Forward Industries, Inc. said it has secured $1.65 billion in cash and stablecoin commitments through a private investment in public equity (PIPE) offering, led by Galaxy Digital, Jump Crypto, and Multicoin Capital, to build a Solana-focused digital asset treasury.
The size of the commitment is unusually large for a PIPE transaction involving a micro-cap company — Forward Industries reported annual revenues of just $33.4 million in fiscal 2024, according to SEC filings, highlighting the scale of the shift toward its crypto ambitions.
The company said the initiative is designed to establish Forward Industries as the leading publicly traded institutional participant in the Solana ecosystem. C/M Capital Partners also joined the funding round, according to a press release. The announcement comes at a time when Solana’s total value locked (TVL) across decentralized applications has surpassed $12 billion, making it the third-largest blockchain by DeFi activity after Ethereum and Tron, according to DefiLlama.
“Solana has emerged as one of the most innovative and widely adopted blockchain ecosystems in the world,” said CEO Michael Pruitt. “Our strategy to build an active Solana treasury program underscores our conviction in the long-term potential of SOL and our effort to deliver shareholder value by directly participating in its growth.” Solana’s native token SOL has gained more than 700% over the past 12 months, rising from around $20 in September 2024 to above $160 in September 2025, driven by growth in decentralized finance (DeFi), non-fungible tokens (NFTs), and payments adoption.
Strategic Partnerships and Board Changes
Alongside capital, the three lead firms will provide strategic guidance. Multicoin Capital’s co-founder Kyle Samani is expected to become chairman of Forward’s board, while Galaxy Digital’s president and CIO Chris Ferraro and Jump Crypto CIO Saurabh Sharma will join as board observers. Samani has been one of the most vocal early backers of Solana, with Multicoin Capital leading Solana’s $20 million Series A round in 2019, while Galaxy and Jump were among the largest participants in subsequent ecosystem investments.
Cantor Fitzgerald & Co. will act as lead placement agent for the offering, while Galaxy Investment Banking will serve as co-placement agent and financial advisor. Cantor Fitzgerald, which has expanded aggressively into digital assets in recent years, is also a key custodian for Circle’s USD Coin (USDC) reserves, underscoring its growing role at the intersection of traditional finance and blockchain.
Pruitt said the participation of Galaxy, Jump, and Multicoin — firms that have long invested in Solana and supported its infrastructure — provides Forward with “a strong foundation to execute this strategy and position the company as a key player within the digital assets space.”
Forward’s move marks one of the largest single capital commitments tied to the Solana blockchain by a publicly listed company, as institutional investors step up their involvement in digital asset ecosystems beyond bitcoin and ethereum. While companies such as MicroStrategy have committed billions to bitcoin, no comparable publicly traded firm has yet announced a Solana-focused treasury program, making Forward’s move a first-of-its-kind bet on an alternative blockchain.
