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Forward Industries Closes $1.65B Deal to Build Solana Treasury, Shares Jump 15% Pre-Market
With the funding, the Nasdaq-listed firm aims to be the largest public corporate owner of Solana's SOL.
Sep 11, 2025, 10:40 a.m.
What to know:
- Forward Industries (FORD) closed its previously announced $1.65 billion private placement to build out the largest corporate treasury focused on Solana.
- Lead investors Galaxy, Jump Crypto and Multicoin Capital contributed over $300 million.
- Shares initially jumped 15% in pre-market trading following the announcement
Nasdaq-listed Forward Industries (FORD) said Thursday it has closed the $1.65 billion private investment in public equity (PIPE) deal to build out corporate crypto treasury centered on Solana .
The cash and stablecoin commitments, led by Galaxy Digital, Jump Crypto and Multicoin Capital, will fund the company’s plan to anchor its balance sheet in Solana’s native token, SOL.
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The three lead investors contributed more than $300 million, joined by firms including Bitwise Asset Management, Borderless Capital and SkyBridge Capital, as well as several crypto founders and angel investors. Multicoin co-founder Kyle Samani has been appointed chairman of the board, while Galaxy’s Chris Ferraro and Jump Crypto’s Saurabh Sharma will serve as observers.
The company's stock surged as much as 15% before paring some of the gains in pre-market trading.
The move comes as public companies explore digital asset treasuries, holding crypto directly on their balance sheets, seeking to mirror early adopters like Micheal Saylor's Strategy (MSTR), which has become the largest corporate owner of bitcoin .
Solana-focused treasury firms including DeFi Development (DFDV), Upexi (UPXI) and Sol Strategies (STSS) collectively hold over $1.4 billion in SOL, Blockworks data shows.
Read more: Forward Industries Raises $1.65B to Launch Solana Treasury, Shares Surge 128% Pre-Market
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
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