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.

Multicoin unwound Forward stake amid split with Samani

Multicoin’s exit came through a series of transactions that moved most of its Forward exposure either back to the company or to an entity controlled by Samani.

On March 19, Forward disclosed that it had repurchased 6.16 million shares from an institutional investor for $27.37 million, or $4.44 per share. At the time, its quarterly filing identified Multicoin Capital Master Fund LP as the investor and related party that sold the shares.

Forward financed the repurchase with a $40 million loan from Galaxy Digital, carrying a weighted-average annual interest rate of about 3.4%, pledging fwdSOL from its treasury as collateral. The company said the borrowing would fund the buyback and support its broader digital-asset treasury strategy.

After the repurchase, the firm still beneficially owned about 6.24 million Forward shares, including 4.46 million shares issuable through warrants.

That remaining position was subsequently transferred to Lemmings Holdings LLC. Multicoin assigned warrants covering 4.46 million shares to Lemmings on April 30 and transferred another 1.78 million common shares on May 5. Forward had previously disclosed that Lemmings was controlled by Pyahm “Kyle” Samani.

Notably, Multicoin’s March-quarter 13F reported the 1.78 million Forward shares as part of its holdings during the quarter.

Its updated June-quarter filing shows that none of those shares remain, confirming that the position disappeared from its reportable public-equity portfolio after the shares were transferred to Samani-controlled Lemmings in May.

Samani had already resigned as a manager of Multicoin Capital Management effective Jan. 31, while remaining chairman of Forward. Multicoin’s May 8 filing then marked the investment firm’s exit from Forward, even as a Samani-controlled entity retained substantial exposure.

Meanwhile, the strategic differences between Samani and his former firm became more pronounced in July. After Multicoin backed a policy initiative with the Hyperliquid Policy Center, Samani accused the firm of “working against everything” Solana developers were building.

Multicoin executives have continued to express a bullish view on Solana. In June, Jain argued that Hyperliquid complements the firm’s Solana positions, describing Solana as the home of spot issuance, payments, lending and broader internet capital markets, while Hyperliquid serves derivatives trading.

Multicoin expects the two ecosystems to compete increasingly directly while both outperforming much of the broader crypto market.