Forward Industries (NASDAQ: FWDI), Solana's leading digital asset management company, announced an unprecedented innovation. The company's SEC-registered shares are now available on the Solana blockchain through Superstate's Opening Bell platform.
This initiative marks the first time that shares of public companies can be used directly as collateral within decentralized finance (DeFi).
Thanks to this integration, holders of FWDI tokenized shares can now use their shares as collateral for Kamino, one of Solana’s main lending protocols.
Eligible investors therefore have the opportunity to borrow stablecoins using tokenized stocks while maintaining exposure to the underlying stock positions.
This is a complete first, and regulated stocks have never been accepted as collateral in an active DeFi market.
To support this new feature, Pyth provides real-time price feeds and market data to ensure transparency and accuracy across protocols integrating FWDI tokenized stocks.
Direct Tokenization: The Opening Bell Difference
Unlike other tokenized equity products that rely on synthetic or derivative structures, Superstate's Opening Bell platform works with issuers themselves to enable direct tokenization of SEC-registered stocks.
These are not representations or derivatives. The shares available in Solana are Forward Industries' Class A common stock, registered and updated in real-time on-chain by Superstate, which acts as an SEC-regulated transfer agent.
“This milestone represents the next evolution of the tokenization market, allowing real stocks to function natively within DeFi. By allowing FWDI stocks to serve as collateral for Solana, we are creating a tangible bridge between traditional markets and the programmable financial systems that define the digital economy,” said Kyle Samani, chairman of Forward Industries.
Superstate CEO Robert Leshner also highlighted the transformative impact of this announcement, saying, “Superstate is now able to unlock the full potential of DeFi in real public equity on-chain.”
New opportunities for investors and listed companies
Forward Industries' integration through Opening Bell demonstrates how publicly traded companies can extend the life and utility of their shares beyond traditional exchanges, enabling programmable, always-active ownership directly connected to the digital asset ecosystem.
This collaboration between Forward, Superstate, and Kamino lays the foundation for further on-chain capabilities, pending regulatory development.
This initiative serves as a model for the future in which public equity can be leveraged in flexible and innovative ways in digital markets.
Current FWDI shareholders who wish to hold shares in Solana can create an account with Superstate and follow the instructions to transfer their shares from their traditional brokerage account to a certified Solana wallet via Superstate's registered transfer agent. All detailed instructions are available in the Superstate platform documentation section.
Opening Bell: A regulated platform for on-chain equity
Launched by Superstate in May 2025, Opening Bell is a regulated tokenization platform that allows companies to make publicly registered stocks with the SEC available on major blockchains.
The opening bell enables programmable and compliant issuance of equity, ready to participate in the digital financial ecosystem.
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 on-chain public listings and tokenized investment products.
Key services include Opening Bell, USTB (Tokenized Fund backed by the US Treasury), and USCC (Tokenized Fund Optimized for Cryptocurrency Exposure).
Forward Industries: Innovation between design and digital assets
Forward Industries, Inc. is a global design firm with more than 60 years of experience working with leading companies in the medical and technology sectors, developing superior products for leading brands.
In September 2025, Forward Industries initiated a financial strategy for Solana, focused on acquiring SOL and increasing SOL value per share through a customized strategy and active management of corporate finances.
The strategy is backed by leading investors and operating partners including Galaxy Digital, Jump Crypto, and Multicoin Capital.
A bridge between traditional and digital markets
The efforts by Forward Industries and Superstate mark a turning point for the financial sector. For the first time, shares of public companies registered with the SEC will be available on blockchain and used as collateral in DeFi, paving the way for a new era of integration of traditional and digital markets.
This evolution provides investors with the opportunity to access on-chain liquidity without sacrificing equity exposure, and public companies with the opportunity to extend the relevance and functionality of their stocks in an increasingly digital and programmable environment.
The cooperation between Forward, Superstate and Camino promises to redefine the very concept of ownership and utilization of shares in global markets, laying the foundations for further developments in the future as the regulatory framework continues to evolve.
