Multicoin exits the $1.65 billion Solana treasury company it helped launch eight months ago

Multicoin Capital has exited its disclosed stake in Forward Industries, the largest Solana treasury company, according to SEC filings.

The crypto investment firm had been one of the three lead investors, alongside Galaxy Digital and Jump Crypto, behind the $1.65 billion financing that launched Forward’s Solana treasury strategy in September 2025. The three sponsors collectively committed more than $300 million, while Multicoin co-founder Kyle Samani became Forward’s chairman.

Less than eight months later, Multicoin Capital Management, Multicoin Capital Master Fund and managing partner Tushar Jain reported zero beneficial ownership in Forward. A May 8 Schedule 13D amendment marked the filing as the group’s final “exit filing.”

The exit is notable because Multicoin built much of its reputation on an early conviction in Solana, becoming one of the blockchain’s most prominent institutional backers long before its market value climbed to roughly $44 billion.

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