Forward Industries raises $1.65B for Solana treasury
Forward Industries, a NASDAQ-listed design and manufacturing company, secured $1.65 billion in an investment to launch a Solana-focused crypto treasury.
The company raised cash and stablecoin commitments from Galaxy Digital, Jump Crypto, and Multicoin Capital to fund a Solana-centered treasury strategy. Forward Industries aims to become a leading institutional participant in the Solana ecosystem.
Jump Crypto, known for building critical crypto infrastructure, is developing Firedancer, a high-performance Solana validator client, and contributes to projects like DoubleZero and Shelby. Multicoin, a thesis-driven investment firm and early Solana backer, has invested in more than 25 ecosystem projects since leading Solana’s first funding rounds in 2018.
Forward Industries chose Cantor Fitzgerald as lead placement agent and Galaxy Investment Banking as co-agent and financial advisor. Kyle Samani, Managing Partner of Multicoin Capital, will become chairman of the board after the private placement closes.
Galaxy CEO Michael Novogratz said he believes Forward Industries will quickly become a leading publicly traded company within the Solana ecosystem. According to CoinGecko, Solana treasury companies currently hold 4,440,354 SOL coins, valued at over $951 million. Leading Solana treasuries include Upexi, DeFi Development Corporation, and Sol Strategies.
At the time of writing, SOL trades at around $213, up 5% in the last 24 hours. It is the sixth-largest crypto, with a market cap of over $115 billion.
Related article: Sharps Technology acquires over 2M SOL worth $400M
Solana has emerged as one of the most innovative and widely adopted blockchain ecosystems in the world,said Michael Pruitt, CEO of Forward Industries, adding,
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, one of the largest Solana validators and a leading institutional digital asset platform, will provide Forward Industries with trading, lending, staking, and infrastructure services. Its asset management division will also support the company’s treasury with advisory and risk management solutions.
Jump Crypto, known for building critical crypto infrastructure, is developing Firedancer, a high-performance Solana validator client, and contributes to projects like DoubleZero and Shelby. Multicoin, a thesis-driven investment firm and early Solana backer, has invested in more than 25 ecosystem projects since leading Solana’s first funding rounds in 2018.
Forward Industries chose Cantor Fitzgerald as lead placement agent and Galaxy Investment Banking as co-agent and financial advisor. Kyle Samani, Managing Partner of Multicoin Capital, will become chairman of the board after the private placement closes.
Galaxy CEO Michael Novogratz said he believes Forward Industries will quickly become a leading publicly traded company within the Solana ecosystem. According to CoinGecko, Solana treasury companies currently hold 4,440,354 SOL coins, valued at over $951 million. Leading Solana treasuries include Upexi, DeFi Development Corporation, and Sol Strategies.
At the time of writing, SOL trades at around $213, up 5% in the last 24 hours. It is the sixth-largest crypto, with a market cap of over $115 billion.
Related article: Sharps Technology acquires over 2M SOL worth $400M
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