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Forward Industries Secures $1.65 Billion PIPE for Solana Treasury, Shares Jump

New board roles for Multicoin, Galaxy, Jump signal a shift to an active on-chain treasury approach.

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

  • The PIPE is led by Galaxy Digital, Jump Crypto, and Multicoin Capital, with additional participation from C/M Capital Partners.
  • Forward plans an institutional Solana-focused treasury that targets on-chain returns through activities such as staking, lending, and trading.
  • Multicoin’s Kyle Samani is expected to become board chair, with Galaxy’s Chris Ferraro and Jump Crypto’s Saurabh Sharma set to join as board observers upon closing.
  • Cantor Fitzgerald serves as lead placement agent and Galaxy Investment Banking is co-placement agent and financial advisor, with legal counsel from Skadden and DLA Piper.
  • Pre-market trading saw FORD surge roughly 90%–128% and SOL rose around 5%–6%; at current prices, the allocation could exceed 7.7 million SOL, potentially the largest publicly traded Solana treasury pending execution.