TL;DR

Forward Industries raised $1.65 billion in cash and stablecoin commitments through a PIPE led by Galaxy Digital, Jump Crypto, and Multicoin Capital, marking the largest Solana-focused treasury funding to date.
FORD stock surged 128% in pre-market trading, while Solana’s SOL token gained 2.3%.
Multicoin co-founder Kyle Samani will join Forward’s board as chairman, signaling increased institutional interest in Solana-based DeFi opportunities and on-chain yield generation.

Forward Industries, historically a design firm for technology and medical companies, has secured $1.65 billion in funding to establish a Solana-focused treasury, aiming to operate as a publicly traded institutional player in the digital asset ecosystem. The private investment in public equity (PIPE) round was led by Galaxy Digital, Jump Crypto, and Multicoin Capital, making it the largest funding of its kind for Solana. This move positions Forward Industries to not only expand its treasury but also explore emerging DeFi protocols, new staking strategies, and innovative yield-generation methods across multiple Solana-based platforms.

Shares of FORD skyrocketed 128% in pre-market trading following the announcement, while Solana’s native token SOL gained 2.3%, reflecting strong market confidence in the project’s strategy to generate on-chain returns and long-term shareholder value. Forward plans to leverage this treasury to actively participate in decentralized finance protocols on Solana, competing with other firms like Upexi and Sharps Technology.

Board Appointments And Strategic Partnerships Drive Growth

As part of the PIPE deal, Kyle Samani, co-founder of Multicoin Capital, will become chairman of Forward Industries’ board. Galaxy President Chris Ferraro and Jump Crypto CIO Saurabh Sharma will serve as board observers. The partnership allows Forward to benefit from advisory services, investment expertise, and infrastructure support from key Solana-focused institutions, reinforcing its ability to deploy an institutional-scale treasury efficiently across decentralized markets and quickly respond to evolving DeFi opportunities.

Institutional Solana Treasury Movement Expands Rapidly

Forward Industries joins a growing wave of companies establishing Solana treasuries. Upexi Inc. recently secured more than $430 million in SOL holdings, while Sharps Technology raised $400 million to launch its Solana treasury. SOL Strategies, holding over 435,000 SOL tokens, recently announced plans to uplist from Toronto to Nasdaq. These moves reflect increasing confidence in Solana’s DeFi ecosystem and the potential for publicly traded firms to generate competitive on-chain returns.

Cantor Fitzgerald serves as lead placement agent for Forward’s PIPE, with Galaxy’s investment banking arm acting as co-placement agent and financial advisor. Originally founded over six decades ago as a design company, Forward Industries is now fully repositioning itself as a strategic digital asset treasury operator on Solana, signaling a major evolution in its corporate strategy and stronger influence in institutional crypto markets.

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Filed under: News - @ September 8, 2025 1:29 pm