Solana News Today: Solana's Rise Accelerates as Public Markets Pour $1.65B into Institutional Backing

Forward Industries, Inc. has announced a $1.65 billion private investment in public equity (PIPE) offering led by Galaxy Digital, Jump Crypto, and Multicoin Capital to establish a Solana-focused digital asset treasury strategy. The move positions Forward Industries as a publicly traded institutional participant in the Solana ecosystem, with the largest Solana-focused digital asset treasury financing to date. The private placement includes commitments in cash and stablecoin and is expected to be executed through an 8-K filing, aligning with broader industry trends in on-chain investment and institutional adoption of Solana-based assets. Galaxy, Jump Crypto, and Multicoin will provide strategic and capital support to execute the strategy, leveraging their respective expertise in blockchain infrastructure, trading, and investment in the Solana ecosystem [1].

The lead investors in the transaction include Galaxy Digital, one of the largest Solana validators and an institutional digital asset platform, which will provide services including trading, lending, staking, and blockchain infrastructure support. Jump Crypto, a key contributor to Solana’s development through projects like Firedancer and DoubleZero, will also play a strategic role in supporting the initiative. Multicoin Capital, which led the seed round for Solana in 2018, brings a long-term investment perspective and has seeded over 25 projects within the Solana ecosystem. The firm’s co-founder and managing partner, Kyle Samani, is expected to become chairman of Forward Industries’ board of directors upon the transaction’s closing [1].

The announcement has already triggered a significant market reaction. Shares of Forward Industries surged over 128% in pre-market trading, while Solana’s native token (SOL) rose 2.3% on the news. The move places Forward Industries among a growing list of public companies adopting Solana treasuries to generate on-chain returns and increase long-term shareholder value. These include Upexi, which holds over 2 million SOL tokens valued at $430 million, and Sharps Technology, which raised $400 million earlier this year to establish a Solana treasury. Additionally, SOL Strategies, a Canadian company, recently secured approval to list on Nasdaq and is set to begin trading under the ticker “STKE” [2].

Kyle Samani, the incoming chairman, has been a vocal advocate for Solana since its early development stages and is expected to play a central role in shaping Forward Industries’ corporate strategy. His leadership aligns with broader expectations for the company to emerge as a leading institutional investor in the Solana ecosystem. Galaxy President and CIO Chris Ferraro and Jump Crypto CIO Saurabh Sharma will also join the board as observers, further reinforcing the strategic alliance between Forward Industries and the major crypto infrastructure firms [1].

The transaction also involves Cantor Fitzgerald & Co. as lead placement agent and Galaxy Investment Banking as co-placement agent and financial advisor. Skadden, Arps, Slate, Meagher & Flom LLP is advising Galaxy, while DLA Piper LLP (US) is acting as legal counsel for Cantor. Forward Industries expects to provide further updates on its PIPE financing and treasury activities in the near future, with a focus on institutional-scale deployment of Solana assets to generate differentiated value for shareholders [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 USD1.65B 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] Multicoin's Kyle Samani Expected to Be Chairman for Solana Treasury Vehicle (https://blockworks.co/news/samani-expected-chairman-solana-treasury)

[4] Forward Industries Raises $1.65 Billion for Solana Treasury (https://sherwood.news/crypto/forward-industries-raises-usd1-65-billion-for-solana-treasury/)