Solana News Today: Solana's Ecosystem Gains Institutional Powerhouse Backing

Forward Industries, Inc. (NASDAQ: FORD) has announced a $1.65 billion private investment in public equity (PIPE) offering, marking the largest capital raise focused on the Solana (SOL) blockchain ecosystem to date. The offering is led by Galaxy Digital, Jump Crypto, and Multicoin Capital, with commitments in both cash and stablecoins. The initiative aims to establish Forward Industries as a leading publicly traded institutional participant in the Solana ecosystem, leveraging the strategic support and capital from the three major crypto firms [1].

The private placement is structured to support the company’s new Solana-focused digital asset treasury strategy. Galaxy Digital, one of the largest Solana validators, will contribute trading, lending, structuring, staking, and blockchain infrastructure services to support Forward Industries’ treasury operations. Galaxy Asset Management, a division of Galaxy, will also provide advisory and risk management services. Jump Crypto, a core contributor to Solana’s infrastructure development, is advancing projects such as Firedancer and DoubleZero to enhance network performance and resilience. The firm also brings a long-term investment perspective to the collaboration [1].

Multicoin Capital, a seed investor in Solana since 2018, has demonstrated a strong commitment to the network by backing over 25 projects in its ecosystem. Kyle Samani, co-founder and managing partner of Multicoin, is set to become the chairman of Forward Industries’ board of directors upon the closing of the transaction. Samani emphasized that Solana remains undervalued and underappreciated by market participants, despite its resilience during market downturns and its position as one of the most performant general-purpose blockchains [1].

Chris Ferraro, president and chief investment officer of Galaxy, and Saurabh Sharma, chief investment officer at Jump Crypto, are expected to join the board as observers. Both bring extensive experience in Solana-based investments and infrastructure development. Mike Novogratz, founder and CEO of Galaxy, expressed confidence that the partnership would position Forward Industries as a leading public company within the Solana ecosystem. Sharma highlighted the potential for the firm to offer differentiated on-chain return sources beyond traditional staking, leveraging the high-performance decentralized finance (DeFi) ecosystem of Solana [1].

Forward Industries has engaged Cantor Fitzgerald & Co. as the lead placement agent and Galaxy Investment Banking as co-placement agent and financial advisor. Legal counsel for the transaction is being provided by Skadden, Arps, Slate, Meagher & Flom LLP for Galaxy and DLA Piper LLP (US) for Cantor Fitzgerald & Co. The company also plans to enter into a services agreement with Galaxy Asset Management for management support in executing its treasury strategy. Additional updates on the PIPE financing and related treasury activities are expected in the near future [1].

The strategic pivot toward Solana aligns with growing investor interest in the blockchain’s ecosystem. Recent data indicates that investors have accumulated approximately 3.79 million SOL from exchanges, with total purchases reaching $770 million in a week. Technically, Solana’s price has stabilized above the $200 support level, with its Relative Strength Index (RSI) in positive territory. This suggests ongoing bullish momentum. A sustained breakout above $206 could push the price toward $214 and $221, while a drop below $195 may trigger a retest of the $189 level [2].

Furthermore, the approval of SOL Strategies (ticker: STKE) by Nasdaq on September 9, 2025, has added institutional credibility to the Solana ecosystem. Leah Wald, CEO of the fund, noted that the listing validates growing institutional interest in Solana-linked assets and validator infrastructure. The fund’s structure is expected to attract additional institutional capital into the ecosystem. Meanwhile, the Alpenglow upgrade to Solana’s network has improved transaction speeds and scalability, reinforcing confidence in its technological capabilities [3].

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] Solana Price Charts Receive Major Bullish Signal (https://beincrypto.com/solana-price-bullish-signal-buying-spree/)

[3] Solana Price Eyes $320 as SOL Strategies Gains Nasdaq Approval (https://coincentral.com/solana-price-eyes-320-as-sol-strategies-gains-nasdaq-approval/)