Forward Industries, Inc. (NASDAQ: FORD) has successfully completed its previously announced private investment in public equity (PIPE) financing, raising an impressive $1.65 billion before fees and expenses. The move is significant in the landscape of cryptocurrency investments, particularly with a focus on establishing treasury operations centered around the Solana blockchain.
In a press release shared with CryptoNews, the company indicated that the funding round was spearheaded by leading firms such as Galaxy Digital, Jump Crypto, and Multicoin Capital, whose collective investment exceeded $300 million. The primary aim of this funding is to enhance the firm’s cryptocurrency treasury operations, specifically targeting the acquisition of SOL, the native token of the Solana network. Additionally, the funds will support working capital, facilitate future transactions, and cover related operational expenses as Forward Industries rolls out its Solana-centric strategy.
The PIPE financing has attracted a diverse array of commitments from various global investment firms, asset managers, and prominent angel investors within the digital asset ecosystem. This level of participation underscores the growing institutional interest in both Solana and the pivotal role Forward Industries aims to play as a publicly traded entity offering exposure to Solana’s growth potential.
Accompanying the financing achievement are notable governance adjustments within Forward Industries. Kyle Samani, co-founder of Multicoin, has been appointed as Chairman of the Board, and Michael Pruitt, currently serving as Interim CEO, has also joined the Board. Additionally, Chris Ferraro, President and Chief Investment Officer of Galaxy, alongside Saurabh Sharma, Chief Investment Officer at Jump Crypto, has been designated as Board observers. The rest of the current management team will remain intact.
Samani expressed optimism regarding the milestone, stating, “Today’s milestone underscores our belief among leading institutional investors that Solana belongs at the center of global capital markets.” He emphasized that with the backing of Galaxy, Jump Crypto, and Multicoin, Forward Industries is strategically positioned to accelerate its growth trajectory.
Forward Industries’ renewed focus is particularly pertinent given Solana’s impressive performance in recent months. In the second quarter of 2025, the Solana blockchain processed over 8.9 billion transactions and supported approximately $4 billion in daily decentralized exchange volume, generating an estimated $1.2 billion in real economic value. Notably, the network brought in more than 7,500 developers in 2024, highlighting its expanding ecosystem and appeal.
Interim CEO Michael Pruitt has articulated that the treasury strategy will be central to the company’s future direction. “Forward Industries’ mission has been centered around operational and innovative excellence, and we are now extending that same principle to our capital strategy by building a balance sheet with SOL at its core,” he remarked.
The financing endeavor was facilitated with the aid of various financial and legal partners, with Cantor Fitzgerald stepping in as the lead placement agent, and Galaxy Digital serving as the co-placement agent and financial advisor. Prominent law firms such as Skadden, White & Case, and Cooley also provided advisory support to the participating investors.
Furthermore, Forward Industries has established a services agreement with Galaxy Asset Management to assist in managing its Solana treasury strategy. The company’s goal is clear: to emerge as the leading publicly traded institution in the Solana ecosystem, capitalizing on both financial investment and the strategic insights offered by its influential backers as it works toward its long-term vision.
