Forward Industries (NASDAQ: FORD) announced a private investment in public equity (PIPE) that secured $1.65 billion in cash and stablecoin commitments led by Galaxy Digital, Jump Crypto and Multicoin Capital. The company said the funding will bankroll its shift into a publicly traded institutional player focused on the Solana ecosystem.
Shares of Forward jumped 128% in pre-market trading on the news, while SOL rose about 2.3%. Company materials describe the round as the largest Solana-focused treasury financing to date, intended to generate on-chain returns through active participation in Solana’s decentralized finance markets.
Under the plan, Galaxy and Jump will provide infrastructure and advisory services; Multicoin — an early Solana backer — brings active investment experience. As part of the transaction, Multicoin co-founder Kyle Samani is expected to become chair of Forward’s board. Galaxy President and CIO Chris Ferraro and Jump Crypto CIO Saurabh Sharma will join as board observers. Cantor Fitzgerald is the lead placement agent, with Galaxy’s investment banking arm serving as co-placement agent and financial advisor.
Forward enters a growing field of publicly traded entities building Solana treasuries, competing with firms such as Upexi Inc. and Sharps Technology, and joining other treasury players like SOL Strategies that are seeking broader market listings.
Why readers should care: the deal signals increased institutionalization of Solana-focused treasury strategies and greater capital flowing into ecosystem-specific, on-chain yield plays. That said, investors should weigh concentration and counterparty risks — exposure to a single chain, custodial and stablecoin risks, and evolving regulatory scrutiny over institutional crypto holdings all remain material.
Source: BusinessWire. Read the original coverage for full details.