Solana News Today:

Forward Industries, Inc. (NASDAQ: FORD) has announced a $1.65 billion private placement in cash and stablecoin commitments led by Galaxy Digital (NASDAQ: GLXY), Jump Crypto, and Multicoin Capital, marking one of the largest Solana-focused digital asset treasury strategies to date. The investment aims to establish Forward Industries as a leading publicly traded institutional participant in the Solana ecosystem. C/M Capital Partners, one of the company’s largest existing shareholders, is also participating in the transaction.

The strategic alliance includes Galaxy Digital, which will provide institutional infrastructure such as trading, lending, and staking services. Jump Crypto will contribute technical expertise, particularly through projects like Firedancer, a high-performance validator client for Solana, and DoubleZero. Multicoin Capital, which led the seed investment in Solana in 2018, brings deep expertise in category-defining crypto protocols and has seeded over 25 projects within the Solana ecosystem [1].

Kyle Samani, co-Founder and Managing Partner of Multicoin, is set to become Chairman of Forward Industries’ Board of Directors upon the closing of the private placement. Samani emphasized that Solana remains undervalued by many market participants and that the opportunity to deploy an institutional-scale treasury within the Solana ecosystem presents a compelling value proposition. He noted that an active treasury strategy can generate differentiated returns compared to passive holding [2].

The transaction also involves the appointment of Chris Ferraro, President and Chief Investment Officer of Galaxy, and Saurabh Sharma, Chief Investment Officer at Jump Crypto, as Board observers. Both bring extensive experience in Solana-based projects and institutional investing. Their involvement is expected to strengthen governance and strategic direction [2].

Forward Industries plans to work closely with Galaxy Asset Management to manage its treasury strategy, with Cantor Fitzgerald & Co. serving as the lead placement agent and Galaxy Investment Banking acting as co-placement agent and financial advisor. Legal counsel for the transaction includes Skadden, Arps, Slate, Meagher & Flom LLP for Galaxy and DLA Piper LLP for Cantor Fitzgerald [1].

This move aligns with a broader trend of institutional interest in Solana, as evidenced by DeFi Development Corp.’s recent accumulation of over $400 million in Solana. The firm’s holdings now exceed 2.02 million tokens, making it one of the largest corporate holders. This surge in institutional investment coincides with the network’s Alpenglow upgrade, which significantly improves transaction speed and finality [4].

Institutional adoption is further reflected in the Solana futures market, where open interest has reached a record $13.68 billion. This level of activity indicates strong trader confidence in Solana’s future growth. Additionally, Solana’s price has remained above $208, supported by derivatives activity and corporate accumulation strategies [4].

Forward Industries’ decision to pivot toward a Solana-focused digital asset treasury strategy mirrors similar moves by other firms. For instance, the former 180 Life Sciences company, now known as ETHZilla, recently shifted its business to an Ethereum-based treasury. Meanwhile, MicroStrategy has adopted a Bitcoin treasury strategy and is the largest corporate holder of Bitcoin [3].

Forward Industries’ CEO, Michael Pruitt, emphasized that the new strategy underscores the company’s conviction in Solana’s long-term potential and commitment to building shareholder value through direct participation in the network’s growth. The company expects to release further updates on its private placement and other treasury activities in the near future [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 (https://finance.yahoo.com/news/forward-industries-raises-1-65b-114402475.html)

[3] Forward Industries Stock Doubles as Firm Pivots to Being (https://finance.yahoo.com/news/forward-industries-stock-doubles-firm-130120136.html)

[4] Solana Surges as Futures Market Hits Record High and (https://www.fxleaders.com/news/2025/09/05/solana-surges-as-futures-market-hits-record-high-and-institutional-adoption-accelerates/)