Forward Industries (NASDAQ: FWDI), a Solana digital asset treasury company, announced that its SEC-registered shares are now live on the Solana blockchain through Superstate’s Opening Bell platform marking the first time a public company’s equity can be used directly within decentralized finance (DeFi). Via this integration, ex-US holders of Forward’s tokenized FWDI shares can now “post their equity as collateral on Kamino, one of Solana’s lending protocols.”
Eligible investors can borrow stablecoins against their “tokenized shares, gaining access to onchain liquidity while maintaining exposure to the underlying equity position.”
This marks the first time regulated public equity “can be used as collateral within a live DeFi market.”
Additionally, Pyth supports this functionality by “providing real-time price feeds and market data to ensure transparency and accuracy across protocols that integrate tokenized FWDI.”
While other tokenized stock products rely “on synthetic or derivative structures, Superstate’s Opening Bell enables the tokenization of SEC-registered shares in collaboration with issuers.”
These are not representations, they are Forward Industries’ Class A Common Stock, recorded and updated “onchain in real time by Superstate, a registered SEC transfer agent.”
Forward’s integration through Opening Bell illustrates “how public companies can extend the life and utility of their stock beyond traditional exchanges, enabling programmable, always-on ownership that connects directly to the broader digital-asset economy.”
This latest collab between Forward, Superstate, Kamino establishes the foundation “for future onchain functionality as regulatory guidance continues to evolve.”
Opening Bell, launched by Superstate in May 2025, is “a regulated onchain tokenization platform enabling companies to make SEC-registered public equity shares available on major blockchains.”
It allows compliant, programmable equity “to participate in digital finance ecosystems.”
Superstate is a financial technology firm “reshaping public capital markets.”
They connect financial assets with crypto capital markets “to expand access, improve liquidity, and advance capital formation through onchain public listings and tokenized investment products.”
Their offerings include Opening Bell, “a platform for compliant onchain equities; USTB, a tokenized fund backed by US Treasuries; and USCC, a tokenized fund optimized for crypto basis exposure.”
As noted in the update, Forward Industries, Inc. is “a design company serving medical and technology companies.”
For many years. the company has been focused on “developing and producing a portfolio of products for some of the world’s companies and brands.”
In Sept ’25, Forward Industries had initiated a Solana treasury strategy dedicated to “acquiring SOL and increasing SOL-per-share through bespoke strategies and active management of the company’s treasury.”
The company’s Solana treasury strategy is supported by investors and operating partners, “including Galaxy Digital, Jump Crypto, and Multicoin Capital.”
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