Forward Industries Raises $1.65B for Solana Treasury Strategy Backed by Galaxy, Jump, Multicoin

Forward Industries has announced a $1.65 billion private placement in cash and stablecoin commitments through a private investment in public equity (PIPE) round led by Galaxy Digital, Jump Crypto, and Multicoin Capital.

In a press release shared with CryptoNews, the firm said the financing, one of the largest Solana-focused raises to date, will allow the company to establish a digital asset treasury strategy centered on the Solana blockchain. Existing shareholder C/M Capital Partners also participated in the transaction.

BREAKING: Forward Industries Inc. announces a $1.65B private placement in cash and stablecoins to launch a $SOL treasury strategy, becoming the latest publicly traded firm to adopt Solana. pic.twitter.com/dGFJjDIe5S

Galaxy Digital will contribute its institutional infrastructure, including trading, lending, and staking services, while Jump Crypto will provide its technical expertise, particularly through initiatives such as Firedancer, a new validator client designed to scale Solana’s performance.

Forward Industries stated that this collaboration is designed to help the company generate differentiated returns through staking, lending, and trading activities within the Solana ecosystem. By aligning with these firms, the company seeks to position itself as the leading publicly traded participant in Solana’s growth.

Upon completion of the transaction, Kyle Samani, co-Founder and Managing Partner of Multicoin Capital, will become Chairman of the Board of Directors.

Samani has been a vocal proponent of Solana since leading the network’s seed investment in 2018 and has continued to support its development through numerous ecosystem initiatives.

He explains that Solana remains undervalued by many market participants, presenting Forward Industries with an opportunity to build an institutional-scale treasury that can deliver outsized returns compared to passive holding.

Chris Ferraro, President and Chief Investment Officer of Galaxy, and Saurabh Sharma, Chief Investment Officer at Jump Crypto, will also join as Board observers.

Both executives bring extensive experience in building and investing in Solana-based projects. Their participation is expected to further strengthen Forward Industries’ governance and strategic direction.

Cantor Fitzgerald & Co. has been appointed lead placement agent, with Galaxy Investment Banking acting as co-placement agent and financial advisor.

Forward Industries also intends to enter into a services agreement with Galaxy Asset Management to provide ongoing support for its treasury activities. Legal counsel for the transaction includes Skadden, Arps, Slate, Meagher & Flom LLP for Galaxy and DLA Piper LLP for Cantor Fitzgerald.

Forward Industries expects to provide additional updates on its Solana treasury strategy and related activities in the near term. With the backing of Galaxy, Jump, and Multicoin, the company aims to build long-term shareholder value by becoming an institutional leader in the rapidly expanding Solana ecosystem.

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