Key Highlights

● Forward Industries changed its Nasdaq ticker to FWDI effective 17 November 2025 as it pivoted into a Solana-focused digital asset treasury company alongside its legacy design business.

● Hyperliquid Strategies became public through a Reverse merger with Sonnet BioTherapeutics that closed 2 December 2025 and filed on 15 September 2026 to register 160 million shares.

● Figure Technology Solutions went public on 11 September 2025 and reported 2025 Revenue of about 432 million dollars, up roughly 48 percent year over year, with Net Income near 62 million dollars.

● Mount Logan Capital began trading on Nasdaq in mid-September 2025 and reported trailing revenue of roughly 31 million dollars against a net loss near 63 million dollars.

Five tickers now sit inside the same broad financial category on data providers, even though the businesses behind them could hardly be more different. Here is what filings and company disclosures actually show for each one as of mid-September 2026.

Five Names, One Broad Category

A mixed basket like Forward Industries (NASDAQ: FWDI), Hyperliquid Strategies (NASDAQ: PURR), Figure Technology Solutions (NASDAQ: FIGR), Mount Logan Capital (NASDAQ: MLCI) and Fermi (NASDAQ: FRMI) spans a Solana treasury pivot, a token treasury born out of a biotech shell, a blockchain lending platform, a micro-cap private-credit and insurance operator, and an AI-power infrastructure developer. Grouped together under Financial, the five illustrate how differently companies can end up in the same sector bucket.

Two of the five run operating financial businesses with revenue, customers and balance sheets that can be analysed in conventional terms. Two more are digital-asset treasury vehicles whose value tracks a single token. The fifth develops electric-grid infrastructure for AI data centers and is included here under the assigned category rather than its operating description.

The 2026 Backdrop: Real Fintech Economics Meet the Treasury Trade

The through-line for September 2026 is divergence. On one side, blockchain-based lending and capital-markets infrastructure has matured into companies posting GAAP profits and completing acquisitions. On the other, the digital asset treasury trade, public vehicles that raise capital to buy and stake a single token, has produced enormous share-price swings in both directions, drawing closer attention from index providers and regulators alike.

Traditional Credit and insurance operators, meanwhile, keep grinding through a higher-for-longer rate environment where private-credit Demand is strong but funding costs and mark-to-market pressure remain a drag. The result is a financial-sector grouping that spans some of the most durable and most speculative equities on the exchange at once.

Forward Industries, Inc. (NASDAQ:FWDI): A Legacy Design Firm Turned Solana Treasury

Forward Industries illustrates how far a single company can travel from its original business. The company changed its Nasdaq ticker effective 17 November 2025 as it pivoted into a Solana-focused digital asset treasury company, generating SOL staking Yield alongside a legacy hardware- and software-design services segment.

The financials reflect a company in transition rather than a Going Concern in the conventional fintech sense. Reported FY2025 revenue came in at about 18 million dollars, down 9 percent, against a net loss reported near 167 million dollars and deeply negative earnings per share, figures shaped heavily by the token-treasury strategy and its mark-to-market swings. Market Capitalization sat near 477 million dollars after a sharp run, and the 52-week range spanned roughly 3.48 to 43.50 dollars, an unusually wide band for any listed company. The company has also floated a proposal to acquire SkyAI.

This is best understood as a crypto-linked vehicle carrying a financial-sector label. Its value tracks the price of SOL and market appetite for leveraged token exposure far more than any operating business, and reverse-split, dilution and single-token concentration risks all sit close to the surface.

Hyperliquid Strategies Inc. (NASDAQ:PURR): A Token Treasury Born From a Biotech Shell

Hyperliquid Strategies is the group's second digital asset treasury company, and its origin explains why some databases still carry lingering biotech tags. It became public through a reverse merger with Sonnet BioTherapeutics, a transaction that closed on 2 December 2025. The company accumulates and manages HYPE, the native token of the Hyperliquid Layer-1 blockchain, and remains a small operation headquartered in New York with a handful of employees.

The headline figures are dominated by token accounting. Reported market capitalization stood around 2.2 billion dollars, trailing revenue was only about 9 million dollars, yet net income was reported near 256 million dollars, almost certainly driven by gains on its HYPE holdings rather than operations. The stock has been added to the Russell 3000 and Russell 2000, spawned leveraged exchange-traded funds, and on 15 September 2026 the company filed a registration statement covering the sale of 160 million shares.

That share-registration filing is the figure worth sitting with. Treasury companies fund token purchases by issuing equity, and the balance between accretive buying and Shareholder dilution defines the entire Investment case, along with the premium to net asset value the shares command.

