A Corporate Treasury Revolution: Solana Gains Institutional Momentum

Forward Industries, a NASDAQ-listed design and manufacturing company, has announced a $1.65 billion capital raise to build a Solana (SOL)-focused treasury, marking one of the largest single commitments to the blockchain platform to date. The financing, led by prominent crypto-native firms Galaxy Digital, Jump Crypto, and Multicoin Capital, will be used to purchase SOL directly, support working capital, and fund other digital asset-related operations. This initiative positions Forward Industries as a publicly traded institutional investment vehicle with a strategic focus on Solana’s ecosystem. The company also revealed plans to launch a $4 billion at-the-market (ATM) equity offering to further support its treasury strategy.

The involvement of Galaxy Digital, Jump Crypto, and Multicoin Capital signals a strong institutional endorsement of Solana’s potential. Galaxy will provide treasury management, trading, and staking services, while Jump Crypto will contribute to infrastructure development through projects like Firedancer and DoubleZero. Multicoin Capital, meanwhile, will offer strategic guidance and governance support. Kyle Samani, co-founder of Multicoin and newly appointed Chairman of Forward Industries’ board, emphasized the move reflects confidence in Solana’s resilience and growth trajectory. He noted that institutional-scale treasuries can accelerate SOL’s value per share faster than passive holding strategies.

Solana’s appeal as a corporate treasury asset is rooted in its high transaction throughput, low fees, and robust DeFi infrastructure. According to a recent report, several publicly traded companies have already built significant Solana treasuries, with Upexi Inc. holding the largest public Solana position at 1.8 million SOL (valued at $331 million) as of July 2025. DeFi Development Corp and Bit Mining are also expanding their holdings, with the latter planning to raise up to $300 million to fund its Solana treasury strategy. These moves reflect a broader trend in which companies are increasingly allocating capital to blockchain ecosystems, leveraging staking yields and infrastructure opportunities to generate returns.

The recent capital raise by Forward Industries has already had a measurable impact on the market. Solana’s price surged nearly 16% in the week following the announcement, trading at $238 with a 53.49% increase in volume. Analysts suggest that Forward’s strategic moves, including the ATM offering, could further strengthen SOL’s bullish momentum, particularly if the Federal Reserve implements a 25-basis-point rate cut as expected. Such a move would likely encourage increased investment in risk assets, including cryptocurrencies, and could push Solana toward its 2025 high of $296.

Despite the optimism, challenges remain. Solana’s ecosystem is still relatively young compared to Bitcoin and Ethereum, and regulatory clarity for altcoins like SOL is less defined. Network stability and performance—while improved—continue to be concerns, especially for companies relying on staking and validator infrastructure. However, the growing number of institutional participants, including Pantera Capital, which has a $1.1 billion exposure to Solana, suggests that these risks are being actively managed. Forward Industries’ governance structure, now including executives from leading crypto firms, adds another layer of institutional credibility to its Solana-focused strategy.

In conclusion, Forward Industries’ $1.65 billion capital raise and subsequent $4 billion ATM offering represent a pivotal moment in Solana’s institutional adoption. By leveraging the blockchain’s low-cost infrastructure and high-yield opportunities, the company aims to generate value through active treasury management and ecosystem participation. With major crypto firms backing the initiative and a growing list of public companies diversifying into Solana treasuries, the platform is increasingly being treated not just as a speculative asset but as a core component of corporate financial strategy.