle Samani.

Forward financed a share repurchase by using a $40 million loan from Galaxy Digital at a weighted-average annual interest rate of about 3.4%, pledging fwdSOL from its treasury as collateral. CryptoSlate reports Forward repurchased 6.16 million shares for $27.37 million at $4.44 per share, leaving it still beneficially owning about 6.24 million shares after the buyback, including shares issuable through warrants.

Multicoin’s remaining position was later transferred to Lemmings Holdings LLC, which Forward previously disclosed was controlled by Samani. CryptoSlate says Multicoin assigned warrants covering 4.46 million shares to Lemmings on April 30 and transferred an additional 1.78 million common shares on May 5, and later SEC filings show none of those shares remained in Multicoin’s reportable public-equity portfolio after the transfer.

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