- Forward Industries raises $1.65B for Solana-focused treasury strategy.
- Backed by Galaxy Digital, Jump Crypto, and Multicoin Capital.
- Analysts say the move could make Forward the leading Solana public company.
Forward Industries, Inc. (NASDAQ: FORD) has announced a $1.65 billion private placement in cash and stablecoin commitments, marking the largest Solana-focused raise ever by a public company. The funding, led by Galaxy Digital, Jump Crypto, and Multicoin Capital, highlights institutional confidence in Solana’s long-term growth.
Galaxy Digital, Jump Crypto, and Multicoin Lead Solana Investment
The deal includes participation from C/M Capital Partners, LP, one of Forward’s top shareholders. As part of the agreement, Multicoin co-founder Kyle Samani will take over as chairman of the board. Chris Ferraro of Galaxy Digital and Saurabh Sharma of Jump Crypto will join as board observers.
Forward’s CEO Michael Pruitt emphasized the importance of the move: “Solana has emerged as one of the most innovative and widely adopted blockchain ecosystems. Our active Solana treasury program underscores our conviction in SOL’s potential and commitment to shareholder value.”
How the Solana Treasury Model Will Operate
Galaxy Digital, already a major Solana validator, will handle trading, staking, lending, and risk management for Forward’s treasury. Jump Crypto is contributing engineering expertise through its Firedancer validator client, designed to boost Solana’s speed and resilience. Multicoin, an early Solana seed investor, believes this active treasury approach will outperform passive holding.
Solana Ecosystem Growth and ETF Developments
The funding comes amid broader momentum for Solana. Reports suggest Galaxy, Jump, and Multicoin may pursue a separate $1 billion Solana acquisition to secure liquidity. Meanwhile, developers are advancing Alpenglow, a proposal to slash Solana block finality times from 12.8 seconds to under 200 milliseconds.
Regulators are also reviewing multiple Solana ETF applications, signaling mainstream adoption could accelerate even further.
Risks and Challenges for Crypto Treasury Models
Despite the excitement, treasury models in crypto face skepticism. Many firms trade below their managed net asset value, sparking fears of dilution and liquidation risks. Some critics warn the approach looks like a “Ponzi-style bet” reliant on constant fundraising. Still, advocates argue that disciplined companies with strong backers can thrive in the long run.
Globally, corporations are experimenting with crypto in treasury reserves. Japan’s Metaplanet and Convano expanded Bitcoin holdings to hedge yen weakness, while Eightco pivoted toward a Worldcoin strategy—driving a rally in its stock.
Forward Industries Positioned as Solana’s Leading Public Company
Cantor Fitzgerald & Co. is serving as the lead placement agent, with Galaxy Investment Banking acting as co-agent and advisor. Legal support comes from Skadden, Arps, Slate, Meagher & Flom LLP and DLA Piper LLP.
Galaxy CEO Mike Novogratz called the move a milestone: “Forward Industries will quickly separate itself as the leading publicly traded company in the Solana ecosystem. This deal strengthens Solana’s adoption and reinforces its role in the future of finance.”
