Forward Industries (NASDAQ: FORD) said Thursday it has closed a $1.65 billion private investment in public equity (PIPE) to build a corporate crypto treasury centered on Solana’s SOL. The cash and stablecoin commitments were led by Galaxy Digital, Jump Crypto and Multicoin Capital; the three lead backers together committed more than $300 million. Other participants include Bitwise Asset Management, Borderless Capital, SkyBridge Capital and a group of crypto founders and angel investors.
As part of the plan, Multicoin co‑founder Kyle Samani has been named chairman of the board. Galaxy’s Chris Ferraro and Jump Crypto’s Saurabh Sharma will serve as board observers. Forward said it intends to anchor its balance sheet in SOL as it scales its treasury strategy. The company’s stock rose as much as 15% pre‑market following the announcement.
This move reflects a broader trend of public companies experimenting with direct crypto treasuries — a strategy popularized by firms such as MicroStrategy that have amassed bitcoin on their balance sheets. Solana‑focused treasury firms collectively hold over $1.4 billion in SOL, according to Blockworks analytics.
Why it matters: If executed successfully, Forward could become one of the largest public corporate holders of SOL, increasing institutional visibility and liquidity for the token. But the approach carries clear risks: SOL price volatility, concentration on a single asset, custody and security challenges, and potential regulatory scrutiny that could affect valuation and reporting.
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