Forward Industries Raises $1.65B to Launch Solana Treasury, Shares Surge 128% Pre-Market
Forward Industries Raises $1.65B to Launch Solana Treasury, Shares Surge 128% Pre-Market
Forward Industries has raised $1.65 billion to establish what it calls the largest Solana-focused digital asset treasury to date. The funding comes through a private investment in public equity (PIPE) with backing from Galaxy Digital, Jump Crypto, and Multicoin Capital.
The announcement sent Forward’s shares soaring by 128% in pre-market trading. Solana’s SOL token also reacted positively, rising 2.3% on the news.
The move highlights a growing trend of public companies building treasury positions on Solana as institutional investors deepen their involvement in the blockchain ecosystem.
A Record-Setting Raise
According to Forward Industries, the $1.65 billion raise represents a mix of cash and stablecoin commitments. The firm said the funds will fuel its plan to operate as a publicly traded institutional player within Solana’s decentralised finance markets.
The strategy is designed to generate on-chain returns while also driving long-term shareholder value. Galaxy and Jump will provide infrastructure and advisory services, while Multicoin Capital adds its investment expertise as an early Solana backer.
Kyle Samani, co-founder and managing partner at Multicoin, is expected to become chairman of Forward’s board. Galaxy Digital President and CIO Chris Ferraro and Jump Crypto CIO Saurabh Sharma will serve as board observers.
Samani said the scale of the treasury allows for sophisticated strategies that can create differentiated value across Solana’s ecosystem.
Positioning Within Solana’s Treasury Race
Forward Industries is not alone in making such a move. Upexi Inc. recently revealed it owns more than 2 million SOL tokens, valued at around $430 million. Sharps Technology also raised $400 million in August to establish its own Solana treasury.
SOL Strategies, another treasury-focused firm, holds more than 435,000 SOL tokens and confirmed on September 5 that it would uplist from Toronto to Nasdaq.
By securing the largest raise to date, Forward has put itself in direct competition with these players. The firm aims to differentiate by combining scale with deep institutional partnerships.
More News: StablecoinX Secures $530M PIPE, Expands Treasury Strategy to $890M
Strategic Partners and Advisors
The structure of the deal reflects the growing institutionalisation of digital asset treasuries. Cantor Fitzgerald served as lead placement agent, while Galaxy Digital’s investment banking division acted as co-placement agent and financial advisor.
The board appointments further cement Forward’s credibility. With Samani’s leadership and oversight from Galaxy and Jump executives, the company is positioning itself as an institutional bridge between traditional finance and Solana’s on-chain economy.
The firm said its treasury will not be static. Instead, it plans to actively deploy funds across Solana-based decentralised finance protocols and applications to generate yield and support network growth.
From Design Firm to Digital Asset Player
Forward Industries’ pivot into crypto marks a dramatic transformation. Founded more than 60 years ago, the company initially focused on industrial design, producing products for medical and technology clients.
In recent years, however, it has shifted toward digital assets. This latest move confirms its repositioning as a dedicated operator in the Solana ecosystem.
The shift also reflects a broader trend of legacy companies adapting to new markets by leveraging blockchain strategies. Forward’s size and public listing give it access to capital markets that smaller crypto-native firms often struggle to tap.
Market Reaction
Investors reacted strongly to the news. Forward’s stock (FORD) jumped 128% in pre-market trading, signaling confidence in the firm’s new direction. Solana’s SOL token also saw a smaller but noticeable uptick, gaining 2.3%.
The response indicates growing recognition of the potential role Solana treasuries could play in bridging institutional finance with decentralised networks. With more public companies entering the race, the competition for scale and innovation is intensifying.
The Bigger Picture
The establishment of Solana-focused treasuries by multiple companies shows how blockchain networks are moving beyond niche adoption into broader financial strategies.
Treasuries like Forward’s provide liquidity to decentralised markets while creating institutional-grade vehicles for investors. By operating at the scale of billions, these firms are positioning Solana as a contender in the evolving race between blockchains vying for enterprise and capital inflows.
Forward’s $1.65 billion raise sets a new benchmark in this emerging sector. Whether the firm can deliver long-term returns for both shareholders and the Solana ecosystem will depend on execution, governance, and the resilience of the broader crypto market.
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