- Forward Industries raised $1.65B led by Galaxy Digital, Jump Crypto, and Multicoin to launch a Solana treasury strategy.
- Multicoin’s Kyle Samani will become Chairman of the Board, steering the company deeper into Solana’s ecosystem.
- This marks the largest Solana-focused raise to date, positioning Forward as a pioneer in institutional blockchain treasuries.
Forward Industries (NASDAQ: FORD) just pulled off one of the largest Solana-focused raises to date. The company locked in a whopping $1.65 billion in cash and stablecoin commitments, led by heavyweights Galaxy Digital, Jump Crypto, and Multicoin Capital. The move sets the stage for Forward to roll out an ambitious Solana treasury strategy that could put it right at the center of the blockchain’s fast-expanding ecosystem.
A Game-Changing Solana Bet
Forward’s plan is simple but massive: build an institutional-scale treasury around Solana, one of the most active and fastest blockchains in crypto. With Galaxy, Jump, and Multicoin backing the move, Forward expects to capture differentiated on-chain returns instead of just sitting on SOL as a passive holder.
CEO Michael Pruitt put it plainly: “Solana has emerged as one of the most innovative ecosystems in the world… our strategy underscores conviction in SOL’s long-term potential.”
The Big Names Behind the Move
- Galaxy Digital: Already one of Solana’s largest validators, Galaxy will bring its full stack—trading, staking, custody, and advisory—to help Forward scale.
- Jump Crypto: Building Firedancer, a high-performance Solana validator client, Jump has been a core infrastructure player and is doubling down on Solana’s growth.
- Multicoin Capital: The seed investor in Solana back in 2018, Multicoin co-founder Kyle Samani will step in as Chairman of Forward’s board, giving the plan real weight.
Samani himself didn’t hold back: “Solana is still widely misunderstood. An institutional treasury deployed correctly here can create value way beyond just holding tokens.”
Why This Could Be Huge
With this placement, Forward is positioning itself as the first publicly traded company to go all-in on Solana. Investors are watching closely, especially since Solana continues to grab market share in DeFi, NFTs, and real-world asset tokenization. If Forward nails this, it could become the model for how institutions play in blockchain treasuries.
Mike Novogratz of Galaxy summed it up: “Forward Industries will quickly separate itself as the leading public company in the Solana ecosystem.”
