- Forward Industries closed a $1.65B private placement to build the largest corporate Solana treasury.
- Galaxy Digital, Jump Crypto, and Multicoin Capital led the $300M contribution.
- FORD stock surged 15% in pre-market trading as the company joins the wave of public firms adopting crypto treasuries.
Forward Industries (FORD), a Nasdaq-listed firm, has finalized its massive $1.65 billion private placement to establish one of the largest corporate crypto treasuries, with Solana (SOL) at the core. The move signals a bold attempt to position the company as the leading public corporate holder of Solana’s native token. The announcement has already sent ripples through markets, pushing shares up as much as 15% in pre-market trading before easing slightly.
Galaxy, Jump, and Multicoin Lead the Charge
The funding round was led by Galaxy Digital, Jump Crypto, and Multicoin Capital, who together contributed more than $300 million. Other notable backers include Bitwise Asset Management, Borderless Capital, and SkyBridge Capital, along with several crypto founders and angel investors. The leadership shake-up further emphasizes the scale of this initiative—Multicoin’s Kyle Samani has been appointed chairman of the board, while Galaxy’s Chris Ferraro and Jump Crypto’s Saurabh Sharma will take observer seats.
Corporate Treasury Trend Gains Steam
By anchoring its balance sheet in Solana, Forward Industries is following the path of early corporate adopters such as Michael Saylor’s MicroStrategy, which holds the largest Bitcoin treasury among public companies. The difference here lies in diversification—rather than focusing on Bitcoin, FORD is making a major bet on Solana’s ecosystem, which has seen growing institutional and developer traction over the past year.
What This Means for Solana and Investors
The move strengthens Solana’s case as a serious contender for corporate and institutional adoption in the digital asset space. With Solana trading at $225.50, investors see this billion-dollar backing as a vote of confidence in the blockchain’s future. For Forward Industries, this shift could redefine its market positioning, signaling a transformation into a corporate crypto pioneer while creating long-term alignment with Solana’s growth trajectory.
