Forward Industries (NASDAQ: FWDI), a leading company in digital asset management on Solana, has announced an unprecedented innovation: its SEC-registered shares are now available on the Solana blockchain through Superstate’s Opening Bell platform.
This initiative marks the first time that the equity of a public company can be directly used as collateral within decentralized finance (DeFi).
Thanks to this integration, holders of FWDI tokenized shares can now use their equity as collateral on Kamino, one of the leading lending protocols on Solana.
Eligible investors thus have the opportunity to borrow stablecoins using their tokenized shares, while maintaining exposure to the underlying equity position.
This is an absolute first: never before has a regulated equity been accepted as collateral in an active DeFi market.
To support this new feature, Pyth provides real-time price feeds and market data, ensuring transparency and accuracy among the protocols integrating FWDI tokenized stocks.
Direct Tokenization: The Opening Bell Difference
Unlike other tokenized equity products, which rely on synthetic or derivative structures, Superstate’s Opening Bell platform enables the direct tokenization of SEC-registered shares, in collaboration with the issuers themselves.
These are not representations or derivatives: the shares available on Solana are the Class A Common Stock of Forward Industries, registered and updated onchain in real-time by Superstate, which acts as an SEC-regulated transfer agent.
According to Kyle Samani, Chairman of Forward Industries, “this milestone represents the next evolution of tokenized markets, where real equity can function natively within DeFi. By allowing FWDI shares to serve as collateral on Solana, we are creating a tangible bridge between traditional markets and the programmable financial systems that define the digital economy.”
Robert Leshner, CEO of Superstate, also emphasizes the transformative impact of the announcement: “Superstate has now made it possible to unlock the full potential of DeFi for real public equity onchain.”
New Opportunities for Investors and Publicly Listed Companies
The integration of Forward Industries through Opening Bell demonstrates how public companies can extend the lifespan and utility of their shares beyond the confines of traditional exchanges, enabling programmable and always-active ownership, directly connected to the digital asset ecosystem.
This collaboration between Forward, Superstate, and Kamino lays the groundwork for further onchain functionalities, pending regulatory developments.
The initiative serves as a model for the future, where public equities can be utilized in a flexible and innovative manner in digital markets.
Current FWDI shareholders who wish to hold their shares on Solana can do so by creating an account on Superstate and following the instructions to transfer the shares from their traditional brokerage account to an authorized Solana wallet, via Superstate’s registered transfer agent. All detailed instructions are available in the Documents section of the Superstate platform.
Opening Bell: the regulated platform for onchain equity
Opening Bell, launched by Superstate in May 2025, is a regulated tokenization platform that allows companies to make their publicly registered shares with the SEC available on major blockchains.
Opening Bell enables the issuance of programmable and compliant equity, ready to participate in digital finance ecosystems.
Superstate, the company behind Opening Bell, is dedicated to redefining public capital markets by connecting financial assets and crypto markets to expand access, enhance liquidity, and facilitate capital formation through onchain public listings and tokenized investment products.
Among its main offerings are Opening Bell, USTB (a tokenized fund backed by U.S. Treasuries), and USCC (a tokenized fund optimized for crypto exposure).
Forward Industries: Innovation Between Design and Digital Assets
Forward Industries, Inc. is a global design company that has been collaborating with leading companies in the medical and technological sectors for over 60 years, developing excellent products for top-tier brands.
In September 2025, Forward Industries initiated a treasury strategy on Solana, focused on acquiring SOL and increasing the SOL-per-share value through customized strategies and active management of corporate treasury.
This strategy is backed by leading investors and operational partners, including Galaxy Digital, Jump Crypto, and Multicoin Capital.
A Bridge Between Traditional and Digital Markets
The initiative by Forward Industries and Superstate marks a turning point for the financial sector. For the first time, the shares of a publicly traded company registered with the SEC are available on blockchain and can be used as collateral in DeFi, paving the way for a new era of integration between traditional and digital markets.
This evolution provides investors with the opportunity to access onchain liquidity without sacrificing equity exposure, and offers publicly traded companies the chance to extend the relevance and functionality of their shares in an increasingly digital and programmable environment.
The collaboration between Forward, Superstate, and Kamino lays the groundwork for further future developments, as the regulatory framework continues to evolve, promising to redefine the very concept of ownership and use of equity in global markets.
