Overview

• Forward Industries closed a $1.65 billion PIPE led by Galaxy Digital, Jump Crypto and Multicoin Capital, with net proceeds earmarked primarily for purchasing SOL under an actively managed treasury strategy.
• Kyle Samani was appointed chairman, with Galaxy’s Chris Ferraro and Jump Crypto’s Saurabh Sharma named board observers, formalizing oversight of the Solana-focused treasury plan.
• Arkham Intelligence and Lookonchain reported Galaxy withdrawing or buying roughly 2.2–3.1 million SOL over 24–48 hours, including a 920,000 SOL ($205 million) Binance withdrawal, with totals cited between about $486 million and $724 million.
• Galaxy and partners framed the initiative as infrastructure-first with active deployment in staking, lending and market-making rather than passive token holding.
• SOL climbed to roughly $240 and surpassed BNB to become the fifth-largest crypto asset by market cap, as additional corporates disclosed SOL additions and broader treasury totals rose.