Forward Industries Secures $1.65B for Solana Treasury Strategy

TheCryptoTimesPublicado a 2025-09-08Actualizado a 2025-09-08

Forward Industries, Inc. has announced that it has secured $1.65 billion in cash and stablecoin commitments through a PIPE (private investment in public equity) offering.

As per the official press release, the funding, led by Galaxy Digital, Jump Crypto, and Multicoin Capital, will be used to launch a Solana-focused digital asset treasury strategy. One of its major shareholders, C/M Capital Partners, has also joined the investment. 

This makes Forward Industries one of the first publicly traded companies to build such a large institutional position in the Solana ecosystem for long-term shareholder value.

CEO Michael Pruitt said that Solana is one of the most innovative and widely used blockchains. He added that working with Galaxy Digital, Jump Crypto, and Multicoin, firms with deep experience in Solana, will help Forward Industries establish itself as a prominent participant in the digital asset industry.

Leadership Changes

As part of the deal, Kyle Samani, Co-Founder of Multicoin Capital and an early backer of Solana, will become Chairman of the Board once the transaction closes. Chris Ferraro, President and CIO of Galaxy, and Saurabh Sharma, CIO of Jump Crypto, are also expected to join as board observers. 

Samani said, “Real economic value is being generated on Solana. An institutional-scale treasury can be deployed in sophisticated ways within the Solana ecosystem to create differentiated value and increase SOL per share at a faster rate than simply being a passive holder.”

Support from Key Investors

  • Galaxy Digital will provide trading, staking, and risk management support to manage Forward Industries’ Solana treasury.
  • Jump Crypto, which is developing Solana’s new Firedancer validator client, will provide technical and strategic support.
  • Multicoin Capital, an early Solana backer, makes long-term, high-conviction investments in category-defining companies and protocols.

Mike Novogratz, CEO of Galaxy, said, “Kyle, Chris, and Saurabh are three of the most established names within the broader digital asset ecosystem.” Saurabh Sharma added that Jump Crypto is excited to support Forward Industries as it takes a bold step with Solana at the core of its strategy.

Cantor Fitzgerald & Co. is serving as the lead placement agent, while Galaxy Investment Banking is the co-placement agent and advisor. Skadden, Arps, and DLA Piper are providing legal counsel.

Also Read: Solana Approves Alpenglow Upgrade to Boost Network Speed


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