Forward Industries (NASDAQ: FORD) announced today that it secured $1.65 billion in cash and stablecoin commitments for a PIPE offering. The deal is led by Galaxy Digital, Jump Crypto, and Multicoin Capital.
The aim is to launch a Solana-focused digital asset treasury and take an active role in the Solana ecosystem. The move was described as a step to create onchain returns and grow shareholder value.
Deal and purpose
The capital raise will fund a new treasury strategy centred on SOL and Solana-based opportunities. Forward said the plan is to use both capital and partner know-how to structure the program.
The company wants to become a leading publicly traded institutional participant on Solana. C/M Capital Partners, one of Forward’s largest existing shareholders, joined the transaction.
Forward’s leaders said the strategy is meant to produce different returns than passive holdings. The team plans to use active positions on Solana to try to increase SOL per share over time. The sponsors will also give strategic support to help the company run the program.
Who are the backers?
The headline investors are three well-known crypto firms. Galaxy will offer trading, lending, staking and infrastructure services. The firm also plans to use its asset management arm to help manage the treasury and advise on risk.
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Jump Crypto brings engineering and protocol know-how. The group is working on high-performance validator clients and other core projects for Solana. Jump said it will help with technical buildout and network scale.
Multicoin brings investment expertise and a deep history in Solana. The firm led Solana’s seed rounds years ago and has backed many projects inside the ecosystem. Multicoin’s role combines capital and strategic guidance.
Forward said the sponsors together will provide both cash and hands-on support. The investors expect to help the company deploy capital in ways that go beyond simple staking.
Board and governance changes
As part of the deal, Kyle Samani, co-founder of Multicoin, is expected to take the role of chairman of Forward’s board once the PIPE closes. Samani has been a visible supporter of Solana since its early days and was cited as seeing a big opportunity in a Solana treasury model.
Galaxy’s Chris Ferraro and Jump’s Saurabh Sharma are expected to join as board observers. The new board lineup reflects the sponsors’ desire to be closely involved in the company’s strategy and execution.
Company leaders said the new governance structure will help guide the corporate pivot toward digital assets. They framed the change as a way to align corporate strategy with onchain opportunities.
Strategy in practice
Forward plans to deploy capital across a range of Solana activities, and the company said it will seek differentiated onchain returns, not just passive exposure.
That could include staking, liquidity provision, strategic investments in projects, and other onchain programs tailored to the Solana ecosystem.
The sponsors will also support infrastructure and operational needs. Galaxy’s trading and risk tools, Jump’s engineering work, and Multicoin’s investment experience are all meant to feed into the program. Forward’s goal is to scale these activities while protecting shareholder capital.
Solana Treasuries
Other moves in the Solana world were noted alongside the PIPE. In July, we reported, Solana Ventures went public and addressed reports about a $200 million equity line of credit.
Meanwhile, a Canadian firm called SOL Strategies Inc. got approval to list its common shares on the Nasdaq Global Select Market. That listing marks another public effort tied to the Solana ecosystem.
These developments show growing institutional attention focused on building business lines and investment vehicles around Solana. They also point to more firms seeking public market links to the blockchain.
Market context
The move positions Forward as one of the few public companies to adopt a focused treasury approach on a single chain. Forward Industries shares jumped today, and the stock rose $1.50, or 10.13%, to $16.36. At press time the market cap stands at $28 million.
The plan signals rising institutional interest in chain-specific strategies and in onchain return sources beyond basic staking.
Supporters argue that a focused program can extract more value from a vibrant ecosystem.
Forward’s $1.65 billion backing and the involvement of Galaxy, Jump Crypto, and Multicoin mark a major push into Solana for a public company.
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