Solana News Today: A 60-Year-Old Design Company Becomes a Solana Powerhouse with $1.65B Treasury Push

Forward Industries, Inc. (NASDAQ: FORD) has completed the largest Solana-focused digital asset treasury financing to date, securing $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. The investment positions Forward Industries as a publicly traded institutional participant in the Solana ecosystem and aligns the firm with the fast-growing blockchain platform. C/M Capital Partners, LP, a significant existing shareholder, also participated in the transaction. Galaxy, Jump Crypto, and Multicoin will provide both capital and strategic support to enable Forward Industries to structure and execute its Solana treasury strategy, with the goal of generating differentiated onchain returns and building long-term shareholder value.

Kyle Samani, co-founder and managing partner of Multicoin Capital, is expected to become chairman of the board of directors following the closing of the private placement. Samani, an early champion of Solana, highlighted the blockchain’s resilience and performance, viewing the current market asymmetry as a significant opportunity for institutional-scale treasury deployment. Chris Ferraro, President and CIO of Galaxy Digital, and Saurabh Sharma, CIO of Jump Crypto, will also serve as board observers, bringing their expertise in Solana-based investment and infrastructure development to the firm’s governance structure. The leadership transition underscores the strategic alignment of Forward Industries with firms that have deep, proven track records in the Solana ecosystem.

The investment includes not only capital but also technical and strategic contributions from the lead firms. Galaxy, one of the largest Solana validators and institutional digital asset platforms, will offer services ranging from trading and lending to staking and blockchain infrastructure. Jump Crypto, a core contributor to Solana’s validator network and infrastructure projects like Firedancer and DoubleZero, will help enhance Forward Industries’ technical capabilities. Multicoin, which led the first three rounds of Solana funding before its 2018 launch, brings a long-term, high-conviction investment approach. Collectively, these firms aim to position Forward Industries as a key player in the digital assets space, leveraging Solana’s high-performance decentralized finance ecosystem to generate returns beyond traditional staking.

The transaction was facilitated by Cantor Fitzgerald & Co. as lead placement agent, with Galaxy Investment Banking serving as co-placement agent and financial advisor. Legal advisory services were provided by Skadden, Arps, Slate, Meagher & Flom LLP for Galaxy and DLA Piper LLP (US) for Cantor Fitzgerald. Forward Industries has emphasized its intent to continue updating stakeholders on the progress of its PIPE financing and broader treasury strategy. The firm, which transitioned from a 60-year-old design company for medical and technology firms, is now repositioning itself as a digital asset operator focused on Solana-based opportunities. The move aligns with a broader trend of public companies and institutional investors increasing their exposure to Solana, with firms such as DeFi Development Corp. and Upexi also building significant treasuries in the asset.

The market reacted positively to the news, with Forward Industries’ stock surging 128% in pre-market trading and Solana’s native token, SOL, rising 2.3%. This development marks a significant milestone in the evolution of Solana as a corporate treasury asset. The strategic partnership with Galaxy, Jump Crypto, and Multicoin is expected to drive institutional-scale growth in the Solana ecosystem and enhance its role as a leading blockchain platform for decentralized finance and infrastructure innovation. As the firm moves forward with its new strategy, the integration of Solana-based solutions into its operations may serve as a model for other traditional financial entities seeking to diversify their asset portfolios and participate in the digital asset economy.

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] Galaxy, Jump and Multicoin lead $1.65 billion private investment in Forward Industries to start Solana treasury strategy (https://www.theblock.co/post/369776/galaxy-jump-multicoin-solana-treasury-2?utm_medium=rss&utm_source=news.xml)

[3] Forward Industries Raises $1.65 Billion to Begin Solana Crypto Treasury Strategy (https://www.morningstar.com/news/dow-jones/202509082135/forward-industries-raises-165-billion-to-begin-solana-crypto-treasury)

[4] 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)