Forward Industries, Inc. (NASDAQ: FORD) has announced a landmark $1.65 billion private placement in cash and stablecoin commitments, spearheaded by Galaxy Digital, Jump Crypto, and Multicoin Capital, to launch a Solana-centered treasury strategy. This represents the largest Solana-focused raise by a publicly traded company, signaling strong institutional confidence in the blockchain’s long-term growth.
The private investment in public equity (PIPE) also includes C/M Capital Partners, LP. Following the deal’s close, Multicoin co-founder Kyle Samani will assume the role of board chairman, while Galaxy President Chris Ferraro and Jump Crypto CIO Saurabh Sharma will serve as board observers.
Forward’s CEO Michael Pruitt emphasized that Solana has become one of the most widely adopted blockchain ecosystems. By launching an active Solana treasury program, Forward aims to maximize shareholder value through direct participation in Solana’s growth rather than passive holding.
Galaxy Digital, a top Solana validator, will provide trading, lending, staking, and risk management services while advising on treasury deployment. Jump Crypto continues to strengthen Solana infrastructure through Firedancer, a validator client designed to boost scalability and resilience. Multicoin Capital, an early Solana backer, has invested in over 25 projects on the network.
The announcement coincides with growing institutional interest in Solana, as Galaxy, Jump, and Multicoin reportedly prepare a separate $1 billion acquisition to enhance liquidity. Meanwhile, regulators are weighing multiple Solana ETF applications, and developers are advancing proposals like Alpenglow to reduce block finality to under 200 milliseconds.
Despite enthusiasm, the treasury model faces challenges, with some firms trading below net asset value and critics warning of sustainability risks. Still, Forward’s $1.65 billion commitment positions it as the leading public company championing Solana’s adoption.
