Forward Industries Closes $1.65B PIPE to Launch Solana Treasury Strategy

Forward Industries, Inc. (NASDAQ: FORD) has announced the successful close of its previously disclosed private investment in public equity (PIPE) financing, raising $1.65 billion before fees and expenses.

In a press release shared with CryptoNews the firm said the funding round was led by Galaxy Digital, Jump Crypto, and Multicoin Capital, which together invested more than $300 million.

The company said it intends to use the proceeds to establish its cryptocurrency treasury operations, with a focus on purchasing SOL, the native token of the Solana blockchain.

Funds will also be allocated to working capital, future transactions, and related expenses as Forward Industries launches its Solana-focused strategy.

In addition to Galaxy, Jump, and Multicoin, the PIPE attracted commitments from a wide network of global investment firms, asset managers, and prominent angel investors across the digital asset ecosystem. The transaction shows institutional interest in Solana and Forward Industries’ role as a publicly traded vehicle for exposure to its growth.

Alongside the close of the financing, Forward Industries announced governance changes. Multicoin co-founder Kyle Samani has been appointed Chairman of the Board, while Interim Chief Executive Officer Michael Pruitt has also joined the Board.

Chris Ferraro, President and Chief Investment Officer of Galaxy, and Saurabh Sharma, Chief Investment Officer at Jump Crypto, have been named Board observers. The company’s management team will otherwise remain in place.

“Today’s milestone underscores our belief among leading institutional investors that Solana belongs at the center of global capital markets. With the support of Galaxy, Jump Crypto, and Multicoin, I believe Forward Industries is uniquely positioned to accelerate this future,” said Samani.

Forward Industries’ strategic focus reflects Solana’s strong growth trajectory. In the second quarter of 2025, the blockchain processed more than 8.9 billion transactions and supported roughly $4 billion of decentralized exchange volume per day. These activities generated about $1.2 billion in real economic value, with the network adding more than 7,500 developers in 2024 alone.

Interim CEO Michael Pruitt frames the new treasury strategy as central to the company’s future. “Forward Industries’ mission has been centered around operational and innovative excellence, and we are now extending that same principle to our capital strategy by building a balance sheet with SOL at its core,” he said.

The financing was structured with support from financial and legal partners. Cantor Fitzgerald served as lead placement agent, while Galaxy Digital acted as co-placement agent and financial advisor. A group of top law firms, including Skadden, White & Case, and Cooley, advised the participating investors.

Forward Industries said it has also entered into a services agreement with Galaxy Asset Management to provide management support for the company’s Solana treasury strategy.

The company said its goal is to become the leading publicly traded institutional participant in the Solana ecosystem, leveraging both capital investment and strategic insights from its backers to execute its long-term vision.

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