Forward Industries announced it has raised $1.65 billion in commitments for a Solana-focused treasury through a private investment in public equity (PIPE) round. The record-breaking financing was led by Galaxy Digital, Jump Crypto, and Multicoin Capital.
Following the announcement, Forward’s shares soared 128% in pre-market trading, while Solana’s native token SOL rose 2.3%. The company plans to leverage the capital to become a leading publicly traded institutional player in the Solana ecosystem. Galaxy and Jump will provide infrastructure and advisory services, while Multicoin, one of Solana’s earliest backers, will bring investment expertise.
Multicoin co-founder Kyle Samani will chair Forward’s board, with Galaxy’s Chris Ferraro and Jump’s Saurabh Sharma joining as board observers. The firm’s strategy focuses on generating on-chain yields and boosting long-term shareholder value through active DeFi participation.
With this move, Forward positions itself against rivals like Upexi, Sharps Technology, and SOL Strategies, which have also established significant Solana treasuries in recent months.
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