Solana News Today: Forward Industries Bets Big on Solana’s Hidden Potential

Forward Industries, Inc. (NASDAQ:FORD) has raised $1.65 billion in cash and stablecoin commitments through a private investment in public equity (PIPE) led by Galaxy Digital (NASDAQ:GLXY), Jump Crypto, and Multicoin Capital. The funds will be allocated to a Solana (CRYPTO: SOL)-focused digital asset treasury strategy, marking the largest Solana-centric treasury company raise to date [1]. The transaction has attracted participation from existing shareholder C/M Capital Partners, with Kyle Samani, co-founder and managing partner of Multicoin Capital, set to become Chairman of the Board of Directors upon the PIPE’s closure [1].

Samani, a prominent early backer of Solana, emphasized the blockchain’s undervaluation despite its consistent performance and resilience in challenging market conditions. He noted that Solana’s potential is largely underestimated by investors, creating a significant opportunity for a treasury strategy focused on the asset [1]. Galaxy Digital’s CEO, Mike Novogratz, stated that Forward Industries is well-positioned to become a leading publicly traded company within the Solana ecosystem under the guidance of industry leaders like Samani [1].

The bullish sentiment around Solana is further supported by recent developments in the blockchain space. Options data from Deribit reveals a notable divergence in market sentiment, with December calls on SOL trading at a premium of 10 volatility points to puts. This indicates a strong bias for a year-end rally in the asset [2]. The optimism is partly attributed to the recent approval of Solana’s Alpenglow upgrade, which reduces transaction finality from 12.8 seconds to 100–150 milliseconds. Bitget’s Chief Analyst Ryan Lee described this upgrade as a "defining moment" for Solana, enhancing its position as one of the fastest general-purpose blockchains [2].

Data from the crypto media platform Milk Road further highlights Solana’s dominance in generating blockchain revenue. Year-to-date, Solana has brought in $1.25 billion in revenue, significantly outpacing Ethereum’s $523.28 million and positioning it as the clear market leader [4]. This financial performance has been driven by the success of decentralized applications (dApps) on the network, with platforms like Pump.fun and Axiom Pro generating over $50 million in the last 30 days. Solana’s ecosystem continues to attract developers and users due to its speed, scalability, and support for high-revenue-generating applications [4].

Analysts highlight Solana’s ability to maintain a competitive edge in the blockchain space. While Ethereum remains a key player in the DeFi and NFT sectors, Solana’s faster transaction speeds and lower fees appeal to users seeking efficiency and cost-effectiveness. This has led to a growing user base, particularly among retail investors and new entrants to the crypto market [3]. Solana has also shown strong growth potential in revenue generation, with its ecosystem supporting decentralized trading platforms, wallets, and launchpads that contribute significantly to its financial success [4]. Forward Industries’ strategic investment into Solana underscores the growing institutional interest in the blockchain and its potential for long-term value creation [1].

Solana’s recent performance has also been reinforced by its market capitalization reaching $100 billion, a milestone achieved in a relatively short period compared to traditional tech giants. The asset has seen a 19% increase in value over the past 30 days, outpacing Ethereum and XRP in the same timeframe [4]. This resurgence is attributed to key upgrades, growing institutional adoption, and favorable market conditions. As Forward Industries prepares to allocate its newly raised capital into Solana, the move is expected to enhance the blockchain’s visibility and liquidity, potentially attracting further investment from both retail and institutional players [1].

Source:

[1] title1 (https://finance.yahoo.com/news/1-65-billion-solana-gets-105421890.html)

[2] title2 (https://finance.yahoo.com/news/xrp-sol-signal-bullish-strength-062449930.html)

[3] title4 (https://medium.com/@lindaliuAus/ethereum-vs-solana-90fac0cd6251)

[4] title5 (https://www.cryptopolitan.com/solana-has-generated-over-2x-ethereum-revenue-this-year/)