Forward Industries brings fwdi stock onchain with Solana tokenization and DeFi integration

In a move that could reshape access to public markets, Forward Industries has brought fwdi stock to Solana-based decentralized finance while keeping it fully SEC-regulated.

Forward Industries shares go live on Solana

On December 18, 2025, Forward Industries (NASDAQ: FWDI) launched its SEC-registered shares on the Solana blockchain through Superstate‘s Opening Bell platform. This initiative created what the firm describes as the first publicly listed equity that can operate directly inside decentralized finance infrastructure.

Moreover, the move places a traditional NASDAQ-listed issuer into an onchain environment without using synthetic assets or depositary receipts. Instead, the shares reflect the company’s real Class A Common Stock, mirrored and updated onchain by a regulated transfer agent.

DeFi utility through Kamino and stablecoin borrowing

Ex-U.S. holders of tokenized FWDI can now deploy their equity on Kamino, a leading Solana-based lending platform. These tokenized company shares function as collateral, enabling investors to borrow stablecoins while maintaining exposure to the underlying equity position.

However, this design preserves ownership of the stock while unlocking additional liquidity for holders. It effectively combines traditional equity investing with the capital efficiency tools that DeFi lending protocols provide.

Real regulated equity, not synthetic derivatives

The arrangement represents real, fully registered equity rather than a derivative wrapper. According to Forward Industries, the onchain tokens correspond directly to Class A Common Stock issued by the company, with no synthetic or derivative layers in between.

Superstate serves as the SEC-regulated transfer agent in this structure, managing share registry and handling updates on the Solana blockchain in real time. That said, the company emphasizes that all corporate actions and ownership records remain anchored in the regulated securities framework.

Pyth powers real-time pricing for DeFi protocols

The tokenized shares are supported by Pyth, which delivers real-time price feeds for FWDI across integrated Solana protocols. This infrastructure ensures accurate and synchronized market data for lending platforms and any other DeFi services that choose to support the asset.

Moreover, consistent onchain pricing is essential for collateralized lending, margin calculations, and risk management. Pyth price feeds help reduce oracle-related discrepancies that could otherwise impact borrowing limits or trigger liquidations.

Strategic vision and industry commentary

Commenting on the launch, Kyle Samani described the initiative as the next evolution of tokenized markets. He highlighted that allowing these shares to serve as collateral on Solana creates a tangible bridge between traditional capital markets and programmable digital finance.

In the company’s statement, Samani said this model connects conventional equity with the programmable financial systems that define the modern digital economy. Furthermore, it demonstrates how existing securities can gain new utility through blockchain-based composability.

Robert Leshner, CEO of Superstate, added that Opening Bell has unlocked the full potential of DeFi for real public equity onchain. According to the release, Opening Bell launched in May 2025 as a regulated venue for tokenizing publicly registered SEC shares and making them usable across digital asset rails.

How shareholders move FWDI to Solana

Current shareholders can migrate their FWDI holdings to Solana by opening a Superstate account and following the onchain equity transfer process. Through the platform’s registered transfer agent, they move shares from traditional brokerage accounts into authorized Solana wallets.

However, only approved wallets can receive these tokenized securities, in line with regulatory requirements. Shareholders can find detailed transfer instructions in the Documents section of the Superstate interface, which outlines each step from brokerage to onchain settlement.

Solana treasury strategy and institutional backing

Forward Industries had already signaled its commitment to the Solana ecosystem with a dedicated treasury initiative launched in September 2025. That strategy focuses on accumulating SOL and increasing SOL-per-share value through active treasury management.

The program is backed by major crypto-native firms including Galaxy Digital, Jump Crypto, and Multicoin Capital, which participate as key investors and operational partners. Moreover, their involvement underscores institutional confidence in Solana-based financial infrastructure and in Forward’s long-term onchain roadmap.

The 60-year-old design company works with leading firms in the medical and technology sectors, giving the experiment additional significance as a bridge between traditional manufacturing and digital asset markets.

Superstate’s broader tokenization products

Beyond Opening Bell, Superstate offers additional tokenized investment vehicles tailored to different risk profiles. Its product suite includes USTB, a tokenized fund backed by U.S. Treasuries, and USCC, a tokenized fund optimized for crypto exposure.

These funds show how regulated instruments can be reconstructed onchain with clear backing and transparent mechanics. Furthermore, their coexistence with tokenized equities illustrates a broader trend toward multi-asset tokenization across both fixed income and growth-focused strategies.

Implications for public companies and DeFi

The integration of FWDI stock through Superstate’s Opening Bell highlights how public companies can extend share utility beyond traditional exchanges. By bringing equity to Solana, issuers can enable programmable ownership that directly interfaces with digital asset ecosystems.

That said, the collaboration among Forward Industries, Superstate, Kamino, and Pyth also builds infrastructure for future onchain use cases. These may include governance features, automated corporate actions, or new forms of capital formation that rely on composable smart contracts.

The current deployment already shows how regulated stock can function within active DeFi markets. Investors can hold a conventional equity position while accessing lending, borrowing, and other yield strategies native to Solana.

Outlook for tokenized public equity

With fwdi stock now live on Solana, the project offers a template for other listed companies exploring blockchain-based functionality. If replicated, this model could significantly expand the role of tokenized public equity within the global financial system.

In summary, Forward Industries and Superstate have combined regulated share infrastructure, real-time data from Pyth, and DeFi tools from Kamino to demonstrate how traditional securities can evolve into fully programmable digital assets.