Solana News Today: Solana's Undervalued Power Sparks $1.65B Institutional Bet

Forward Industries, Inc. has secured $1.65 billion in commitments for a private investment in public equity (PIPE) offering led by Galaxy Digital, Jump Crypto, and Multicoin Capital to launch a Solana-focused digital asset treasury strategy. This transaction marks the largest Solana-focused digital asset treasury company raise to date and positions Forward Industries as a key institutional participant in the Solana ecosystem [1]. The investment will enable the firm to actively participate in Solana’s growth, leveraging its high-performance blockchain infrastructure to generate onchain returns and build long-term shareholder value [1].

The lead investors in the transaction represent a strategic alliance among three of the largest names in the crypto space. Galaxy, a major Solana validator and institutional digital asset platform, will provide trading, lending, staking, and blockchain infrastructure support. Jump Crypto, a core contributor to Solana’s infrastructure development, is also developing high-performance validator clients like Firedancer and DoubleZero to enhance the network’s throughput and resilience [1]. Multicoin Capital, which led the seed round for Solana in 2018, will provide long-term capital and strategic support, underlining its continued confidence in the blockchain’s potential [1].

Kyle Samani, co-Founder and Managing Partner of Multicoin, is expected to become Chairman of Forward Industries’ Board of Directors upon the closing of the offering [1]. Samani emphasized that Solana’s current undervaluation, despite its resilience and performance, presents a compelling opportunity for a Solana treasury strategy. He highlighted the potential for an institutional-scale treasury to generate differentiated value within the Solana ecosystem, enabling faster growth in SOL per share compared to passive holding [1].

The board will also include Chris Ferraro, President and Chief Investment Officer of Galaxy, and Saurabh Sharma, Chief Investment Officer at Jump Crypto. Both are expected to serve as board observers and bring deep expertise in Solana-based investments and infrastructure development [1]. Mike Novogratz, CEO of Galaxy, stated that the leadership team’s combined experience would allow Forward Industries to emerge as the leading publicly traded entity within the Solana ecosystem [1].

Galaxy and Jump Crypto also expressed optimism about the potential for generating differentiated onchain returns. Sharma noted that the Solana ecosystem’s high-performance decentralized finance (DeFi) capabilities offer opportunities beyond traditional staking, such as validator operations and strategic ecosystem investments [1]. The investment is expected to accelerate Forward Industries’ validator growth and institutional interest in the Solana network, aligning with broader trends in crypto adoption and digital asset diversification.

Cantor Fitzgerald & Co. and Galaxy Investment Banking have been appointed as placement agents for the offering, with Galaxy Asset Management also providing management support for the treasury strategy. Legal counsel for the transaction includes Skadden, Arps, Slate, Meagher & Flom LLP for Galaxy and DLA Piper LLP (US) for Cantor Fitzgerald & Co. [1]. Forward Industries expects to provide further updates on the funding and its broader treasury activities in the coming weeks [1].

The move by Forward Industries reflects a growing institutional interest in Solana, which has emerged as one of the most performant and widely adopted blockchain ecosystems. The firm’s strategy aligns with a broader trend of publicly traded entities exploring digital asset treasuries as a means of capital allocation and shareholder value creation [1]. With Galaxy, Jump Crypto, and Multicoin as key partners, Forward Industries is well-positioned to benefit from the continued expansion of the Solana ecosystem and the increasing demand for institutional-grade crypto infrastructure [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)