Solana News Today: Solana's Institutional Bet: A $1.65B Treasury Power Play

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. This marks the largest Solana-focused digital asset treasury financing to date and is intended to establish the company as the leading publicly traded institutional participant in the Solana ecosystem. The transaction, which includes participation from existing shareholder C/M Capital Partners, will provide strategic and capital support to implement an active Solana treasury strategy. The firm aims to generate on-chain returns and enhance long-term shareholder value through participation in the high-performance decentralized finance (DeFi) infrastructure and trading activities within the Solana network [1].

The leadership of Forward Industries will see significant changes as the transaction concludes. Kyle Samani, co-founder and managing partner of Multicoin Capital, will be appointed as Chairman of the Board of Directors. Samani has been a long-term advocate for Solana and has previously led the first three investment rounds for the blockchain network prior to its 2018 launch. He emphasized that Solana's underappreciated potential presents an opportunity for Forward Industries to create differentiated value through institutional-scale treasury deployment, which he believes can generate faster growth in SOL per share than passive holding. In addition, Galaxy's President and CIO, Chris Ferraro, and Jump Crypto's CIO, Saurabh Sharma, will serve as board observers, bringing extensive experience in both investing and building within the Solana ecosystem [1].

The investment from Galaxy, Jump, and Multicoin includes not only capital but also the strategic support of their core services. Galaxy will contribute its institutional-grade services, including trading, lending, structuring, and staking, while Jump Crypto will provide technical contributions through initiatives like Firedancer, a high-performance validator client designed to scale Solana’s network throughput. These combined resources are expected to help Forward Industries execute a treasury strategy that leverages the full potential of the Solana ecosystem. Additionally, Galaxy Asset Management will support the firm in actively managing its Solana treasury, further aligning its interests with those of its shareholders [1].

The market reacted positively to the news, with Forward Industries' shares surging 128% in pre-market trading. Solana’s native token, SOL, also saw a 2.3% increase following the announcement. The move places Forward Industries in direct competition with other Solana-focused treasury players, such as Upexi Inc. and Sharps Technology, both of which have previously raised significant capital to expand their Solana holdings. Another competitor, SOL Strategies, has recently announced its intention to uplist from the Canadian Securities Exchange to Nasdaq, signaling a broader trend of institutional players entering the Solana space [2].

The transaction has also brought in key advisory firms, with Cantor Fitzgerald & Co. appointed as lead placement agent and Galaxy Investment Banking serving as co-placement agent and financial advisor. Legal counsel has been provided by Skadden, Arps, Slate, Meagher & Flom LLP for Galaxy and DLA Piper LLP for Cantor Fitzgerald. Forward Industries expects to release additional details about its treasury strategy and related activities in the coming months, as it works to position itself as a major participant in the Solana ecosystem [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 via PIPE, Citing Institutional Opportunities (https://finance.yahoo.com/news/forward-industries-raises-1-65b-114402475.html)