Forward Industries (NASDAQ: FORD) said Thursday it has closed a $1.65 billion private investment in public equity deal to build a corporate crypto treasury focused on Solana.
The Nasdaq-listed company said that cash and stablecoin commitments, led by Galaxy Digital, Jump Crypto, and Multicoin Capital, will fund the plan to hold Solana’s native token, SOL, on its balance sheet.
Deal details
The commitments include more than $300 million from the three lead investors, with additional backing from Bitwise Asset Management, Borderless Capital, SkyBridge Capital and a group of crypto founders and angel investors.
Galaxy is helping buy large amounts of SOL, and Multicoin co-founder Kyle Samani will lead the board as chairman.
The PIPE totals $1.65 billion and mixes cash with stablecoin commitments. Galaxy Digital, Jump Crypto and Multicoin Capital are the main backers.
Other firms joined the round, and several individual crypto investors also participated. The agreement names Kyle Samani as chairman. Chris Ferraro from Galaxy and Saurabh Sharma from Jump Crypto will act as observers on the board.
Market reaction
The market reacted quickly to the news. Forward’s stock jumped sharply after the announcement.
At one point, the price rose about 38% intraday. The most recent quote showed the share price at $34.48, up $9.28 or 36.83% for the day. Earlier pre-market trading saw a surge of as much as 15% before some gains were trimmed.
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Purchases of SOL
Galaxy is playing a hands-on role in the effort to buy SOL for the company’s treasury. In the past 24 hours, the parties bought 2,159,182 SOL. That purchase amounts to roughly $486 million, based on the data provided.
These trades are part of the broader plan to anchor Forward’s balance sheet in SOL as the company builds a crypto-focused treasury.
Why Solana?
Backers point to Solana’s speed and capacity, and Mike Novogratz of Galaxy said the blockchain can handle 14 billion transactions per second.
He added that this volume exceeds the combined transactions in equities, fixed income, commodities and foreign exchange markets, which makes SOL attractive as a treasury asset. That argument underpins the strategy to hold a large position in SOL instead of relying only on cash.
Industry context
The move follows a trend of public companies experimenting with digital asset treasuries. Early adopters such as MicroStrategy built large holdings in bitcoin, and now some firms are considering other tokens for corporate balance sheets.
Solana-focused treasury managers, including DeFi Development, Upexi and Sol Strategie, are already significant holders. Together, those firms hold more than $1.4 billion in SOL, according to the data shared.
Governance and oversight
The new board lineup is meant to give investors more oversight. With Kyle Samani as chairman, and observers from Galaxy and Jump, the company aims for close coordination with its crypto partners.
The structure suggests Forward will combine traditional corporate governance with input from leading players in the Solana ecosystem.
What comes next?
Forward will need to report how it stores and safeguards its crypto, and how it will account for token price swings.
The scale of the PIPE means the company will shift a notable portion of its balance sheet into digital assets. That could bring new revenue paths but also new risks tied to token volatility and regulatory views.
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