Solana News Today: Solana’s Institutional Revolution Gets a Power Broker in Multicoin’s Samani

Forward Industries (NASDAQ: FORD) has secured $1.65 billion in cash and stablecoin commitments through a private investment in public equity (PIPE) led by Galaxy Digital, Jump Crypto, and Multicoin Capital, marking the largest Solana-focused treasury financing to date [1]. This move positions the company to become a publicly traded institutional player in the Solana ecosystem and one of the most significant holders of the altcoin [5].

The funding will support Forward Industries' strategy to generate on-chain returns and long-term shareholder value through active participation in Solana’s decentralized finance markets [1]. The firm’s shares surged 128% in pre-market trading following the announcement, while the Solana (SOL) token rose 2.3% [1]. Galaxy Digital will provide treasury management, trading, and staking services; Jump Crypto will contribute infrastructure support; and Multicoin Capital will offer strategic governance [5].

Kyle Samani, co-founder and managing partner of Multicoin Capital, is set to become chairman of Forward Industries’ board, joining Galaxy President and CIO Chris Ferraro and Jump Crypto CIO Saurabh Sharma as board observers [1]. Samani emphasized that an institutional-scale Solana treasury could be deployed in sophisticated ways to create differentiated value for shareholders [1]. He also noted that Solana remains “widely misunderstood and discounted by market participants,” despite demonstrating resilience through adverse market cycles [4].

Forward Industries’ Solana treasury would nearly triple the size of the current largest Solana reserve. At present, Upexi Inc. holds 2 million SOL tokens, valued at approximately $430 million, while the DeFi Development Corporation owns 1.29 million SOL tokens, valued at around $280 million [5]. Sharps Technology (STSS) recently raised $400 million in August to establish a Solana treasury, and another firm, SOL Strategies, is expected to list on Nasdaq after uplisting from the Toronto stock exchange [1]. These developments reflect a growing trend among publicly traded companies to allocate institutional capital to Solana-based assets.

Cantor Fitzgerald serves as lead placement agent for the transaction, while Galaxy Investment Banking acts as co-placement agent and financial advisor [4]. Legal counsel for Galaxy and Cantor Fitzgerald was provided by Skadden, Arps, Slate, Meagher & Flom LLP and DLA Piper LLP, respectively [4]. Forward Industries expects to provide further updates on its Solana treasury activities in the coming months [4].

The firm, originally established over 60 years ago as a medical and technology design company, is now repositioning itself as a digital asset treasury operator focused exclusively on Solana [1]. CEO Michael Pruitt stated that the new strategy reflects the company’s belief in the long-term potential of SOL and its commitment to creating shareholder value through direct participation in its growth [2]. As institutional demand for Solana continues to grow, Forward Industries is positioned to become a major player in the expanding digital asset landscape.

Source:

[1] https://www.coindesk.com/business/2025/09/08/nasdaq-listed-firm-raises-usd1-65b-to-launch-solana-treasury-shares-surge-128-pre-market

[2] https://www.investopedia.com/forward-industries-stock-doubles-as-firm-pivots-to-being-solana-treasury-11805197

[3] https://ambcrypto.com/solana-risks-a-fall-to-170-despite-key-bullish-signals-why/

[4] https://finance.yahoo.com/news/1-65-billion-solana-gets-105421890.html

[5] https://cointelegraph.com/news/forward-industries-1-65b-solana-treasury-galaxy-jump-multicoin