Solana News Today: "Public Company Turns to Solana as Treasury Weapon, Shares Skyrocket 128%"

Forward Industries, Inc. (NASDAQ: FORD) has announced a $1.65 billion private investment in public equity (PIPE) offering led by Galaxy Digital, Jump Crypto, and Multicoin Capital to implement a Solana-focused digital asset treasury strategy. The transaction, described as the largest Solana-specific treasury financing to date, includes participation from C/M Capital Partners, one of Forward’s existing shareholders. The move aligns the company with the Solana ecosystem, which is widely recognized for its high-performance blockchain infrastructure and growing adoption in decentralized finance (DeFi). Galaxy, Jump Crypto, and Multicoin will provide both financial and strategic support, with Galaxy leveraging its institutional-grade digital asset services, including trading, lending, and staking, while Jump Crypto contributes technical capabilities such as its high-throughput validator client Firedancer [1].

The investment is part of a broader trend of public companies integrating blockchain assets into their corporate strategies. Forward Industries plans to leverage its partnership with these firms to generate on-chain returns and create long-term shareholder value by actively participating in Solana’s decentralized financial markets [2]. The company’s CEO, Michael Pruitt, emphasized the significance of the collaboration with firms that have deep expertise in Solana’s ecosystem and a proven track record of institutional-scale crypto investments [1]. The strategic alliance aims to position Forward Industries as the leading publicly traded entity in the Solana space, offering differentiated returns beyond traditional staking mechanisms [2].

A key outcome of the transaction is the appointment of Kyle Samani, co-founder and managing partner of Multicoin Capital, as Chairman of Forward Industries’ Board of Directors. Samani, who led Multicoin’s investment in Solana in its early stages, has been a vocal advocate for the blockchain’s long-term potential. He highlighted the current undervaluation of Solana in the market, noting that this presents an opportunity to deploy an institutional-scale treasury strategy that outperforms passive holding. Samani also expressed confidence in the firm’s ability to generate differentiated value through sophisticated engagement in the Solana ecosystem [1]. Joining Samani on the board will be Galaxy’s Chris Ferraro and Jump Crypto’s Saurabh Sharma, both of whom bring extensive experience in Solana-based projects and institutional investing [2].

The financing also includes a significant market reaction. Forward Industries’ shares surged 128% in pre-market trading, while Solana’s native token, SOL, rose 2.3% in the same period [2]. The company has engaged Cantor Fitzgerald & Co. as lead placement agent, with Galaxy Investment Banking serving as co-placement agent and financial advisor. Additionally, Forward Industries and Galaxy Asset Management plan to enter a services agreement for ongoing support in managing the treasury strategy [1]. Legal counsel for the transaction includes Skadden, Arps for Galaxy and DLA Piper for Cantor Fitzgerald, underscoring the institutional nature of the deal [1].

Forward Industries, a design company for medical and technology firms with over 60 years of history, is undergoing a strategic repositioning to become a digital asset treasury operator focused on Solana [2]. The company faces growing competition from other publicly traded firms, such as Upexi and Sharps Technology, which have also raised substantial capital for Solana treasuries. Additionally, SOL Strategies, which holds over 435K SOL tokens, announced plans to uplist from Toronto to Nasdaq [2]. This competitive landscape underscores the increasing institutional interest in Solana and the broader blockchain ecosystem.

The market for corporate treasuries in digital assets continues to evolve, with companies across Asia and the United States participating in large-scale Bitcoin and Solana treasury strategies. For instance, Sora Ventures recently announced a $1 billion Bitcoin treasury fund in Asia, reflecting a growing trend of institutional capital allocation to cryptocurrencies [4]. While Forward Industries’ focus is on Solana, the broader shift toward digital asset treasuries indicates a strategic pivot in how public companies are integrating blockchain into their long-term value creation models [2].

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 in Largest-Sized Deal to Date (https://finance.yahoo.com/news/forward-industries-raises-1-65b-114402475.html)

[4] Sora Ventures Announces $1B Bitcoin Treasury Fund (https://cointelegraph.com/news/sora-ventures-1b-bitcoin-treasury-fund-asia)

[5] Sora Ventures to Buy $1B in Bitcoin With New Treasury Fund (https://www.coindesk.com/business/2025/09/05/sora-ventures-to-buy-usd1b-in-bitcoin-with-new-treasury-fund)