Solana News Today: Institutional Titans Back Solana Treasury Play with $1.65B Bet

Forward Industries, a NASDAQ-listed firm, 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, positioning itself as a Solana-focused digital asset treasury company. The investment, the largest of its kind for a Solana-centric entity, aims to establish Forward Industries as a leading institutional player in the Solana ecosystem. The company’s strategic partnership with these leading crypto firms is expected to generate on-chain returns and build long-term shareholder value by actively participating in Solana’s decentralized finance markets.

The transaction, announced on September 7, 2025, includes significant contributions from C/M Capital Partners, one of Forward Industries’ largest shareholders. Galaxy Digital, as a major Solana validator and institutional platform, will provide trading, staking, lending, and infrastructure support, while Jump Crypto will contribute engineering and networking expertise, including its work on Firedancer, a high-performance validator client for Solana. Multicoin Capital, a long-term Solana backer, will offer investment expertise and strategic oversight, reinforcing the company’s commitment to institutional-grade treasury management.

Kyle Samani, co-founder and managing partner of Multicoin, is set to become chairman of Forward Industries’ board of directors following the transaction’s completion. Samani emphasized that Solana’s resilience through challenging market cycles and its high-performance capabilities create a unique opportunity for institutional-scale treasuries. He noted that active participation in the Solana ecosystem could generate differentiated value and accelerate SOL per share growth, surpassing the returns of passive holding strategies.

Galaxy Digital and Jump Crypto have also committed to board-level involvement, with Galaxy’s President and CIO Chris Ferraro and Jump Crypto’s CIO Saurabh Sharma joining as board observers. Both firms bring extensive experience in crypto investing and ecosystem development, further strengthening Forward Industries’ strategic foundation. Mike Novogratz, founder and CEO of Galaxy, highlighted the potential for the company to become the leading publicly traded entity in the Solana ecosystem, driven by its institutional-grade approach and strategic alliances.

Forward Industries has retained Cantor Fitzgerald & Co. as the lead placement agent, with Galaxy Investment Banking serving as co-placement agent and financial advisor. The company also plans to enter into a services agreement with Galaxy Asset Management for management support related to its Solana treasury strategy. Legal counsel for the transaction includes Skadden, Arps, Slate, Meagher & Flom LLP for Galaxy and DLA Piper LLP (US) for Cantor Fitzgerald.

The announcement has already triggered a strong market response, with Forward Industries’ stock surging 128% in pre-market trading, while Solana’s native token, SOL, rose 2.3% on the news. This momentum reflects growing institutional interest in Solana, a blockchain known for its speed and scalability. The broader trend of publicly traded companies acquiring and managing crypto treasuries is gaining traction, with companies like Sharps Technology and Upexi also pursuing similar strategies.

Analysts suggest that Forward Industries’ move aligns with a broader shift in digital asset management, where public companies are leveraging capital market structures to scale crypto holdings and generate yield through staking and on-chain activities. The company’s strategy, if executed effectively, could serve as a blueprint for other firms seeking to integrate digital assets into their balance sheets. However, success will depend on transparent custody structures, verifiable holdings, and the ability to navigate regulatory and market uncertainties.

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] 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)