Forward Industries has completed a $1.65 billion private placement aimed at establishing a treasury focused on Solana’s cryptocurrency.
Funding and Participants
Forward Industries (NASDAQ: FORD) has closed a $1.65 billion deal that includes both cash and stablecoins. The proceeds are primarily earmarked for purchasing the SOL token and establishing a dedicated crypto treasury.
The deal was led by Galaxy Digital, Jump Crypto, and Multicoin Capital, with additional participation from firms including Bitwise Asset Management, ParaFi, Ribbit Capital, FalconX, SkyBridge Capital, and Borderless Capital.
Institutional Support for Solana
The financing marks one of the largest treasury commitments focused on Solana by a U.S.-listed company. More than $300 million was subscribed collectively by Galaxy, Jump, and Multicoin, underscoring their confidence in Solana’s role as a high-throughput blockchain.
Kyle Samani, co-founder of Multicoin Capital, has been appointed Chairman of Forward’s board, while Galaxy’s Chris Ferraro and Jump Crypto’s Saurabh Sharma will serve as board observers.
Forward Industries' Strategy Amid Solana's Growth
These moves come as Solana continues to post record usage metrics. In Q2 2025 alone, the blockchain processed over 8.9 billion transactions and supported around $4 billion in daily decentralized exchange volume, generating an estimated $1.2 billion in real economic value year-to-date.
Forward’s treasury strategy aims to capitalize on this momentum by making SOL a central asset on its balance sheet. Galaxy, Jump, and Multicoin are expected to provide strategic guidance on execution, expanding Forward’s role in blockchain-based financial infrastructure.
In summary, the significant investment in a Solana-focused treasury underscores the growing interest from institutional investors in this blockchain technology.
