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
Sponsored
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.
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.
Sponsored
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.
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.
Sponsored
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: CaprioleioAt 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.
Sponsored
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.
Sponsored
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.
Source: https://beincrypto.com/forward-industries-solana-treasury-plan/
