In a significant development within the cryptocurrency sector, Forward Industries (NASDAQ: FORD) has successfully raised $1.65 billion in cash and stablecoin commitments through a private investment in public equity (PIPE). This fundraising, which is being hailed as the largest treasury financing centered on Solana to date, was spearheaded by prominent entities including Galaxy Digital, Jump Crypto, and Multicoin Capital.
Following the announcement, Forward Industries’ shares surged by 128% in pre-market trading, while the price of Solana’s native token, SOL, saw a rise of 2.3%. The substantial funding aims to position Forward Industries as a notable participant within the Solana ecosystem, specifically targeting the company’s ambition to evolve into a publicly traded institutional entity.
As part of the collaboration, Galaxy and Jump will lend their expertise by providing necessary infrastructure and advisory services, while Multicoin Capital, an early supporter of Solana, will contribute its investment knowledge. Forward Industries has articulated a strategy focused on generating on-chain returns and enhancing long-term shareholder value through active involvement in Solana’s decentralized finance markets.
The company will now face competition from other players in the Solana space, such as Upexi Inc. (UPXI), which holds over 2 million SOL tokens valued at approximately $430 million, and Sharps Technology (STSS), which raised $400 million to launch a Solana treasury back in August. Similarly, SOL Strategies, another firm dedicated to Solana treasury operations and currently holding more than 435,000 SOL tokens, recently announced plans to uplist from the Toronto Stock Exchange to Nasdaq.
As part of the PIPE transaction, Kyle Samani, co-founder and managing partner of Multicoin Capital, is slated to take on the role of chairman of Forward’s board. Chris Ferraro, President and CIO of Galaxy, and Saurabh Sharma, CIO of Jump Crypto, are expected to join the board as observers. In comments regarding Forward’s future, Samani noted that “an institutional-scale treasury can be deployed in sophisticated ways within the Solana ecosystem to create differentiated value.”
Additionally, Forward Industries has appointed Cantor Fitzgerald as the lead placement agent, with Galaxy’s investment banking division serving as the co-placement agent and financial advisor for the transaction.
Originally established over six decades ago as a design company catering to medical and technology sectors, Forward Industries is now undergoing a transformation to redefine itself as a digital asset treasury operator with a concentrated focus on Solana. This pivot marks a notable shift in the company’s business model, reflecting the growing intersections between traditional markets and emerging cryptocurrency ecosystems.
