Forward Industries Raises $1.65B for Solana Treasury Strategy

Forward Industries has secured $1.65 billion in a private investment in public equity (PIPE) round led by Galaxy Digital, Jump Crypto, and Multicoin Capital to establish a Solana-focused digital asset treasury strategy. The funding, among the largest raises centered on Solana, aims to position Forward Industries as the leading publicly traded institutional participant in the Solana ecosystem by leveraging staking, lending, and trading activities. Kyle Samani, co-founder of Multicoin Capital and an early Solana supporter, will become Chairman of Forward Industries' Board, with representatives from Galaxy and Jump Crypto joining as board observers. The initiative reflects growing confidence in Solana's long-term potential, with Forward Industries actively participating in its growth to build shareholder value. The collaboration brings together capital, technical expertise, and institutional infrastructure to scale Solana’s performance and generate differentiated on-chain returns. This move aligns with trends of companies building crypto treasuries around major blockchain assets like Solana, Bitcoin, and Ethereum.