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Forward Industries Secures $1.65 Billion for Solana Treasury Led by Galaxy, Jump, Multicoin

The PIPE positions the Nasdaq-listed company to pivot from product design to an active, institutional Solana reserve backed by crypto-native infrastructure and expertise.

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Nasdaq listed firm raises $1.65b to launch solana treasury, shares surge 128% pre market
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Overview

  • Forward Industries announced a $1.65 billion private investment in public equity in cash and stablecoins to launch a Solana-focused digital-asset treasury.
  • Kyle Samani of Multicoin will become board chair upon closing, with Galaxy’s Chris Ferraro and Jump Crypto’s Saurabh Sharma joining as board observers.
  • Galaxy will provide trading, lending, staking and risk services, while Jump contributes technical support including work related to its Firedancer validator client.
  • FORD shares surged in pre-market trading following the announcement, and Solana’s price rose several percent on the day.
  • Cantor Fitzgerald is serving as lead placement agent with Galaxy Investment Banking as co-placement agent and advisor, and a full allocation could make Forward the largest publicly traded Solana treasury.