Harvest Communications
Oct 27, 2025
A New Asset Class Emerges
A Quiet Revolution Unfolds
As traditional markets grapple with inflation volatility and geopolitical fragmentation, a quiet revolution is unfolding in corporate treasury management.
Public companies are no longer satisfied holding cash that depreciates or bonds yielding minimal returns. Instead, a new playbook is emerging: blockchain treasuries that generate active yield while capturing exposure to next-generation financial infrastructure.
Forward Industries (Nasdaq: FORD)Â sits at the epicenter of this shift.
With over 6.8 million SOL acquired through a $1.65 billion private placement, the company represents the largest publicly traded Solana treasury—a strategic bet that high-performance blockchains will underpin future capital markets.
Carmel Fisher sat down with Chairman, Kyle Samani recently on The Harvest Podcast | Capital Market News, Views and Clues and got the scoop on how they are creating a defensible competitive position.
I don't see how the markets are going to bother to want to differentiate between 12 or 15 of these things. And so I do expect the market will actually prefer consolidation around one or maybe two... And so I think the keys to being that consolidating entity are having the balance sheet, having the resources, having the team to be in the pole position to execute on that.
Political Tailwinds Accelerate Adoption
The regulatory landscape has shifted dramatically. With 17 Solana ETF applications pending and major institutions like BlackRock, Visa, and PayPal integrating Solana infrastructure, the path toward institutional legitimacy is crystallizing. Unlike the regulatory hostility of previous years, 2025 marks a pivot toward frameworks that recognize blockchain's role in modernizing financial plumbing.
Forward's strategy capitalizes on this moment: tokenizing its common stock on Solana creates 24/7 tradability and eligibility as DeFi collateral—functionality impossible in legacy markets.Â
This isn't speculative positioning; it's infrastructure arbitrage.
The Yield Advantage
While cash sits idle and bonds deliver anemic returns, Forward generates compounding yield through Solana staking (averaging 8%+ annually) and strategic DeFi deployment. The company's focus on growing SOL-per-share—rather than dollar-denominated returns—aligns shareholder interests with ecosystem growth. With Solana processing 8.9 billion transactions quarterly and sustaining $3 billion in daily DEX volume, the network effects are undeniable.
The Investment Case
Forward Industries isn't mimicking MicroStrategy's Bitcoin playbook—it's building something fundamentally different. By combining treasury accumulation with active on-chain participation and tokenized equity, the company is pioneering a model for how public corporations operate in decentralized markets.
For investors seeking exposure to blockchain infrastructure with the governance and transparency of public markets, Forward represents a compelling entry point into the on-chain capital markets revolution. The question isn't whether this transformation will happen—it's who will lead it.
Sources:
Tokenizing Wall Street: How a $1.65B Solana Bet Is Rewriting the Treasury Playbook