Solana Partners with Galaxy, Jump Crypto, and Multicoin for $1.65 Billion Treasury
Solana (SOL) rose 6% after the announcement of a new treasury initiative involving Galaxy Digital, Jump Crypto, and Multicoin Capital.
$1.65 Billion PIPE Offering for Solana Treasury
- Forward Industries plans a private investment in public equity (PIPE) offering with commitments of $1.65 billion in cash and stablecoins.
- Galaxy Digital, Jump Crypto, and Multicoin Capital will provide capital for the treasury fund.
- The initiative aims to enhance on-chain returns and shareholder value by leveraging the Solana ecosystem.
- Kyle Samani of Multicoin is set to become Chairman of the Board upon closing of the PIPE.
- Samani emphasized the potential for generating real economic value on Solana through an institutional-scale treasury.
- Galaxy's Chris Ferraro and Jump Crypto's Saurabh Sharma will join as Board observers.
SOL Strategies to Debut on Nasdaq
- Forward Industries aims to establish itself within the SOL ecosystem with leadership from Samani, Ferraro, and Sharma.
- Jump Crypto’s Sharma highlighted the potential for innovative on-chain returns beyond traditional staking.
- SOL Strategies, the first Solana treasury firm, received approval to list on Nasdaq under the ticker "SRKTE," trading expected to start Tuesday.
- SOL's price approached $215, outperforming top cryptocurrencies but still remains 27% below its peak of $293 earlier this year.
