Forward Industries Raises $1.65B for Solana Treasury Strategy, Shares Jump 128%
Forward Industries (NASDAQ: FORD) has secured $1.65 billion in cash and stablecoin commitments through a private investment in public equity (PIPE), led by Galaxy Digital, Jump Crypto, and Multicoin Capital. This marks the largest treasury financing focused on Solana to date.
Key points:
- Shares of Forward Industries surged 128% in pre-market trading.
- SOL increased by 2.3% following the announcement.
- The funding supports Forward's goal to become a significant player in the Solana ecosystem.
- Galaxy and Jump will provide infrastructure and advisory services.
- Multicoin brings investment expertise as an early backer of Solana.
- The strategy aims for on-chain returns and increased long-term shareholder value through participation in decentralized finance markets.
- Competitors include Upexi Inc., which holds over 2 million SOL tokens, and Sharps Technology, which raised $400 million for its Solana treasury.
- Kyle Samani of Multicoin is expected to become chairman of Forward’s board.
- Galaxy President Chris Ferraro and Jump Crypto CIO Saurabh Sharma will join as board observers.
- Cantor Fitzgerald acts as lead placement agent, with Galaxy serving as co-placement agent and financial advisor.
- Forward Industries, established over 60 years ago, is transitioning to focus on digital asset treasury operations centered on Solana.