Forward Industries, the largest publicly traded Solana treasury firm, has filed for a $4 billion at-the-market equity offering—nearly matching Bitcoin treasury firm Strategy’s July raise and double its May offering. Proceeds will fund working capital, Solana token acquisitions, and income-generating assets. The stock (FORD) fell 8.2% to $34.28 after the announcement. If fully allocated to SOL, the move could more than double the current $3.1 billion in Solana treasuries. SOL trades at $235.45, up 1.2%, with 90% of predictors on Myriad betting it reaches $250 before retracing to $130. Cantor Fitzgerald will serve as sales agent for a 3% fee.