Forward Industries (NASDAQ: FORD), a company originally founded over 60 years ago as a design firm for medical and technology clients, has secured $1.65 billion in cash and stablecoin commitments through a private investment in public equity (PIPE) round. The funding was led by major crypto players Galaxy Digital, Jump Crypto, and Multicoin Capital, marking the largest Solana-focused treasury financing to date.
The capital will support Forward's strategic pivot to become a publicly traded institutional entity focused on the Solana ecosystem. The firm's shares surged 128% in pre-market trading following the announcement, while SOL's price increased by 2.3%. Galaxy and Jump will provide infrastructure and advisory services, and Multicoin—an early Solana backer—will contribute investment expertise. As part of the deal, Multicoin's co-founder Kyle Samani will become chairman of Forward's board, with Galaxy's Chris Ferraro and Jump's Saurabh Sharma joining as board observers.
Forward aims to actively participate in Solana's decentralized finance markets to generate on-chain returns and enhance long-term shareholder value, rather than simply holding SOL tokens. The company has engaged Cantor Fitzgerald as lead placement agent, with Galaxy's investment banking arm serving as co-placement agent and financial advisor.
This move positions Forward alongside other Solana treasury firms like Upexi Inc. (holding over 2 million SOL tokens worth $430 million) and Sharps Technology, which raised $400 million for a similar initiative in August. Another entity, SOL Strategies, which holds over 435K SOL tokens, recently announced plans to uplist from Toronto to Nasdaq.
Kyle Samani emphasized the potential for "institutional-scale treasury deployment within the Solana ecosystem to create differentiated value." The funding underscores growing institutional confidence in Solana's recovery and long-term viability, despite past challenges like network outages and the FTX collapse.