Forward Industries Secures $1.65B for Largest Corporate Solana Treasury

Forward Industries has closed a $1.65 billion private placement to establish the largest corporate treasury focused on Solana. This marks a strategic shift for the Nasdaq-listed company, positioning it as a key player in the Solana ecosystem.

The financing round attracted investment from firms such as Galaxy Digital, Jump Crypto, and Multicoin Capital.
Proceeds will primarily be used to purchase SOL, similar to MicroStrategy's approach with Bitcoin.
Kyle Samani of Multicoin Capital is appointed Chairman of the Board; representatives from Galaxy and Jump Crypto join as board observers.
Solana's performance includes nearly 9 billion transactions and over 7,500 new developers in recent years.
Forward Industries' stock saw a significant increase in pre-market trading, indicating strong institutional interest.