Figure Technology Solutions, Inc. (NASDAQ:FIGR): Blockchain Lending With Real Numbers

Figure Technology Solutions stands apart from the treasury vehicles in this group as an operating financial-technology company. It provides blockchain-based lending, trading and investing products, and it went public on Nasdaq on 11 September 2025.

The numbers are substantive. The company reported 2025 revenue of about 432 million dollars, up roughly 48 percent year over year, with net income near 62 million dollars, a sharp swing into stronger profitability. Trailing-twelve-month revenue was reported around 619 million dollars. On 1 September 2026 the company completed its Acquisition of Kiavi, a lender to residential real-estate investors, and on 10 September it announced a Partnership with Sierra to apply AI agents to Loan processing.

The central piece of the story is the Figure Connect marketplace, which reportedly carries high adjusted-EBITDA margins and a growing share of volume. A marketplace that intermediates blockchain-recorded loans is only as valuable as the counterparties willing to originate and buy through it, making that adoption curve the detail worth tracking most closely.

Mount Logan Capital Inc. (NASDAQ:MLCI): Micro-Cap Private Credit and Insurance

Mount Logan Capital is the group's other conventional financial-services entry. It runs asset-management and insurance-solutions segments, specialising in private credit across senior secured, asset-based, specialty-finance and structured lending, led by chief executive Ted Goldthorpe. It began trading on Nasdaq in mid-September 2025 after moving up from a Canadian listing.

This is a micro-cap, with a reported Market Value near 36 million dollars, a fraction of the other names covered here. Reported figures show trailing revenue of roughly 31 million dollars, down about 31 percent, and a net loss near 63 million dollars, alongside a small Dividend that has been maintained. In August 2026 the company completed its SOFIX vehicle's 130 million dollar asset acquisition from a Yieldstreet alternative-income fund, and its Ability Insurance unit launched ReliAbility MYGA Annuity products carrying a B+ rating from AM Best. It was added to the Russell Microcap Index in June 2026.

The insurance-plus-credit permanent-capital model can compound quietly, but a reported net loss alongside shrinking revenue signals the market is pricing execution risk rather than certainty. Whether direct insurance origination and the SOFIX Assets lift segment income durably is the question to track quarter by quarter.

Fermi Inc. (NASDAQ:FRMI): AI Power Infrastructure Inside a Financial Wrapper

Fermi is not a financial-services or fintech Business in any operating sense, and its presence in this group reflects the assigned category rather than its actual line of work. It is a real-estate and infrastructure company, classified as a specialty REIT, that develops private electric grids delivering gigawatt-scale power for AI compute. Its Project Matador campus in Texas signed a reported 6.5 billion dollar, 15-year Lease with customer TensorWave. It listed on Nasdaq on 1 October 2025.

Reported figures showed a market capitalization near 3 billion dollars, a large net loss reported around 738 million dollars, and only about 35 employees against gigawatt-scale ambitions. Whatever one thinks of the AI-power thesis, evaluating Fermi requires an energy and infrastructure lens rather than a financial-services one, since gigawatt buildouts, lease economics and power-delivery timelines drive the story far more than lending, credit or insurance metrics.

What Investors Should Watch

For Figure, watch marketplace volume, the integration of Kiavi and whether blockchain origination genuinely lowers unit costs. For Mount Logan, watch segment income, insurance origination and whether the dividend holds. For the two treasury companies, watch Equity issuance against token accumulation, any premium-to-net-asset-value compression, and index or regulatory scrutiny of the treasury structure itself.

Across Forward Industries and Hyperliquid Strategies in particular, reverse splits, dilution and concentration in a single token are structurally plausible risks worth monitoring even where no compliance notice has been issued. For Fermi, the relevant watch list sits in energy and AI-infrastructure execution, including how the Project Matador lease and power-delivery timeline progress, rather than in any financial-services metric.

Five Businesses, One Borrowed Label

Taken together, these five names show how wide a single sector category can stretch. Figure Technology Solutions is a profitable, operating blockchain-lending business. Mount Logan Capital is a small, traditional private-credit and insurance operator with real revenue and real losses to weigh. Forward Industries and Hyperliquid Strategies are digital-asset treasury vehicles whose fortunes are tied to the tokens they hold rather than to any lending or Underwriting operation. Fermi builds power infrastructure for AI data centers and is included here strictly under the category assigned to it.

For investors screening this corner of Nasdaq, the practical takeaway is to look past the label and examine each business on its own filings. A category heading can group a profitable lender, a micro-cap insurer, two token-treasury vehicles and an energy developer together, but it says little about how any one of them will actually perform.