Multicoin Capital has fully exited its stake in Forward Industries, the largest Solana treasury company, according to regulatory filings. Multicoin was one of 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. Multicoin transferred its position to Lemmings Holdings LLC, an entity controlled by Kyle Samani, the Multicoin cofounder who stepped down as manager on January 31 while remaining Forward’s chairman. Samani’s controlled entity retains substantial exposure to Forward despite the strategic split between him and his former firm. Forward continued accumulating Solana to approximately 7.81 million SOL equivalents despite reporting a $69 million quarterly net loss.
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