Forward Industries aims to be leading public player in Solana

Forward Industries aims to be leading public player in Solana

Forward Industries, Inc. (NASDAQ: FORD) has announced a significant move to position itself as a leading public player in the Solana ecosystem. The company has secured $1.65 billion in cash and stablecoin commitments for a private investment in public equity (PIPE) offering led by Galaxy Digital, Jump Crypto, and Multicoin Capital. This investment will help Forward Industries initiate a Solana-focused digital asset treasury strategy [1].

The PIPE offering is the largest Solana-focused digital asset treasury company raise to date. Galaxy Digital, Jump Crypto, and Multicoin Capital will provide both capital and strategic support to help Forward Industries structure and execute its Solana treasury strategy. This strategic alliance aims to position Forward Industries as the leading publicly traded institutional participant in the Solana ecosystem [1].

Upon the closing of the PIPE, Kyle Samani, co-Founder and Managing Partner of Multicoin, is expected to become Chairman of the Board of Directors. Mr. Samani has been a leading investor and thought leader in the digital asset space, including within the Solana ecosystem. He believes that the Solana treasury strategy presents a significant opportunity for value creation and shareholder growth [1].

Galaxy Digital, Jump Crypto, and Multicoin Capital bring deep expertise and proven track records in the Solana ecosystem. Galaxy Digital will offer its trading, lending, structuring, staking, and blockchain infrastructure services, while Jump Crypto is developing Firedancer, a second high-performance validator client for Solana. Multicoin, which seeded the Solana network, will leverage its long-term, high-conviction investment strategy to support Forward Industries' treasury efforts [1].

Forward Industries expects to release additional updates regarding its PIPE financing and other treasury activities in the near term. The company aims to generate differentiated on-chain returns and build long-term shareholder value through active participation in the Solana ecosystem [1].

References:
[1] https://www.businesswire.com/news/home/20250907677362/en/Forward-Industries-Inc.-Announces-%241.65-Billion-Private-Placement-in-Cash-and-Stablecoin-Commitments-Led-by-Galaxy-Digital-Jump-Crypto-and-Multicoin-Capital-to-Initiate-Solana-Treasury-Strategy