Solana News Today: Kyle Samani to Chair Forward Industries as $1.65B Solana Treasury Takes Flight

Forward Industries, Inc. (NASDAQ: FORD) 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, marking the largest Solana-focused treasury financing to date. The capital will be used to establish a digital asset treasury strategy centered on the Solana blockchain. C/M Capital Partners, one of the company’s largest existing shareholders, also participated in the transaction [1].

The strategic alliance between Forward Industries and these three leading crypto firms will provide both capital and strategic support for the company’s Solana treasury strategy, with the goal of positioning Forward Industries as the leading publicly traded institutional participant in the Solana ecosystem [1]. Galaxy Digital, as one of the largest Solana validators, will offer its trading, lending, structuring, staking, and blockchain infrastructure services to the company. Galaxy Asset Management will also provide advisory and risk management services to actively manage the treasury strategy [1]. Jump Crypto, on the other hand, will contribute technical expertise, including its work on Firedancer, a high-performance validator client designed to scale Solana’s performance [1]. Multicoin Capital, an early backer of Solana, brings investment expertise and has seeded over 25 projects within the ecosystem since 2018 [1].

The transaction also involves significant governance changes. Upon the closing of the PIPE, Kyle Samani, co-founder and managing partner of Multicoin, is expected to become chairman of the board of directors of Forward Industries. Samani, a leading investor and thought leader in the digital asset space, has been one of the earliest and most vocal supporters of Solana since 2018 [1]. Chris Ferraro, president and CIO of Galaxy, and Saurabh Sharma, CIO at Jump Crypto, will join as board observers. Their involvement is expected to strengthen Forward Industries’ governance and strategic direction [1].

The announcement led to an immediate market reaction. FORD stock surged 128% in pre-market trading, while Solana’s SOL token rose 2.3%. This move aligns Forward Industries with a growing trend of public companies, such as Upexi Inc. and Sharps Technology, investing in the Solana ecosystem. Forward Industries will now compete with entities like Upexi, which holds over 2 million SOL tokens ($430 million), and Sharps Technology, which raised $400 million to establish a Solana treasury in August. Additionally, another Solana treasury company, SOL Strategies, announced plans to uplist from Toronto to Nasdaq on September 5 [2].

Forward Industries has also engaged Cantor Fitzgerald & Co. as the lead placement agent and Galaxy Investment Banking as co-placement agent and financial advisor. The company intends to enter into a services agreement with Galaxy Asset Management for ongoing support in managing its treasury strategy [1]. Legal advisors for the transaction include Skadden, Arps, Slate, Meagher & Flom LLP for Galaxy and DLA Piper LLP for Cantor Fitzgerald.

Forward Industries, which was founded over 60 years ago as a global design company serving top-tier medical and technology companies, is now repositioning itself as a digital asset treasury operator focused on Solana. The company aims to generate on-chain returns and increase long-term shareholder value through active participation in Solana’s decentralized finance markets. This strategic pivot underscores Forward Industries’ commitment to leveraging the growth potential of the Solana blockchain [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] 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)

[3] Forward Industries Raises $1.65B for Solana Treasury Strategy (https://finance.yahoo.com/news/forward-industries-raises-1-65b-114402475.html)