Quick Breakdown:
- Forward Industries raises $1.65B to build a Solana-based crypto treasury.
- Funding backed by Galaxy, Jump Crypto, and Multicoin Capital.
- Signals strong institutional confidence in Solana’s ecosystem.
Forward Industries (NASDAQ: FORD) has closed a $1.65 billion private placement involving both cash and stablecoin, with proceeds earmarked primarily for purchasing Solana’s native token, SOL, and establishing a dedicated crypto treasury.
The deal was led by Galaxy Digital, Jump Crypto, and Multicoin Capital, with additional participation from firms including Bitwise Asset Management, ParaFi, Ribbit Capital, FalconX, SkyBridge Capital, and Borderless Capital. The PIPE also drew support from individual crypto leaders such as Robert Leshner of Superstate and Tarun Chitra of Gauntlet.
Galaxy Digital is helping Forward Industries acquire $1.65B worth of $SOL.
In the past 12 hours, Galaxy Digital has withdrawn 1,452,392 $SOL ($326M) from exchanges.
According to an announcement, Forward Industries recently completed a $1.65B private placement to fund the… pic.twitter.com/cdLFmYcSHq
— Lookonchain (@lookonchain) September 11, 2025
Institutional backing for Solana exposure
The financing marks one of the largest Solana-focused treasury commitments to date by a U.S.-listed company. More than $300 million was subscribed collectively by Galaxy, Jump, and Multicoin, underlining institutional conviction in Solana’s role as a high-throughput blockchain.
As part of the transaction, Kyle Samani, co-founder of Multicoin Capital, has been appointed Chairman of Forward’s board. Galaxy’s Chris Ferraro and Jump Crypto’s Saurabh Sharma will serve as board observers, reinforcing investor influence over the firm’s new crypto capital strategy.
Executives stated that the objective is to position Forward Industries as the leading publicly traded institutional participant in the Solana ecosystem, leveraging on-chain opportunities in staking, lending, and DeFi market-making.
Solana’s market growth fuels strategy
The move comes as Solana continues to post record usage metrics. In Q2 2025 alone, the blockchain processed over 8.9 billion transactions and supported around $4 billion in daily decentralized exchange volume, generating an estimated $1.2 billion in real economic value year-to-date.
Forward’s treasury strategy aims to capitalize on this momentum by making SOL a central asset on its balance sheet. Galaxy, Jump, and Multicoin are expected to provide strategic guidance on execution, expanding Forward’s role in blockchain-based financial infrastructure.
In contrast, Lion Group Holding revealed on Monday that it will gradually convert its SOL and Sui (SUI) holdings into Hyperliquid’s HYPE token. The firm said it would take a phased approach, leveraging market volatility to acquire HYPE at favourable entry points. The firm’s CEO described the transition as a “disciplined accumulation process” aimed at boosting portfolio efficiency and positioning the company for “sustained growth.”
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