Solana News Today: Kyle Samani to Lead $1.65 Billion Solana Treasury Bet

Forward Industries, Inc. has secured a $1.65 billion private investment in public equity (PIPE) offering to launch a Solana-focused digital asset treasury strategy. The investment, the largest of its kind for a Solana-focused treasury company to date, was led by Galaxy Digital, Jump Crypto, and Multicoin Capital. These three firms are expected to provide both financial and strategic support to help Forward Industries establish itself as a leading publicly traded institutional participant within the Solana ecosystem. The move is part of a broader strategy to leverage the high-performance capabilities and growing adoption of the Solana blockchain.

Kyle Samani, co-founder and managing partner of Multicoin Capital, is anticipated to become chairman of Forward Industries’ board of directors upon the completion of the PIPE. As a key figure in the digital asset space since 2018, Samani has been a vocal advocate for Solana, which he believes is undervalued despite its resilience and technical performance. He emphasized that the Solana ecosystem has the potential to generate differentiated value through an institutional-scale treasury strategy, allowing for faster appreciation of SOL per share compared to passive holding. This approach aligns with the firm’s long-term vision of maximizing shareholder value through active participation in the Solana ecosystem.

The investment consortium brings extensive experience in blockchain technology and infrastructure development. Galaxy Digital, one of the largest Solana validators and institutional digital asset platforms, will offer trading, lending, and blockchain infrastructure services to support the treasury strategy. Galaxy Asset Management will also assist in managing the company’s digital assets. Jump Crypto, a core contributor to Solana’s development, is currently working on projects such as Firedancer, a high-performance validator client designed to enhance Solana’s throughput and resilience. These contributions are expected to benefit Forward Industries as it scales its operations and integrates more deeply into the Solana ecosystem.

The strategic partnership between Forward Industries and these leading crypto firms is expected to facilitate access to differentiated on-chain returns beyond traditional staking methods. According to Saurabh Sharma, chief investment officer at Jump Crypto, Solana’s high-performance decentralized finance (DeFi) ecosystem presents opportunities for innovative return-generating strategies. This approach could potentially enhance shareholder value by leveraging Solana’s technical capabilities and expanding the range of investment tools available to institutional participants. The move also reflects a broader trend in the digital asset space, where strategic alliances are increasingly seen as a pathway to long-term growth and institutional adoption.

Forward Industries has also appointed Cantor Fitzgerald & Co. as the lead placement agent and Galaxy Investment Banking as co-placement agent and financial advisor for the transaction. Legal counsel for the firm includes Skadden, Arps, Slate, Meagher & Flom LLP for Galaxy and DLA Piper LLP (US) for Cantor Fitzgerald & Co. The company expects to release further updates regarding the PIPE financing and other treasury-related activities in the coming months. This development underscores Forward Industries’ commitment to transforming its business model in alignment with the evolving digital asset landscape and leveraging the growth potential of the Solana blockchain.

The investment marks a significant milestone for Solana, which has seen increased institutional interest over the past year. As the Solana ecosystem continues to expand, the strategic focus on treasury management and value creation through active participation is likely to influence broader market dynamics. Analysts note that the success of such initiatives could serve as a model for other firms looking to integrate blockchain-based strategies into their capital structures.

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 $1.65 Billion to Begin Solana ... (https://www.morningstar.com/news/dow-jones/202509082135/forward-industries-raises-165-billion-to-begin-solana-crypto-treasury)