Catenaa, Saturday, December 27, 2025-Forward Industries has launched its stock onchain as a blockchain-native token via Superstate’s Opening Bell platform.
Forward Industries is the world’s largest Solana treasury firm.
The FWDI shares, formerly named FORD, are SEC-registered and can now be used directly within decentralized finance, marking a first for public company equity. Forward holds about 6.8 million SOL tokens, valued at roughly $832 million, making it the largest SOL digital asset treasury.
Opening Bell, launched in May 2025, allows companies to issue and trade non-synthetic shares on blockchain networks, using SPL tokens on Solana and ERC-20 on Ethereum. Tokenized FWDI can be integrated across Solana’s DeFi ecosystem.
Forward plans to allow FWDI as collateral on lending protocols such as Kamino, enabling users to borrow stablecoins against their holdings. Price feeds for these operations are supported by Pyth in real time.
Superstate acts as transfer agent, maintaining records of tokenized stock ownership and facilitating movement from traditional brokerage accounts to allowlisted Solana wallets.
Token holders will retain voting rights. This model avoids synthetic derivatives or wrapped tokens, making onchain FWDI legally equivalent to traditional shares.
The launch follows Galaxy Digital’s tokenization of GLXY shares in September and comes amid broader experimentation with tokenized equities.
Superstate’s Direct Issuance will soon allow firms to issue new tokenized securities without underwriters, while Securitize plans onchain equity offerings through its Stocks on Securitize product.
Forward said the initiative bridges traditional markets with programmable financial systems, signaling a growing integration of regulated public equities into decentralized finance markets.
