In a significant development for the digital asset landscape, Forward Industries has successfully raised $1.65 billion through a private investment in public equity (PIPE) round, marking the largest Solana-focused treasury funding to date. The investment was led by prominent firms, including Galaxy Digital, Jump Crypto, and Multicoin Capital. This funding aims to establish Forward Industries as a publicly traded institutional player in the burgeoning digital asset ecosystem.
Historically recognized as a design firm catering to technology and medical sectors, Forward Industries is now pivoting to operate within the decentralized finance (DeFi) realm, focusing specifically on opportunities within the Solana blockchain. The firm’s strategy includes exploring various DeFi protocols, staking strategies, and yield generation methods across multiple platforms associated with Solana.
The market response has been overwhelmingly positive. Following the announcement, shares of Forward Industries (FORD) surged by an impressive 128% in pre-market trading. Conversely, Solana’s native token, SOL, also experienced a modest gain of 2.3%, reflecting the strong investor sentiment and confidence in Forward’s strategy to generate sustainable on-chain returns.
In a notable move concerning its governance structure, Kyle Samani, co-founder of Multicoin Capital, has been appointed as the chairman of Forward Industries’ board. Additionally, key figures such as Chris Ferraro, President of Galaxy, and Saurabh Sharma, CIO of Jump Crypto, will join as board observers. This strategic partnership is designed to provide Forward with vital advisory services, investment expertise, and infrastructure support from established institutions focused on Solana, augmenting its capacity to deploy an institutional-scale treasury efficiently within the decentralized markets.
The establishment of Solana-focused treasuries is becoming a trend among corporate entities. Companies like Upexi Inc. have recently secured substantial SOL holdings worth over $430 million, while Sharps Technology has initiated a $400 million raise to support its own Solana treasury. Moreover, SOL Strategies, which holds more than 435,000 SOL tokens, has declared intentions to uplist from the Toronto Stock Exchange to Nasdaq. This emerging trend underscores the growing confidence stakeholders have in Solana’s DeFi ecosystem and the potential for publicly traded companies to achieve competitive on-chain returns.
Cantor Fitzgerald has been engaged as the lead placement agent for Forward’s PIPE, with Galaxy Digital’s investment banking arm serving as co-placement agent and financial advisor. As Forward Industries shifts its corporate strategy from its origins over six decades ago, it signals a significant evolution in its operations, positioning itself to exert a more substantial influence in the institutional crypto markets as a dedicated treasury operator on Solana.
