Solana News Today: Institutional Titans Fuel $1.65B Bet on Solana’s Undervalued Future

Forward Industries, Inc. (NASDAQ: FORD) has secured $1.65 billion in cash and stablecoin commitments through a private investment in public equity (PIPE) offering led by Galaxy Digital, Jump Crypto, and Multicoin Capital, marking one of the largest Solana-focused treasury financings to date. The funds will be used to establish a digital asset treasury strategy centered on the Solana (SOL) blockchain. C/M Capital Partners, one of Forward’s largest existing shareholders, also participated in the transaction. This initiative aligns the company with the growing Solana ecosystem, aiming to generate differentiated onchain returns and build long-term shareholder value through active participation in DeFi markets [1].

The investment brings together three of the most influential players in the crypto space. Galaxy Digital will provide treasury management, trading, lending, and staking services, leveraging its institutional-grade infrastructure. Jump Crypto, known for its technical contributions to Solana, will support infrastructure development through projects such as Firedancer and DoubleZero. Multicoin Capital, an early investor in Solana, will offer strategic guidance and governance support [1]. The collaboration underscores a strategic effort to position Forward Industries as the leading publicly traded institutional participant in the Solana ecosystem [1].

Kyle Samani, co-founder and managing partner of Multicoin Capital, is expected to become chairman of Forward Industries' board of directors upon completion of the transaction. Samani has been a long-time advocate of Solana, having led its seed investment in 2018. He emphasized that Solana remains undervalued and that an institutional-scale treasury can be deployed in sophisticated ways to create differentiated value within the Solana ecosystem. Samani noted that passive holding of SOL tokens may not yield the same returns as active strategies like staking, lending, and trading [1]. Chris Ferraro, President and CIO of Galaxy, and Saurabh Sharma, CIO of Jump Crypto, will also join as board observers, bringing extensive experience in Solana-based projects [1].

Forward Industries aims to become the largest institutional-grade Solana treasury, nearly tripling the size of the current largest holdings. At the time of the announcement, Upexi holds the largest public SOL reserve with 2 million tokens worth approximately $430 million. The DeFi Development Corporation reported 1.29 million SOL tokens worth around $280 million. With a $1.6 billion treasury, Forward Industries' strategy could significantly influence market liquidity and institutional adoption of Solana [1]. The company’s approach also aligns with broader trends, including institutional interest in Solana treasuries and the growing use of crypto as a strategic asset [4].

The transaction has been supported by major financial and legal advisors. Cantor Fitzgerald & Co. has been appointed lead placement agent, while Galaxy Investment Banking serves as co-placement agent and financial advisor. Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal counsel to Galaxy, and DLA Piper LLP is advising Cantor Fitzgerald. Forward Industries also plans to enter into a services agreement with Galaxy Asset Management for ongoing treasury strategy support [1]. The company has not yet disclosed the expected timeline for implementing its Solana treasury strategy but has indicated plans to provide updates in the near term [1].

This move by Forward Industries is part of a broader trend of institutional players building Solana-focused treasuries. Other companies, including Upexi and Sharps Technology, have also pursued similar strategies. Additionally, Solana treasury firm SOL Strategies, which holds over 435,000 SOL tokens, recently secured Nasdaq approval for its common shares under the ticker symbol “STKE.” The listing is expected to enhance liquidity and attract institutional investors, further reinforcing the growing role of Solana in institutional portfolios [4]. As the ecosystem continues to expand, Forward Industries' entry into this space could mark a pivotal moment in the evolution of institutional Solana adoption [1].

Source:

[1] Forward Industries, Inc. Announces $1.65 Billion Private Placement in Cash and Stablecoin Commitments Led by Galaxy Digital, Jump Crypto and Multicoin Capital to Initiate Solana Treasury Strategy (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)

[2] Forward Industries Raises $1.65B for Solana Treasury Strategy (https://finance.yahoo.com/news/forward-industries-raises-1-65b-114402475.html)

[3] Nasdaq-Listed Firm Raises $1.65B to Launch Solana Treasury, Shares Surge 128% Pre-Market (https://www.coindesk.com/business/2025/09/08/nasdaq-listed-firm-raises-usd1-65b-to-launch-solana-treasury-shares-surge-128-pre-market)

[4] SOL Strategies secures Nasdaq approval as institutional giants plan $1 billion Solana treasury (https://cryptoslate.com/sol-strategies-secures-nasdaq-approval-as-institutional-giants-plan-billion-dollar-solana-treasury/)