Nasdaq-Listed Manufacturing Company Raises $1.65 Billion for Solana Treasury Push

Forward Industries, Inc. (NASDAQ: FORD) announced a $1.65 billion private placement in cash and stablecoin commitments led by Galaxy Digital, Jump Crypto, and Multicoin Capital to launch a Solana-focused treasury strategy.

The deal marks the largest Solana-centered raise by a public company and underscores institutional confidence in the blockchain’s growth trajectory.

Strategic Backing From Galaxy, Jump, and Multicoin

The private investment in public equity (PIPE) also includes C/M Capital Partners, LP, one of Forward’s largest shareholders.

Upon closing, Multicoin co-founder Kyle Samani will become chairman of the board, while Galaxy President Chris Ferraro and Jump Crypto Chief Investment Officer Saurabh Sharma will join as observers.

“Solana has emerged as one of the most innovative and widely adopted blockchain ecosystems in the world,” said Michael Pruitt, CEO of Forward Industries. “Our strategy to build an active Solana treasury program underscores our conviction in the long-term potential of SOL and our commitment to building shareholder value by directly participating in its growth.”

Galaxy Digital (NASDAQ: GLXY), one of Solana’s largest validators, will provide trading, lending, staking, and risk management services. Its asset management unit will advise Forward’s treasury plan with institutional-grade tools.

Jump Crypto, a core developer in Solana infrastructure, is building Firedancer, a validator client designed to increase throughput and resilience. The firm also supports projects such as DoubleZero and Shelby, highlighting its long-term engineering role in the ecosystem.

Multicoin Capital, founded in 2017, was Solana’s seed investor and has funded more than 25 projects on the network. Samani, a long-time advocate, said the treasury approach offers more upside than passive holding.

“Real economic value is being generated on Solana,” Samani said. “An institutional-scale treasury can be deployed in sophisticated ways within the ecosystem to increase SOL per share at a faster rate than simply being a passive holder.”

Expanding Context for Treasury Models

The announcement follows reports that Galaxy, Jump, and Multicoin are preparing a separate $1 billion Solana acquisition to secure liquidity.

The move comes as regulators weigh multiple Solana ETF applications and developers push proposals like Alpenglow, which aims to cut block finality times from 12.8 seconds to under 200 milliseconds.

Treasury company demand. Source: 

At the same time, the treasury model faces headwinds. Many crypto treasury firms now trade below managed net asset value, raising dilution and liquidation risks.

Critics warn the strategy resembles a “Ponzi-like bet,” while others argue disciplined firms will endure. BeInCrypto reported that declining demand has already shaken confidence in companies relying on continuous fundraising.

Beyond Solana, corporate treasuries are diversifying with digital assets worldwide. Japan’s Metaplanet and Convano have expanded Bitcoin reserves to hedge yen weakness.

At the same time, BeInCrypto noted Eightco shifted to a Worldcoin-based strategy, fueling a sharp rally in its stock. These moves illustrate broader experimentation as companies test crypto beyond cash reserves.

Forward Industries has selected Cantor Fitzgerald & Co. as the lead placement agent and Galaxy Investment Banking as the co-placement agent and advisor. Skadden, Arps, Slate, Meagher & Flom LLP, and DLA Piper LLP will provide legal counsel.

Galaxy CEO Mike Novogratz said the deal would cement Forward’s role as the leading public company in Solana.

“We believe that under their guidance, Forward Industries will quickly separate itself as the leading publicly traded company within the Solana ecosystem,” Novogratz said. “We are proud to support this effort to further Solana’s adoption and reinforce its role in the future of finance.”