Forward Industries Becomes Solana’s Public Treasury Trailblazer

Forward Industries (NASDAQ: FORD) has announced the completion of a $1.65 billion private investment in public equity (PIPE) deal, positioning itself at the forefront of institutional Solana (SOL) adoption. The funding, led by Galaxy Digital, Jump Crypto, and Multicoin Capital, represents one of the largest blockchain-focused transactions of 2025 and underscores growing institutional confidence in Solana’s long-term growth potential. Collectively, these three firms contributed over $300 million to the round, with more than 10 additional global investment firms and angel investors, including Bitwise, FalconX, and Cindy Leow (Drift), also participating. This substantial capital infusion will be allocated toward purchasing SOL, funding working capital, and launching digital asset management solutions focused on capital market participation.

The strategic shift by Forward Industries reflects a broader trend of public companies integrating digital assets into their treasuries. Solana-focused treasury firms such as DeFi Development, Upexi, and Sol Strategies collectively manage over $1.4 billion in SOL, indicating a growing institutional appetite for blockchain-based investment vehicles. Forward’s capital strategy is designed to leverage Solana’s robust blockchain ecosystem—characterized by high throughput, active developer engagement, and expanding decentralized finance (DeFi) adoption—to generate on-chain returns through staking, lending, and algorithmic treasury management. The company’s leadership, including Interim CEO Michael Pruitt and board members such as Kyle Samani (Multicoin Capital), Chris Ferraro (Galaxy), and Saurabh Sharma (Jump Crypto), brings deep expertise in both capital markets and crypto ecosystems.

Solana’s infrastructure plays a central role in Forward’s new treasury model. In Q2 2025, Solana processed over 8.9 billion transactions, generating $4 billion in daily decentralized exchange (DEX) volume and adding more than 7,500 new developers in 2024 alone. The blockchain’s high-performance capabilities—such as its 65,000 transactions per second throughput and near-zero fees—position it as a strong competitor to Ethereum in the DeFi space. Forward’s active Solana treasury strategy, which includes staking, lending, and yield-generation protocols, aims to optimize shareholder value by capitalizing on the blockchain’s performance and adoption growth. This approach mirrors Michael Saylor’s Bitcoin-focused treasury model but adapts it to Solana’s unique advantages.

The market response to the deal was swift and significant. Following the announcement, Forward’s shares surged by over 13% in pre-market trading and continued to rise in early post-announcement sessions. The rally was accompanied by a 2.3% increase in Solana’s native token, SOL, which traded at over $214. Analysts view Forward’s structure as a hedge against volatility, as the company plans to actively manage its SOL holdings using strategies like staking and market making to maintain shareholder value. Institutional advisors, including legal partners from Cantor Fitzgerald and Galaxy Digital, are supporting Forward’s transition to an institutional-scale digital asset operator, ensuring compliance with evolving regulatory and operational frameworks.

Forward Industries now holds more than 7.7 million SOL tokens, making it the largest publicly traded Solana treasury holder and surpassing previous holders like Upexi. This move places Forward at the center of Solana’s growing institutional adoption story, alongside other firms like Sharps Technology and SOL Strategies, which are also building Solana-based treasuries. Forward’s leadership in this space is further reinforced by strategic partnerships with key Solana infrastructure players. For instance, Jump Crypto is contributing technical expertise via its Firedancer validator client, while Galaxy Digital is providing risk management and trading support. These collaborations position Forward to execute a diversified and institutional-grade Solana treasury strategy.

While the move reflects strong confidence in Solana’s long-term potential, it also introduces risks associated with crypto treasury models. Many firms trade below their net asset value, raising concerns about dilution and liquidity pressures. Critics have warned that such strategies may resemble "Ponzi-style bets," reliant on continuous fundraising to sustain value. However, proponents argue that disciplined, well-backed approaches—such as Forward’s—can thrive if executed with transparency and operational rigor. As institutional adoption of Solana treasuries accelerates, the success of Forward’s model may serve as a benchmark for future public companies seeking to integrate blockchain-based assets into their capital strategies.